As you know blockchain has been known just because of cryptocurrency for the last decade. Blockchain gives cryptocurrency as a god gift to humans. Crypto changes the entire world of financial transactions and trading.
But have you ever thought; Can blockchain work without cryptocurrency? Not a problem, we will be here to help and share the possibilities of blockchain without cryptocurrency. Apart from cryptocurrency, blockchain can be used in election fraud, medical records, refugee aids, and Chronicled.
The relation of blockchain with cryptocurrency, smart contracts, and ledgers cannot be forgettable because the origin of blockchain is associated with cryptocurrency but the developers & blockchain technology experts are introducing new inventions with blockchain.
Before moving further let’s learn about blockchain:-
What Is Blockchain Technology?
In simple words, Blockchain is a way to record sensitive information in blocks to prevent it from changes, hacks, and cheating.
Also, blockchain is the most commonly used essentially digital ledger of transactions that runs over the internet.
How Blockchain Technology Works:
Blockchain technology works on 3 leading technologies basically
- Cryptographic keys
- A peer-to-peer network containing a shared ledger
- A means of computing, to store the transactions and records of the network
Types of Blockchain:
Blockchain is based on networks, there is basically 4 types of network present
- Private Blockchain Networks
- Public Blockchain Networks
- Permissioned Blockchain Networks
- Permissioned Blockchain Networks
Features of Blockchain Technology
- Immutability
- Decentralized
- Enhanced Security
- Distributed Ledgers
- Consensus
- Faster Settlement
Where Blockchain Can Be Used Apart From Cryptocurrency?
As of now mainly we have 4 segments where blockchain technology can be used without cryptocurrency
- Election Fraud
- Medical Records
- Refugee Aids
- Chronicled
Blockchain Work Without Cryptocurrency In Election Fraud
This is most probably another invention that Blockchain Work Without Cryptocurrency is in elections. Election fraud or voting fraud is one of the major issues for people in some ways. The voting machines used worldwide are insecure for everyone and this is one of the major reasons to use blockchain in elections.
A blockchain development company following my vote found a perfect way to use blockchain software and blockchain development in election or voting. This way creates a new way to secure elections and prevent fraud.
This company is solving the crisis with new trendy innovative technologies. They develop a voting platform that makes elections more transparent & does not compromise voter privacy and ensures election results are more accurate.
Blockchain Work Without Cryptocurrency Used In Medical Records
Medical Records are one of the biggest issues in the world. There are trillions of people who take treatment from hospitals. For a long time, hospitals kept this data in files and after digital transformation kept it into digital software or tools. But this is not enough to keep this data safe.
There are various unethical practices present who want to take advantage of this data, they want to use this for various unauthorized purposes and hide it from the government.
This reveals your identity and infectious disease information for their own purpose but now Blockchain Work Without Cryptocurrency to prevent this separate information from these unethical practices. MedRec a company creates a way with the use of blockchain technology that protects your medical records more securely.
Blockchain Work Without Cryptocurrency For Refugee Aids
Every year millions of people become refugees worldwide. Becoming a refugee is really a terrible experience for people because they do not have houses, food, money, or nationality to survive. Seria is a massive example of a refugee.
One of the largest implementations of blockchain without cryptocurrency is for refugee aid, on 31st May 2017, United Nations’ World Food Programme (WFP) runs a program for Syrians and provides them with cryptocurrency-based redeem cards that can be used in the market purchasing goods.
Blockchain Work Without Cryptocurrency By Chronicled
Have you ever signed documents virtually? Most of the working professionals did this regularly for the agreements and all. Even the lawyers are also sharing the documents virtually to sign these.
Of course, these agreements, documents, service level agreements are nondisclosure, which means that the sender and signer can see these documents. But according to industry experts, cyber attackers or thieves can easily hack your emails and systems and they can easily check these important documents or files without your permission.
Legal documents usually contain sensitive information that is only for the official people. Chronicled a blockchain development company create blockchain software and blockchain-based applications to protect your documents and share between both parties securely,
Not only legal documents but also supply chain, IoT tracking & various other data sorts can be protected. Chornocled develops blockchain systems that implement IoT, Mobile applications, Bluetooth, and NFC blockchains.
Can Blockchain Work Without Cryptocurrency?
The answer is yes, blockchain can work without cryptocurrency. As this is clearly defined cryptocurrency is an invention of blockchain technology. Blockchain technology does not depend on cryptocurrency.
With the features like Distributed Ledgers, high security, Decentralized, and peer-to-peer information sharing. This can be used very widely in other industries also.
Various blockchain development companies are working on the other uses of blockchain development.
Future of Blockchain Technology Without Cryptocurrency?
Blockchain technology is one of the most trendy technologies right now in business. Blockchain technology keeps the potential to create new opportunities across the world.
We hope that now everyone will agree on the role of blockchain in the future and will change the whole world.
As everyone knows blockchain technology will be the most immersive technology in the future without cryptocurrency. In the TechRepublic research study, this is clearly mentioned that 70% had not used blockchain till now but 64% say that in the future blockchain development will impact their industry in various ways.
In the terms of blockchain technology future, a research firm Gartner published their forecast that is
- 10% of enterprises can achieve the transformation by using blockchain technology, in 2022.
- In 2022, blockchain technology will be worth $10 billion.
- By 20226 year, the business value of blockchain will grow to over $360 billion and in 2030 it will be more than $3.1 trillion.
Conclusion
Blockchain technology is more than cryptocurrency development or cryptocurrency application development. It is widely used in various industries from healthcare to real estate and also from manufacturing to transportation. The developers and researchers are working aggressively to create new inventions with the help of blockchain technology.
