In the upcoming time, blockchain will be going to turn the whole system in a better way. It has more uses than cryptocurrency. Let’s discuss practical use cases of blockchain in India other than Bitcoin.
EDUCATION SYSTEM – In India, blockchain’s biggest user is the education system where people
forge Mark sheets for submitting them to places. So much so that people can’t even believe that the person studied in IIM.
If someone asked them to prove it, they might not have any proof apart from their certificate.
They have no other proof that they can attach. So it can be used there reliably,
and people are working on it as well. So it means all these students
can upload their mark sheet and certificates online, and they cannot be changed or tempered. This is the biggest benefit of blockchain.
let’s take an example of a CBSE board or all the boards. The boards can directly use blockchain to upload the mark sheet so that if any corrupt person gets into the board and want to change the mark sheets but doing it through blockchain means that it can never be changed and if someone changes it, you will get the details.
WHAT HAPPENS WHEN SOMEONE HACKS BLOCKCHAIN
What will happen when a person tries to alter the data in the blockchain? How can the system prevent it from happening? Let’s take the example of a Bitcoin blockchain. Suppose rupees 50 is to be transferred from A to B.
A new blog will be created with a and B’s public addresses. In each block as public address and B’s public address and the amount to be transferred are written. Now the computers on the network will record this they will record that an initiated around so to be in the amount transferred and then they verify that transaction, but if one of the computers says that the transfer is not from A to B. Instead, it is saying that we are transferring from A to me but the computers on the decentralized network recording the transaction. They will refuse a claim because they can see that the transfer is between A and B. This is why the system will listen to the other computers and allow the transaction from A to B. If one wants to alter or do fraud in blockchain, one would need the majority of at least 51% . The larger the blockchain and the more computers and people can enter the network. It will increasingly difficult to hack the blockchain.
USED FOR ELECTIONS
Talking about the more examples where blockchain is implemented into real life. The most shocking interesting fact it has already been used for elections. There is a country in Africa, Sierra Leone. They are blockchains that were used during the election for voting
Another use case of blockchain is the healthcare sector. Blockchain can be used to store medical data. So that the medical record of the patient is not stored in the database in a centralized way. Doctors cannot assess them unless there is a need patients will be more privacy and the data will be more easily accessible.
FOR TRADING PURPOSE
It can be used for trading as well. There is a platform called v trade that is being used by many people. Whenever you order something from somewhere and you don’t know much about the supplier and how real reliable they are.
You are unsure if they will be able to deliver the goods or not And the supplier doesn’t know much about you either. If you can pay on time or not. Here blockchain is used to enter into smart contracts, contracts that are based on blockchains. Because of these contracts, you wouldn’t need to trust any third party. Once the goods are delivered, money from your bank account will be transferred to the supplier. Similarly, property management crowdfunding and the management of government data can be done efficiently by using blockchains
Traditionally, the transfer of value has been both expensive and slow, and especially for payments taking place across international borders. One reason for this is that, when multiple currencies are involved, the transfer process typically requires the participation of multiple banks in multiple locations before the intended recipient can actually collect his or her money. There are existing services to help facilitate this process in a faster way, but these tend to be quite expensive.
Blockchain technology has the potential to provide a much faster and cheaper alternative to traditional cross-border payments methods. Indeed, while typical money remittance costs might be as high as 20% of the transfer amount, blockchain may allow for costs just a fraction of that, as well as guaranteed and real-time transaction processing speeds. There are hurdles to be passed, including regulation of cryptocurrencies in different parts of the world and security concerns. Nonetheless, this is one of the most promising and talked about areas of blockchain technology application.
HOW GOVERNMENT CAN USE BLOCKCHAIN TECHNOLOGY
Nowadays the government stores so much of our data on its servers. Where they fail, to keep it protected. Often we get to hear that government databases are hacked. But if blockchain is used, data will be not hacked because we will not have to trust the government to protect it. In a decentralized network, all of us can verify each other. We can make it our work.
HOW BLOCKCHAIN REVOLUTIONIZED THE SYSTEM
In the upcoming time, we are moving towards a decentralized network. It means there are many websites and applications our application on a cloud-based platform.
Soon it will move to blockchains. In the next 10 to 15 years, The same application that you use whether it is social media, censorship, or copyright issue or streaming platform, or any other platform that you Can name, all those companies will have to use blockchains. Because the user today trusts and belief in the companies that are transparent with their work, not those who hide from the public and modify their processes.
For this reason, some people believe that blockchain can revolutionize the world. Like how Internet has changed the industry. Now, we can’t even imagine life without the internet. Similarly, we can’t imagine a life without blockchain in the upcoming time.