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With respect to the caption Blockchain technology outside the Cryptocurrency, has another dimension of exploration within technology innovation and invention, on this respect, alot of breakthrough under the jurisdiction of the Blockchain technology has being meet in place to redefine the structure already existing that is associate with the technology in the ecosystem, withholding the origin from the architecture of Cryptocurrency with Blockchain technology, it has also shown significance positive response and relevance on agriculture, health, government, insurance, gaming and some many diverse means that it has surface to help to solve people's problem.
The shortcomings of the Blockchain technology in the past few years has extended and reached out to many sectors with its potential that is built upon that has to do with security, transparency and decentralization which has totally changed the entire world technologically.
With an insight, Blockchain is regarded as a well decentralized ledger that accommodates the interest of carrying out transaction, data management and as well encrypted and secure means of recording information across the various involved nodes, this entail the efficacy of decentralization where no one has a centralized control over it.
Hence beyond the jurisdiction of Cryptocurrency the Blockchain technology has be adopted due to it relevancy over it efficacy in application which had proven to solve problem associated with immutability and others which has stand to show it efficacy in some many sectors that ready to do away with the older and outdated model in order to reduce fraudulent acts and in management of manager.
With respect to its relevance, some sectors found it as crucial, hence with the utilization of the potential of the Blockchain technology the manufacturing sector, agricultural sector, logistics has shown interest by adopting it and it's feature it works on bynin place to achieve tasks by obtaining transparent services.
The valuation of the Blockchain technology lays on its capability to establish tasks, hence beyond the original source of the Blockchain technology known as the Cryptocurrency has shown efficiency to solve challenges arraying some sectors out there.
In solving potential issues, the Blockchain technology has shown strong hold in the supply and that of chain management that is useful to firms interested in large setting of networking, logistics and others, hence the Blockchain technology is utilized in place to achieve reliable record entries, enabling eazy assessment towards documentary, hence this is applicable in the area of products distribution in a companies and so on.
• The Health Sector
This is recognized as one of the benefiting domain that is currently enjoying the revolution brought by the blockchain technology, keeping and finding patients data has being the issue that arise from the sector due to insecurity which has caused bridging of the patient privacy and data base, hence with shortcomings of the Blockchain technology into the health sector has raise independency control everyone having access on his or her medical records or history, giving the impromptu proximity of accessing personal medical reports
Hence in this regard, has actually resolved and solved the issue in clinical trials, immutable health care records keeping, research and development, Telemedicine, drug tracement, interoperability and as well in data security and its security management.
Financial Sector
This quit related to the the use of Cryptocurrency but with different dimension of utilization, hence the efficacy of the Blockchain technology in Finance has introduce the smart contract to the world and it's feature as it known to be self executional agreement protocol that works based on its contract agreement, hence this is self automated transaction executor, this process exclude the interest of the third party and facilitate the timing of the financial operation.
Hence the efficacy of the Blockchain technology is recognized well in Financial inclusion, efficiency, in regulating compliance and as well in cross border payment, hence all this given it stand in propagating the financial sector.
Identity Verification
As the Blockchain is known to be Decentralized subjected technology, has prompt a secured and a verified means in keeping and confirming the identity of various individuals, which has initiated the user being self independent in keeping and handling theirs personal data at their variously convenient time, hence this outcome has foster the the authentication procedure and thereby reducing the extent of theft of people's data.
Hence working with this has diversified things in place to bring transparency, immutable records, cross platform compatibility and a well streamlined know your customer (KYC) and fraud prevention in Anti money laundering regarded as (AML).
Real Estate Inventory
This is patterning to the cumbersome documentation, with the efficiency of the Blockchain technology has simplified and ease fraudulent act and hence this has made it more secure in investing in real estate business.
In this regard enhanced the impact on the property management, crowdfunding, transparency and relator compliance that helps to dig out immutable real estate records.
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In regards the Blockchain technology is quite transformative, hence below are the captivating impacts profounded by the blockchain technology.
1 This has been noted to be secure and trusted based on its operation in cryptographics, which always prompt the use of algorithm and symmetrical keys, entangling data with just code with an end to end encryption.
2 With the aide based on the Blockchain technology that work base on the efficiency has shown it feature in smart contract in place to administrate and reduce the cost of human errors
3 Supply chain management has also proven end to end traceability of product in place to reduce the extent of fraudulent activities, hence with this, it has an optimized efficiency.
4 Also in the electoral voting based system also show an advance level of operation has it has to do with electoral transparency and security of the voting
Its impact has actually revolutionized the entire applicable system based on its feature in reshaping and reconditioning the previous technology, hence this has advanced the level of the technology with help of the Blockchain that diversifies things in various sectors.
As a decentralized Blockchain, it is a technology that has enhanced the level of security in difference technological circuit of life as it is embedded in Finance, health, Identity verification and may other aspect that is technically inclined, hence in the same way this technology has reduce the extent of fraudulent activities
Hence the Blockchain technology impact is beyond Cryptocurrency and beyond certain technical measures, hence all this actually defines its efficacy towards the help of humanity easing pressure that is accompanied with what we do.
Reference
Leoglossary
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You're very correct friend, the blockchain has helped in reducing double counting error and also fraudulent activities of miscreants in different faucets of industries and economies. Nice publication 🙋🏻
Thanks.. is always my pleasure to get some recommendation remark as you did, i will put more effort to do more on my publications, thanks for yours review i hope you learnt something from my post
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Excellent. Blockchain cuts across various sectors of the economy. It's a public, transparent ledger where all transactions can be recorded. So I think we're yet to maximize blockchain, I'm looking forward to a more robust use or adoption of blockchain.
Nice piece.