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The blockchain is the decentralized database of the blocks of information, which gets recorded in the chain format and linked in a secured crypto graphical manner. This technology ensures proper safety of the data due to its secure nature, and it totally changes how people carry out transactions. It also brings about a faster and secure process of validating information needed to establish reliability.
Though blockchain technology came into the market to carry out only digital transactions, it is now used in various industries like supply chain, finance, health care, and many more.
The blockchain technology has made its position in mobile app development as well. Blockchain applications are transparent and accountable. From getting easy access to medical records and buying insurance, you can see blockchain applications everywhere.
Here are some of the areas where you can see the use of blockchain applications and how they have changed various industries.
Ripple is useful for increasing banking transactions. The implementation of blockchain technology in the financial sector is much more profound than any other sector. Ripple proves this. It is one of the greatest tools to record and complete financial transactions.
It develops a large network despite strict physical boundaries. As there is no such third-party involvement present, the cost of these transactions is lower than usual. At the same time, the network also remains transparent and quite secured.
It is normally seen that financial transactions that happen globally are
error-prone and take a lot of time. In addition to this, when the transaction
fees and exchange rates get added up, the total cost usually gets high.
However, Ripple offers real-time international transactions without spending too much money. It has the network of about 200+ institutions making the process affordable, secure, and fast for all sorts of international transactions.
This blockchain application helps in automating flight insurance. Insurance is another area where blockchain is gaining popularity. Through this application, insurers can make smart contracts rather than getting involved in the traditional contracts that are usually complex. Etherisc is the blockchain application that helps customers buy flight insurance. If the flight gets canceled or delayed, they do not have to wait for months to get the payment back. This application ensures an on-time payout.
It is a trendy app for supply chain tracking. In supply chain management, you can see various third parties getting involved in each phase. It generally makes it a complex procedure. Providing transparency, efficiency, and quality is the long-term journey and also a tedious task as well.
To combat this situation, Ambrosus is the best option. It is the perfect combination of IoT and blockchain technology. This app also has a tracking feature that registers all the products on the blockchain network and then allows the customer to get in touch with smaller details. For
instance, if you are talking about foodstuff, consumers are now able to find the location from where the ingredients present in the food item are collected, how the ingredients are processed, and how they are stored.
4. Brave and BAT
This blockchain application provides users with the power to regulate ads. It makes the micro-transaction a reality in the advertising field. Viewers receive rewards depending on how attentive they are while watching the ads that they prefer to watch. Brave is the website browser that has an ad-blocker. The reward system is the BAT or the Basic Attention Token. Brave gives rewards to the viewers who opt for ads. The main use of this application is to enhance the ad-watching experience of internet users.
Artory helps in making the registration of art and other items easy. One of the biggest challenges that artists face is to provide authenticity. Seeing
your own design being copied without getting the right remuneration as per the copyright issues is a common doldrum that artists face. With the help of this blockchain app, artists can protect their work.
Artory helps in registering works of art. Through this app, every transaction made gets registered. It helps in validating the source of the art piece.
With the use of these five blockchain applications, people are changing their way in which they transact digitally. These are some of the remarkable inventions of blockchain technology. There is so much left to discover about this technology. These applications do not use any third party process for making transactions. Hence, blockchain technology is a new way to see the world!