The hyped technology of blockchain has a lot more work to do rather than just serving its best pal, “cryptocurrency.” As the new world is getting known to the term blockchain, every developing industry is looking forward to making productive use of the blockchain. However, blockchain has gained goodwill within a concise period in the competitive run of the technology world.
However, blockchain technology benefits the cryptocurrency in such a manner that it keeps track of every monetary transaction that is happening and the ones that lasted previously. So, for example, whenever a person pays for their purchase with the cryptocurrency or gives away their cryptocurrency to someone else, all the respective transactions will be added in the blockchain’s ledger that will create a chain every time this same stance or any other stance related to this one has been taken.
Blockchain technology is burgeoning among the industry due to its enchanting feature that reduces the fraud rates per the critical elements involved in this technology, which monitors the movement of every transaction taking place like it does when benefiting the cryptocurrency.
Let’s, have a look at the usage of blockchain beyond cryptocurrency;
Blockchain is acquired by the various companies in the growing industry as it saves a lot of time and money required by a ledger system. Blockchain has worked smartly to reduce the fees of the third party involved and save a significant amount of time creating a ledger system. According to the recent news, this blockchain technology has saved around 8-12 billion dollars of the world back within a year. With such excellent services offered by blockchain, I would like to mention the name of the top 4 companies using blockchain technology for transferring money.
- Algorand, Boston-based.
- Gemini, Newyork based
- Chainalysis, Newyork based
- Circle, Boston based
The steeling of identity with the help of basic information provided on the internet has been so common in today’s world. Personal information relates to birth date, birthplace, national identity number, and other personal credentials. It is quite an easy task to hack the personal files of internet users, especially the students who are hiring assignment help. They need to provide their personal information on a compulsory basis, but blockchain plays a significant role in keeping the internet users stress-free. Blockchain works on keeping great control of all the personal information provided by a user. With this is being said, it has been noticed that there is a drastic drop in identity theft every coming year.
With blockchain being involved in smart contracts, it takes the life of business contracts to the next level. Blockchain eliminates the use of the third party; hence, it increases accountability between a business and its customers. This saves the precious time of a business. Moreover, these smart contracts are gathering more customers for a business working in favor of increased profit.
With helping businesses in a significant way, blockchain is gaining its popularity; other sectors apart from businesses also plan to be benefited from blockchain technology.
Internet of things
Internet of things (IoT) has been running millions of applications worldwide, and with the increase in applications of IoT, the risk of hacking increases. However, the hackers don’t let any chance go as they keep a high track of every time that is happening on Amazon Alexa to a smart thermostat.
However, to control the high risk of hacking, IoT prefers to get blockchain infused. Though I cannot stop introducing new applications or stop working in the growing market, blockchain comes to the rescue to provide backend security for all the IoT applications. Blockchain is keeping the world of IoT safer and more innovative.
Blockchain benefits healthcare in various ways, from lowering the costs of advanced technologies used to collect patient data to providing a safer medium for the mentioned purposes. Moreover, the recent news on the internet has shown that blockchain has worked to reduce health care costs for many hospitals and provided an improved information transferring network.
Moreover, many blockchain Companies based in the UK have been playing a significant role in providing help to the sectors mentioned above. Such as;
This UK-based company came into being in the year 2011; it has created an online digital crypto wallet for the ease of users. This helps the users to buy tokens instantly, and it even provides a variety of search tools and charts for the cryptocurrency market.
The company provides crypto asset compliance solutions to many sectors such as; financial institutions, regulators, and crypto businesses. This blockchain technology keeps track of the risk factors trying to attack the business and prevent financial crimes. The names of the investors of elliptic since 2013 (birth year) are as follows;
- Seed camp
- Wells Fargo
- Albion VC
- Octopus Ventures
The company came into being in 2015. From the year it has started operating, it has been working to create a transparent platform for keeping the information of high-value products such as; diamonds. However, even for the security of data IOT prefer using an Ever ledger.
When it comes to health care, Shivom helps in trimming down the costs of the healthcare sector. It is further benefiting the health care sector by providing a quick and effective drug discovery. This company has saved up to £22.9 m of equity fundraising in the year 2018.
Marine Transport International
The company is working on a high scale to benefit the logistics and shipping sector as it provides supply chain businesses to the logistics and shipping commodities. It has increased the security and efficiency of the transaction processes. The company has saved up to £22.4m in equity funding.
The blockhouse was founded in 2018, and it has tremendously increased the data protection for banking, identity, and government system. In addition, the blockhouse is widely known for making blockchain systems environment-friendly. Since many students are looking for assignment help Manchester-based, they are stress-free as the technology of blockhouse encrypts their essential information.
Apart from these, there are a lot more blockchain companies UK-based that are giving exceptional services to many industries out there.