Blockchain in this case, it’s called block chain technology.





 Introduction


Blockchain technology is a type of Distributed Ledger that stores all information at once on an open-source platform known as Blockchain in this case, it’s called block chain technology. The advantage of this technology is to keep all the data of transactions in one place using smart contracts. A lot of people have benefited from this technology because the cost of transaction is reduced. They can also be easily tracked across multiple servers that are connected.

Use Case 1:- Payment Processing

In order to transact money, we use different payment gateways, but most companies do not have the capability to accept payments as they don’t understand how these technologies works. Nowadays, there is no need for any third party to make such kind of investment for your business to run smoothly.

Payment Gateways are made for processing credit cards and debit cards because their software stores information about every transaction, and these can be retrieved in any part of the world. Some banks offer payment gateway solutions that use cryptocurrency to help consumers get access to new markets and to improve their businesses.

This application allows customers or individuals pay with bitcoin, ethereum, etc. The crypto market has been growing rapidly and now, even big financial institutions are using cryptocurrencies to protect themselves against fraud. Here too, payments are processed with a low fee on both ends. Banks need proof of identity verification from customers in order to process payment and therefore, cryptocurrencies allow users to verify with each other by providing proofs of ID and address.

Use Case 2:- Lending

Now, lending is very easy because anyone who wants to invest funds has to visit a website where he can sign up with his credentials and put down a deposit, and then he gets loans from lenders out there. These lenders usually require us to put down some collateral like stocks, property, bonds, etc. There is a problem with loans because these days everyone is looking forward to investing something in some kind of asset class.

Lenders are always looking for borrowers with high credit scores because they expect them to pay regular interest rates as that is what investors look for. So if the borrower doesn’t pay back the loan they received, then the lender becomes frustrated and feels bad. But here comes blockchain technology and its decentralized system where lenders are allowed do their work without worrying about the government agencies and other central banks issuing their banking licenses.

There are many apps available on Android and iOS devices that allows you to compare various types of borrowing products and lend money to people.

Use Case 3:- Insurance Company

The insurance industry uses blockchain technology to secure important personal information. You can buy insurance policies online by paying premiums, which could go up or down from the day you buy it to the day it expires. If you want to insure yourself, you can make a claim online and receive reimbursement immediately, instead of waiting for several emails asking you to send the claim and receiving the cheque. It helps in streamlining the claims process. No need to visit offices or attend meetings with people who have to deal with paperwork. All you have to do is complete your profile and upload basic information. Then it will automatically save and share information about you with other insurance providers. This way, your identity is protected and the insurer will know who to insure.

Use Case 4:- Digital Certificates

If we talk about digitizing money, we are basically talking about digitally signing our certificates. As per regulations of FATF, if someone buys something with tokens then they must be able to prove authenticity (authenticity) to get their money back. However, today, there are so many fake certificates to avoid tax and fines from IRS. Therefore, now the only option left is to provide evidence that will make the certificate authentic. So there are two ways via blockchain technology. First is to create a random digital signature made by trusted parties which can then then validate the request for authorization. On the other hand, we can do the same via another form of token generation, i.e., minting a fixed quantity of a coin by using an algorithm, that can verify the validity of a certificate.

Use Case 5:- Education

In the traditional sense, textbooks are used in the classroom for students to learn subjects which they will later go on to teach themselves. We know how expensive and time-consuming it is to print textbooks. Similarly, teachers should prepare lessons using video recording materials or other forms of content such as audio recordings. To make sure that students stay focused, however, teachers should also take care of the physical condition of classrooms/classrooms which are built on wood and metal frames. That said, the concept behind education has changed drastically with computers becoming increasingly popular. Since schools no longer rely on books to impart knowledge to children, today, they can utilize video production tools such as Microsoft PowerPoint and Adobe Flash to deliver lectures to students. Students can view recorded videos instead of reading written texts. This method reduces the workload of teachers because the students no longer need to face the trouble of writing notes by hand. Furthermore, students can watch presentations, presentations can go beyond 40 minutes instead of 20-30 minutes because interactive visual aids are being utilized to enhance learning.

Conclusion

Blockchain technology is a fast evolving technology that offers benefits not only for individual but also for society. Its adoption is quite obvious as many organizations are already starting testing this technology. One major benefit of utilizing this technology is that it is extremely easy to implement. Once implemented, there would be fewer resources required for the implementation of this technology. It does not matter whether you are doing a large financial transaction or just making a simple copy of documentation
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