Solving Real World Problems with Blockchain

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Blockchain is a practical technology intended to solve real-world problems. In this new article, learn all about practical uses for blockchain across many different industries!

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Food Traceability

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Blockchain offers a transparent view of the manufacturing process, allowing supermarkets to get a better view on the supply chain of their goods. From using Blockchain, such companies can gain a lot of information on a particular good. Brooding location, hatching date, location, living circumstances, breeder's name, and so on are all useful information that both the consumer and supermarkets appreciate having. Without blockchain, the preparation of information on goods is extensive since it entails gathering and validating all product-related information.

With blockchain, stakeholders can track anything, from basic consumables like milk to complex goods. As soon as the data is available, companies can retrieve it. Without blockchain, documents must be created and added manually for vendors and third parties, and do not follow a specific flow of information. In the meantime, gathering information is not enough; it must also be checked. The food blockchain, far from being a novelty, offers several benefits; transparency re-establishes a direct line of communication between producers and customers. In the industrial chain, it also builds trust between all stakeholders

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Voting

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How does a vote on the blockchain work in practice? Votes can be recorded right after a registration where each participant is registered under blockchain, proving their identity. In this approach, voters can confirm that their vote was counted in the same way as crypto transactions may confirm that a smart contract was completed. All voters have access to this database, which includes the votes.

Every vote is anonymously recorded. The only information presented in the database is the "transaction's" time and date, as well as the participant's option. When a vote is added to a block, it receives an identifying number, Each vote is related to the one before it. As a result, the distributed ledger retains a record of all votes that is immutable, transparent, and tamper-proof. Consequently, the election results cannot be contested.

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Banking

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The blockchain is one of the instruments that allows papers, financial assets, and even currencies to be dematerialized. Virtual currencies such as Bitcoin, Ethereum, and Dogecoin are the most often mentioned in the latter instance. The blockchain would ultimately allow conventional restrictions to be limited while maintaining general trust in the financial sector. It would also cut down on the number of middlemen. In the end, this would reduce operating expenses and provide more appealing pricing.

Transaction times would be shortened because of the increased fluidity. The database on the blockchain is synced on a regular basis to ensure that all new data is properly passed on to all other copies. This invention makes it easier, and faster to increase the security of bank papers and to verify their validity. The blockchain might make it easier to store and share certain papers in the financial industry. Using a cryptographic digital fingerprint incorporated into the blockchain, it may also be able to create a record of validated personal papers.

The battle against fraud is another facet of this technology. The blockchain's decentralized design makes it feasible to boost computer security by restricting hacker possibilities. The blockchain is made up of a series of interconnected transaction blocks. There is no way to cancel or change an update or transaction. It's also impossible to change a block that comes before another since they're both part of the same chain. Because of the interdependence of the blocks that make up the blockchain, improved monitoring and traceability of financial activities will be available in the future.

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Real Estate

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Real estate processes have been affected with the introduction of the Internet and the digitalization of official records. This reasoning is supported by blockchain technology, which allows real estate transactions to take place outside of traditional channels. The Blockchain is an excellent solution to all types of real estate investments since it is simple to use, quick, and secure.

During a real estate transaction, all of the pieces, like as the deed of ownership or the compromise, are kept in separate blocks, then disseminated and copied in several copies across multiple servers. As a result, blockchain technologies in the real estate industry give a response in terms of speed and security, significantly lowering the risk of fraud.

This revolutionary technology affects all phases of the real estate transaction, simplifying data transfer and minimizing the time between the signing of the compromise and the legitimate deed of sale before the notary. If this new digital architecture can clearly automate real estate transactions, realize that it is no longer a project. Indeed, the usage of real estate Blockchain systems for plot references and validation has already been successfully tried in many countries. Brazil, for example, has established a Blockchain-based transaction platform to safeguard real estate data. Furthermore, in certain nations where the system is crooked and it is impossible to determine who really owns a piece of property before purchasing it, this procedure is incredibly intriguing. Blockchain is an excellent tool for examining the status of properties and documents of sale, as well as having complete access to the property's or land's history. The Blockchain, which is accessible by banks, real estate firms, buyers, and sellers at any time and without restriction, protects the legitimacy of land registrations.

‍Gain access to recurrent updates to help you develop an understanding of the blockchain technology in a practical setting! Should you be interested in NFTs, be sure to check out the Paris NFT Day, and our article on the Metaverse!

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