Blockchain Applications and Real-World Use Cases

Blockchain applications are related to cryptocurrency and bitcoin. But it is more than that. Blockchain is the underlying distributed ledger technology that powers digital currencies like Bitcoin. Blockchain technology can create more transparency while saving businesses both money and time. This technology is currently impacting various sectors to operate more efficiently. There are numerous blockchain technology applications in Malaysia in the real-world domain. This pragmatic yet revolutionary technology is already changing the traditional way of doing business. The decentralized nature of Blockchain makes it extremely secure from attacks. Blockchain technology, built by the best blockchain development company Malaysia has applications in every sector like healthcare, government, finance, and so on.

Blockchain Technology

The Blockchain is a verified, strongly encrypted, distributed database that records data. Entries in this record rely on a logical relationship. And are approved by everyone in the network. Blockchain is a chain of blocks with some digital information linked to each other using a chain of cryptographic hash functions. It is a digital archive of any contracts or transactions that should be recorded independently. Blockchain is accessible across thousands of computers. And is not to be kept in one single place. Blockchain chain is currently disrupting the financial services sector.

With Blockchain technology, the participants in the financial sector can interact and make transactions directly without any third-party interference across the internet. Transactions through Blockchain do not share any private information and produce a transaction record by encrypting that information. Blockchain reduces the chance of a data breach or cyber-attack. With all its fraud-resistant features, this technology has revolutionized various sectors and made transaction processes secure, smarter, and more efficient compared to traditional ones. Go to a software engineering company like Digitalfren for the best blockchain software development Malaysia.

Applications of Blockchain

• Asset Management

Blockchain plays a big role in asset management. Asset management involves the managing and exchanging of various assets of an individual, like fixed income, equity, mutual funds, real estate, and other investments. Normal trading processes that involve cross-border payments in asset management are expensive. In these situations, Blockchain removes the necessity for any mediators like the broker, settlement managers, custodians, and many others. Blockchain technology provides a transparent approach and removes any possibilities of error.

• Cross-Border Payments

Cross-border payments using foreign currencies are a long, complicated process. It can take days for the cash to reach its destination. Blockchain technology produced by the best blockchain development company Malaysia has simplified these cross-border payments. It provides end-to-end remittance services removing the requirements of any intermediaries. Many remittance companies offer Blockchain services to make international remittances within a day.

• Healthcare

Blockchain has a major impact on healthcare as it uses smart contracts. This means that a contract can be made between two people without any intermediate. All the involved parties know the contract details. This is very useful in the healthcare sector while handling personal health records that can be encoded via Blockchain. Thus they are only accessible directly to healthcare providers and ensure confidentiality.

•  Cryptocurrency

The most popular and renowned application of Blockchain is in the domain of cryptocurrency. Bitcoin is now in its highest popularity. One advantage of using Blockchain in cryptocurrency is it has no geographical boundaries. So, you can use crypto coins for transactions all over the world. This option is far better than regional payment apps applicable in a particular country and cannot be used in other countries.

• Audit

The incredibly secure nature of Blockchain makes it useful for auditing and accounting because it remarkably reduces the chance of human error and guarantees the integrity of the records. In blockchain technology, no one has the ability to alter the account records once they are locked, not even the owners. Blockchain can eventually eliminate the necessity for auditors.

• Online Verification

All the service providers in the financial industry can’t conduct any online financial transactions without online identification and verification. Blockchain has centralized the online identity verification process. Because of this, users need to verify their identity only once using Blockchain, and they can share this identity with their chosen service provider. Users can also pick their identity verification methods because of Blockchain.

• Insurance

The most prominent blockchain application for insurance is smart contracts. These contracts allow insurers and clients to manage claims transparently and securely. All claims and contract data get recorded on the Blockchain and validated by the network. This eliminates false claims since the Blockchain rejects multiple claims on the same mishap.

• Media

Media companies have begun adopting blockchain technology applications in Malaysia to reduce costs, eradicate fraud, and safeguard the Intellectual Property rights of content like music and films. Media companies use blockchain technology to aid content producers in circulating premium video to business partners and consumers without content delivery networks. This reduces the chances of pirating.

• Notary Services

With blockchain-based online notary services, users can get their digital certificates verified within minutes. These services can be used only by licensed persons. By governments to authenticate the signing of documents. The documents get more secure through this process. And cannot be modified by hackers or even government representatives unethically.

Conclusion

Blockchain is a somewhat new technology. That is still not used and widespread in all industries. But as time passes, it is slowly gaining momentum, and one day it has the potential to become a must for operating every sector. Thus, blockchain technology built by the best blockchain development company Malaysia can become a robust tool for data democratization that will boost ethical trade tactics. The field of blockchain application is now increasing with its service of faster transactions, more clarity, and safety, as well as decreased costs. Blockchain may change the future. For the best blockchain software development Malaysia you should contact Digitalfren, the perfect technology partner, who undertakes a unique approach to software engineering.