Amidst the hue and cry of the crypto crash this year, which has been infamously coined “The Bear Market,” a lot of engineers have been using the opportunity to look past the curtain and towards the technology behind cryptocurrencies.This is known as the “Builder’s Market“ for developers.
The probability is quite high that a Web2 developer like you would have heard about the current chain of events. If yes, then the first thought that could have come into your mind is: “What is Blockchain Technology capable of?”
The nerds at builtin say that blockchain applications go far beyond cryptocurrency and bitcoin.
With its ability to create more transparency and fairness while also saving businesses time and money, technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.
There are two notable use cases where this technology is already having an impact: money transfer and healthcare.
The first notable use case is money transfer.
Mobile applications where individuals can transfer cryptocurrencies are exploding in popularity right now.
The technology is especially popular because of the money and time it can save finance-centric enterprises.
Blockchain technology essentially cuts through the bloated process, making ledger systems real-time and reducing third-party fees in complex financial processes.
Blockchain can save the world’s biggest banks billions of dollars on an annual basis.
We also hand-picked few Major Applications of the Blockchain to back up what we have mentioned.
According to their website, Algorand builds technology that accelerates the rare coherence between decentralized and old-school finance by allowing the developers to create simple next-generation financial products that aim to make financial transactions more impartial for all.
Chainalysis develops implementations to help financial strongholds monitor the transfer of cryptocurrencies.
The company’s powerful software monitors and detects fraudulent trading, laundering, and compliance violations, and builds trust in the overall blockchain ecosystem.
Chain.io is concentrating on building cloud blockchain infrastructure for services concentrated in the financial region.
The company, which is headquartered in Philadelphia, aids financial institutions to safely and efficiently handle the exchange of cryptocurrencies.
The second use case is healthcare.
An analysis by Deloitte shows that blockchain technology has the potential to transform health care by placing the patient at the center of the health care ecosystem.
This is because it can increase the security, privacy, and interoperability of health data between both patients and healthcare providers.
This technology could provide a new model for health information exchanges by making electronic medical records more efficient and secure, thus making vital healthcare data less susceptible to leaks of any sort.
For both health professionals and families providing care, WholeCare simplifies and streamlines the constant flow of data required to competently provide care for those who need it most.
The WholeCare platform brings care plan information and high-quality resources into a platform that allows people involved in the healthcare cycle to better understand how to provide the best possible care.
This has been built on a blockchain network to remain as secure as possible, so anyone involved can maintain peace of mind.
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