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Blockchain Applications and Real-World Use Cases

Blockchain applications can be used to exchange cryptocurrency and bitcoin. It is much more. Blockchain is the distributed ledger technology behind digital currencies such as Bitcoin. Blockchain technology allows for greater transparency and can save businesses money and time. Blockchain technology has a positive impact on many sectors. In the real world, there are many Blockchain technology applications in Malaysia. This revolutionary, yet pragmatic technology is already revolutionizing the way we do business. Blockchain’s decentralized nature makes it highly secure against attacks. The best Blockchain development company Malaysia can create blockchain technology that is applicable in all sectors, including healthcare, government, finance and other financial services.

Blockchain Technology

Blockchain is a distributed database that stores data and is strong encrypted. This record records entries that are logically related. All members of the network approve them. Blockchain is a digital chain that contains blocks that have some digital information. It’s linked together using a chain cryptographic hash function. It’s a digital archive that records all transactions and contracts. Blockchain can be accessed from thousands of computers. It is not meant to be stored in one place. The financial services industry is being disrupted by blockchain chain.

Blockchain technology allows financial sector participants to interact with each other and conduct transactions without the need for third-party interference. Blockchain transactions do not share private information. Instead, they create a transaction record by encryption. Blockchain decreases the risk of data breaches and cyber-attacks. 

Blockchain applications

  • Asset Management

Asset management plays an important role in blockchain. Asset management is the exchange and management of assets, such as fixed income, equity and mutual funds. Trading processes that involve cross-border payments are costly in asset management. Blockchain eliminates the need for mediators such as brokers, settlement managers, custodians and many other. Blockchain technology is transparent and eliminates all possibility of error.

  • Cross-Border Payments

Cross-border payments made in foreign currencies can be a complicated and lengthy process. It can take several days for cash to reach its destination. The best blockchain company Malaysia has made cross-border payments much easier using blockchain technology. It eliminates the need for intermediaries and provides end-to–end remittance service. Many remittance firms offer Blockchain services for international remittances in less than a day.

  • Healthcare

Blockchain is a smart contract technology that has major implications for healthcare. This allows two people to create a contract without the need for an intermediary. The contract details are known by all parties. This is extremely useful for healthcare, as it allows you to manage personal health records via Blockchain. They are therefore only accessible to healthcare professionals and protected by confidentiality.

  • Cryptocurrency

Blockchain’s most well-known and popular application is cryptocurrency. Bitcoin is now at its peak popularity. Blockchain is a cryptocurrency that has no geographic boundaries. You can use crypto coins to transact anywhere in the world. This is a better option than regional payment apps that are only available in one country. It cannot be used in another country.

  • Audit

Blockchain’s extremely secure nature makes it useful in auditing and accounting. It significantly reduces human error and ensures that the records are safe. Blockchain technology means that no one can alter account records after they have been lock. Not even their owners. Blockchain technology can eliminate auditors.

  • Online Verification

Online identification and verification is require for all service providers in financial services. The online identity verification process has been centralize by Blockchain. Users need to only verify their identity once with Blockchain. They can then share this identity with the service provider they choose. Blockchain allows users to choose their identity verification methods.

  • Insurance

Smart contracts are the most popular blockchain application for insurance. Smart contracts enable clients and insurers to securely and transparently manage their claims. All claims and contract data are record on the Blockchain, and verified by the network. The Blockchain can reject multiple claims for the same mishap, which eliminates the possibility of false claims.

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