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Blockchain in daily life

Blockchain in daily life
With the rise and advent of bitcoin and various other cryptocurrencies, everyone is sure that blockchain is going to be the next big thing. Its use is not only limited to cryptocurrencies. It has a wide area of applications which is going to be useful to us in some of the other ways in our day to day routine.
Capital Markets
Capital market is a market in which buyers and sellers engage in buying and selling of bonds, shares, securities. The various implementations of blockchain in capital markets are
  • Credit Derivatives-Credit derivatives transfer loan risk to a third party. This is a huge market. This market has a very complex post-trade process that will benefit from cost reductions and efficiencies from the successful implementation of DLT.
  • Cash Equities Clearing-Using DLT for clearing and settlement can accelerate settlement cycles, optimize management of capital and risk.
  • Repurchase Agreements-Repurchase agreements, where one side sells a security to another with an agreement to buy it back later, plays a crucial role in providing liquidity to capital markets. Using DTL infrastructure would ensure dealer confidentiality, reduce latency and overall settlement obligations.
Supply chain
In earlier days, supply chain management was very simple as the trades were restricted to a local level. As the trades and business globalized, it became more difficult for the suppliers and vendors to track inventory, manage payroll, quality, compliance. Blockchain being highly elastic can be tailored according to the nature of the business and can be implemented in a robust manner. Creating consistent traceability of goods is the main aim of any supply chain system. It provides enhanced transparency, greater scalability, and increased innovation.
Health Care
People from all walks of life have unique health conditions and possess a health record for their medical conditions and treatments if any. Traditional methods of storing data are not so reliable when it comes to accuracy. This is because paper-based records cannot be trusted as they are prone to errors. When blockchain is introduced into the healthcare industry, every change in person’s health can be noted down in a ledger. These ledgers are viewable by everybody concerned on a given network. In case of an emergency, the patient requires immediate medical attention, doctors can view records on the ledger to know the patient’s medical history and decide how they should be treated.

Voting

The issue of political parties manipulating votes and random people voting in the name of an authorized person can be eradicated with the use of blockchain. One way blockchain can make an impact in voting is by digitizing the entire process. Blockchain enabled voting would ensure that votes and that there is no manipulation in votes.

Charity

By using blockchain to channelize charity and donations, we can make sure that money is only used for the purpose which it is intended for. Since it does not require any intermediary the nature of gift deeds will be 100% transparent. The blockchain is going to redefine the nature of charities if implemented in a correct way.

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