Did you know that Satoshi Nakamoto introduced Bitcoin to the world in 2009? The identity of this person or group of persons is a mystery, and no one has heard from them since 2010. They currently hold 980,000 bitcoins making them one of the richest people on the planet.
You’ve heard all about bitcoin and blockchain technology. You probably have some funds invested in bitcoin. But many industries use blockchain technology for more than just bitcoin including faster international transfers, dealing with money laundering fraud, and managing data.
Keep on reading to learn more about the uses for blockchain, and understand why people claim that blockchain technology is our future.
How Is Blockchain Used?
Blockchain is a decentralized ledger of all transactions across a peer-to-peer network. It’s a record that anyone can do, but nobody can change. An important element that makes blockchain uses so varied is that it isn’t controlled by any one person or entity.
The most common use for blockchain tech is buying and selling cryptocurrency. But it has so many other uses that you need to be aware of. The future is changing and blockchain tech may play a huge part in our financial and business transactions.
1. Money Transfers
One of blockchain uses is to allow for money transfers including international payments. Money transfers using blockchain can be less expensive and faster than traditional transfer services. Rather than taking days, blockchain transactions can take minutes.
In 2018, Santander launched the first block-chain based international money transfers. It enabled customers to make same-day or next-day transactions.
2. Managing Data
Another use for blockchain tech is to manage data with greater security and integrity. It’s more difficult to hack into and wipe out the data on the network. It also allows for easier access to the data since the information isn’t reliant on a single company.
For example, Ocean is an open-source protocol that allows businesses to exchange and monetize data. It uses blockchain tech to gate access to data sets. You can buy Ocean Protocol which was founded in 2017 with 160 million OCEAN tokens released.
3. Combatting Money Laundering
The fact that blockchain can help verify identity means that it can be used to combat money laundering in many different ways. It can help with record-keeping and allow for the verification of businesses and individuals.
4. Real Estate
If you have ever purchased real estate, you know the amount of paperwork involved to verify financial information and ownership. Money launderers use real estate to turn their dirty money into clean money. Blockchain tech can be used to record real estate transactions in a more secure and accessible way, while also reducing paperwork and saving money.
5. Government Benefits and Taxes
Finally, you may be happy to know that blockchain can make your taxes simpler by managing the data in a secure way. It can also be used to administer government benefits like welfare payments and reduce fraud.
Did You Enjoy This Article on Uses for Blockchain?
You now know all about the different uses for blockchain. Its uses can range from business applications to personal ones that can improve security, prevent fraud, and help manage information stored online.
Check out more interesting articles on our blog to learn more about bitcoin and improve your financial understanding.
