You must have heard of Bitcoin, Ethereum, and other cryptocurrencies, one thing they all have in common is the fact that all use the blockchain technology. The blockchain is a public, sometimes private virtual ledger where transactions and its detail are recorded in a transparent and secure manner. Blockchains unlike banks and other financial bodies allows all users to carry out fast and secure transfers in a decentralized ecosystem. Most people have argued that blockchains are becoming more promising than the various cryptocurrencies it supports. In this article, we will discuss the various uses of blockchains asides its use by cryptocurrencies. Some of these uses include;
Image Source : https://pixabay.com
Accounting
The use of blockchain in accounting eliminates any form of human error and also protects the account from being tampered with. Since most of the records on the blockchain passes from one node to another, it means that the accounting would not only be accurate but will also leave a trail for audit. Instead of having to own two or more registers, the blockchain will help company's keep one register. Also, the accuracy and integrity of the company's financial records are also maintained.
Voting
The use of blockchain for voting boils down to the simple fact which is trust. The government of Moscow is currently testing the efficiency and effectiveness of using blockchain for local elections. The use of blockchain for elections will eliminate any form of electoral fraud.
NASDAQ made use of blockchain to facilitate their shareholders voting. After the use of the technology, they described it as a disruptive, necessary and practical approach and method to eliminate electoral fraud.
Stock Exchange
The use of blockchain for stock exchanges, securities, and financial instrument trading has been around for a long while. The reliable, transparent and efficient nature of the blockchain is why they are being used. The stock exchange market in Australia has already finalized plans to move to the use of a blockchain-powered system for all their operations. This blockchain technology they are switching to was developed by Digital Assets Inc, a leading blockchain technology developer.
Global Transactions
Blockchain is also used to ensure the cheap, fast and secure processing of transactions across the globe. There are so many online global payment platforms, but one issue that has plagued them is the fact that they charge high for transactions and also the time frame for execution and confirmation of transactions is another issue. This is why most business owners are running to blockchain technologies. They offer secure, fast transactions, most importantly they charge little or no fee for all transactions carried out.
Effective Management of Supply Chains
Low cost and traceability are some of the benefits of blockchain to supply chain management. The blockchain is designed in such a way that it can be used to track the whereabouts and general movement of goods, their quantity, their origin, etc. The use of blockchain for supply chain management brings simplicity, ease of use and transparency to the supply chain.