Blockchain technology and its application across multiple domains: a technology review

 

As its name explains, blockchain is a chain of blocks interconnected with complex computational crypto algorithms. The underlying notion of this technology is storing digital assets of any kind in blocks; blocks are linked by a digital fingerprint called hash and stored in limitless places on a distributed database. Blockchain is both a peer-to-peer network and a public database, operating without a central server. Blockchain technology is ubiquitous and is used in every major domain. Some of them are,

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1.      Advertising and media

2.      Finance

3.      Real Estate Applications

4.      Healthcare Applications

5.      Energy-Related Applications

6.      Supply Chain Management Applications

Advertising and media:

In advertising and media, it enables cost-effective online advertising, direct connection between stakeholders in digital advertising and media without the help of intermediaries, in turn it cuts costs, eliminates fraud and violations in the digital advertising and media industries and also helps to ensure the quality of media works and protect copyrights.

Finance:

Blockchain technology in finance facilitates fast, secure, low-cost payment processing services without intermediaries, enables real-time transfers and settlement, minimizes friction in the global payments process, facilitates financial clearance and settlements without the need for a clearinghouse, enables digital stock trading without involving a third party, Improved trade finance such as automated processes, payments and settlements, reduced fraud, faster and cheaper track of shipments, and faster documents transfer.

Real Estate Applications:

Real estate transactions are complex, opaque, and expensive because many parties are involved in the process, including brokers, government property databases. It also helps to establish trusted and transparent real estate network. Blockchain can process the registration and transfer of property ownership more efficiently, particularly in less-developed countries with legal systems in which public authorities dealing with real estate registers lack the principle of trust and transparency or in which land registry systems are unreliable.

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Healthcare Applications:

Patients' data are among the most significant and sensitive elements in healthcare. Healthcare providers are going digital, where patient data and records are now digitized and stored in what is so-called the electronic medical record (EMR). This digitization allows for easy retrieval and sharing for better care and more effective decision making.

Energy-Related Applications:

Blockchain-based smart contracts can substantially accelerate a significant development in the energy industry, microgrids. Microgrid is defined as "the cluster of multiple distributed generators that supply electrical energy to consumers without any shortage”. It enhances security and privacy in smart grids energy trading, and enables the use of digital currencies in power exchanges.

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Supply Chain Management Applications:

Blockchain technology can enhance transparency and accountability in supply chain systems, Blockchain increases trust between suppliers in the chain as all are enabled to track shipments, deliveries, and progress. Blockchain eliminates middleman auditors, thus, it increases efficiency and lowers cost, and suppliers can carry out their own checks and balances at any time, helps track the status of products and ensures the genuineness and quality of products, even blockchain can enhance the measurement of product quality while it is being transported.