What are the Real-Life Applications of Bitcoin and Blockchains

Once perceived with skepticism, digital currencies are the ‘it’ thing currently. Future projections claim that it will continue to grow, expanding its horizons across all fields. There is, however, still a lot of speculation surrounding the usage of bitcoin and blockchains.

People often wonder about their real-time applications and how they can be used to earn profits. Bitcoin and blockchain technology have taken the world of finance by storm. Digital currencies are growing rapidly, and it goes without saying that these will impact almost every industry in the near future. These technologies are very promising and offer a large scope.

So much so that from a mystery room bangalore to a shopping mall in LA- businesses of every kind might start accepting digital currency as a form of payment sometime in the future. However, a fact to be noted is that digital currencies and blockchains have applications reaching out far beyond just being a payment method.

In this article, we will discuss the real-life applications of bitcoin and blockchains.

Difference between bitcoin and blockchain

Before we go into the details, it’s important to know the difference between bitcoin and blockchain. Bitcoin is a digital currency that is stored in a blockchain there are a lot of Bitcoin News on the web. The purpose behind blockchains was to ensure hassle-free transactions of BTC without the involvement of a middle-man, like a bank.

Real-life applications of Bitcoin

The increasing popularity of Bitcoin is proof that people are embracing digital currencies. Given below are the real-life applications of Bitcoin.

1. Making purchases 

The most popular real-life application of Bitcoin that people are acquainted with is making purchases. Digital currency is accepted across a number of ventures, including food chains. The most popular example is Subway. Moreover, Bitcoin can be used as a mode of payment in real-estate, plastic surgeries, travel, education, retail,  buying cars, and even when buying coffins!

2. As a mode of salary 

Yes, you read that right. There are companies around the globe that now offer their employees to get paid in cryptos. In fact, a company based in Leeds, UK, called Victvs, has provided its employees with the option to get paid in digital currency. It is understandable that it might not be the most favored option, given people’s lack of technical knowledge regarding cryptocurrency. Although, the point we are trying to make here is the acceptance of crypto all across the world.

3. Career prospects 

Understanding cryptocurrency is not everyone’s cup of tea. That’s right; even bankers seem to struggle with the understanding of the entire concept of cryptocurrency. This has resulted in the emergence of a whole new career field that requires individuals who have expertise specifically in the field of cryptos. As more and more businesses adopt the idea of Bitcoin, diversification is bound to happen. This is leading to a surge in the number of job vacancies, allowing individuals to make a career switch with a plethora of opportunities.

4. Online trading 

Another reason behind the popularity of Bitcoin is its price volatility. Online platforms allow Bitcoin traders to exchange BTC for other cryptocurrencies and fiat money and buy and sell BTC. This could be harnessed as an excellent opportunity to increase returns on your investments.

Real-life applications of blockchains

Blockchain technology is what cryptocurrencies like Bitcoin rely on. Blockchains allow keeping the information in such a way that it cannot be tampered with. The real-life applications are, however, far beyond just cryptos.

1. Managing supply-chains

Supply chains are such a network that requires going through a number of processes across a number of people. This long process often increases the risk of tampering. However, blockchain technology can effectively deal with the inefficiencies in the supply chain. It allows the users to track the precise location of their goods and makes that information immediately available to all. It eradicates the need for paper-based trails, which further helps in preventing losses.

2. Healthcare

Gone are the days when hospitals relied on papers for keeping their records. With the advancement of technology, ethical dilemmas regarding the security and privacy of patients have assumed a higher priority in the healthcare hierarchy. Moreover, the patients’ right to information is key to healthcare. Patient’s medical history, along with their prescribed medication, can be stored with the help of blockchain technology. This gives scope for confidentiality, and the information is only shared with the medical professionals and keeping the patients incharge for who can view the data.

3. Real estate

Besides using digital currencies to make purchases, blockchain technology can also help with various other processes involved in buying and selling property. With ownership details stored in blockchains, transferring and tracing ownership becomes a much easier process. Moreover, the eradication of paper provides a crystal-clear image of legal ownership, hence making the whole process more transparent.

4. Wills and inheritances

Wills and inheritances are traditionally dealt with on paper. This also means that those papers can be easily manipulated and tampered with, too. With the involvement of blockchains, certain transparency comes into play and could be used with smart contracts that’ll also make your contract legally binding.

Final thoughts

Bitcoin and blockchain technology have impacted the world in unexpected ways. With more and more industries adopting these technologies, it is safe to say that we are nearing a world with a very centralized form of currency.