Practical Blockchain

Practical Blockchain

Blockchain software has become the backbone of digital currency and has earned its place in the financial sector.  In fact, it is the sole tool that has strengthened the position of cryptocurrency in the market. It is also an essential software that has improved the financial industry in more ways than one.

As a revolutionary tool, blockchain is a digital ledger that is decentralized, distributed, and records all transactions.It eliminates the need for an intermediary, such as a bank, and simplifies the process to log and maintain information. By doing so, it has introduced an element of transparency, accuracy, and boosted the ecosystem of digital information.

While initially used only for digital currency, the blockchain software application has slowly but surely made its way to other industries.

Practical Uses of Blockchain SoftwareOutside the Financial Sector

General curiosity aboutblockchain software applicationshas meant that it was tried and tested in different manners. It also boosted the practical applications of blockchain. Most notably, various applications have been developed on an industry-wise level that simplifies the usability of the blockchain for the average user.

Based on this factor, the following are the most practical uses of blockchain software by industry:

The Cannabis Industry – Legalizing and Simplifying Purchases

In a bid to legalize the purchase and sale of cannabis and CBD products, the cannabis industry turned to the use of blockchain. They aim to streamline the flow of this cash-heavy industry.

The use of blockchain here allows the industry to do the following:

  • Introduce transparency
  • Improve business transactions
  • Enable the use ofcryptocurrency for purchases

Adopting blockchain is also done to increase the legalization of this industry, which is slowly growing and becoming more recognized. While laws are being introduced to legalize it, blockchain can add some credibility by ensuring that the online marketplace for cannabis is regulated, legal, and legitimate.

  •    Notable BlockchainSoftware/Apps
    • Tokken–It is the most prominent app that is redefining the use of blockchain in the online weed community. It uses Secure Socket Layering (SSL) technology, which adds security for all personal information, including payment details on their accounts.

The Diamond Industry – Ethical Purchasing of Diamonds

The diamond industry has long been in the line of fire for their unethical mining practices. The financing and mining aspects took a real hit when people started demanding ethically-sourced raw stones. The transparency that blockchain introduces makes it the perfect software for this industry to apply.

The adoption of blockchain here was done so to help in the following manner:

  • Regulate the supply of diamonds
  • Reduce the credibility of criminal enterprises
  • Holistically improve the market perception of diamond mining and financing

It cannot be denied that initially, blockchain was misused by the industry to add a degree of anonymity. However, given the penchant for criminal activity in this industry, steps were taken to use blockchain for its transparency.

  •   Notable BlockchainSoftware/Apps
    • Everledger– The app functions by enabling users to make digital passports. This is done for all diamonds listed for purchase. It also verifies all transactions with the help of law enforcement agencies of insurance companies. The app aims to make diamond purchases more conscious, legal, and ethical as well as secure for users.

Music Industry – Ownership and Content Publishing

As more and more content becomes digitized, the content publishing industry is facing a lot of ownership issues. The diversity of the media, such as music, images, or written text, has also created a lot of grey areas.

The use of blockchain software in the copyrighting industry makes it easy to:

  • Improve media distribution
  • Ensure proper attribution and ownership
  • Address e issues in enforcing the legal laws

As the industry grows, there is a more significant need for these laws to take action. Stealing of content online is widespread, and with inadequate regulations, many artists are hesitant about using digital media for their work. With blockchain software, they can counter many of the issues they face.

  •   Notable Blockchain Software/Apps
    • PeerTracks– This offers a global solution for artistic expression in any medium. It automatically improves buying and distribution by rewarding both the artists and the consumers. It also uses a peer-to-peer network called MUSE to automate, simplify and remove any overhead issues.
    • BittuneThis is explicitly designed to help independent artiststo get their work out and get digital attributions it. The app improves monetization and removes issues of piracy. It also allows music artists to bypass restrictive laws for territories. In short, it effectively turns the world into one giant marketplace.

Politics – Improving e-Voting and Authenticity

The application of blockchain software in this industry came about controversially. Since the election of President Trump, the e-voting system has been criticized. Many voters stated that the system was flawed, easy to hack, and was susceptible to tampering.

With the blockchain software application, it is hoped that the political sector can do the following:

  • Improve record management
  • Increase security to prevent tampering
  • Help with decision planning for future candidates

The natural transparency that blockchain introduces makes it the perfect choice for this sector. The concern for alteration was one of the most significant issues that average users faced. Another majority feared for the security of their details because of the weak security measures. Luckily, blockchain addresses all these issues and more.

  •   Notable Blockchain Software/Apps
    • Follow My VoteSpecifically created to counter the outcry of illegitimacy during the voting process, this app is meant to improve the voting experience. It is also noted for being one of the most sophisticated blockchain applications in the market. It improves voter turnout as well because there are no long lines to deal with. People can use any device to give their votes.

It is interesting to note that these are only some of the industries that make use of blockchain software.

Final Thoughts

The flexibility, security, transparency, and accountability that this software has can be used in several ways. As more industries realize the usability of this tool, more interest is being generated in it. Even so, it is believed that we have only just scratched the surface.

If you want to learn more about blockchain software and its application, contact Winjit.