Blockchain and its applications in the Modern World.

Date – 13/10/2021 | Pawan Kaushik

Blockchain is one of the latest innovations of the modern world. Blockchain is a decentralized system storage network offering unparalleled security and safety for the data saved. Because of the decentralized nature of the system and its safety features, it is extensively used in the industry across multiple domains. Over the course of this blog, we will look at various practical applications of blockchain, its implementation and the advantages of its usage in real time. Blockchain has a huge stereotype associated with it i.e. blockchain is used only in cryptocurrency and bitcoin, however, the reality from this stereotype. Some of the popular applications of blockchain include real estate industry, financial industry, smart contracts, transportation industry, supply chain, retail industry and many more. In this blog, we will analyse the applications of blockchain in these domains to create a more informative knowledgebase of the latest technical innovation.

Financial Industry in terms of money transactions, online payment gateways and digital wallets :-

Financial industry is one of the few industries, which makes up the backbone of an economy. Millions of dollars are moved in the financial industry every single day. The online popular transactional method is net banking. Net Banking or financial transactions are done on an inter country basis as well. Additionally, people use vary online payment gateways and digital wallets like PayPal, Apple Pay or Google Pay to meet their transactional requirements. These transactions need to have an added layer of security to safeguard the transactions. That is where blockchain comes into the picture. Blockchain offers decentralised infrastructure and any changes to the data in the blockchain is time stamped and a person needs to clear a multiple layer login setup to access the data in the system. These features ensures that the transactional information, online payment gateways and digital wallets are safe and secure for use.

Supply Chain Management

Supply Chain is one of the most crucial industries in the modern world. Billions of dollars’ worth goods are transported from one corner of the world to another. The smooth transportation of the goods from the source to the destination is the main responsibility of the supply chain industry. To create a smooth process, we use various softwares and other technologies to build these softwares. Blockchain is one of the most popular tools to build these softwares. Some of the popular reasons for this high popularity is the decentralised nature of the system and the unparalleled security standards. Speqto Technologies are experts in developing custom Enterprise resource planning (ERP) solutions based on the exact requirement of our clients.

Customer management systems for the retail industry:-

CRM and CMS are the most important and vital tools for a sales or retail based companies. These softwares and tools help businesses manage customers and ensure that they receive the highest standard of service. The primary reasons for the application of blockchain for this domain is the high computational capacity, the secure network and the data security. These softwares built using blockchain helps these companies keep a very close eye on their customers, run various marketing campaigns and other customer centric activities. Our team of experts guarantee clients satisfaction every single time.

Digital IDs

Government organizations are the biggest users of various tools built using blockchain solutions. Identity of people is a confidential piece of information. Any kind of compromise of the system has the potential to cause a lot of harm and damage to the individual and the society. A decentralised system offers these organizations exactly what they are looking for. Any kind of modifications are recorded along with a time stamp. The secure network offered by the blockchain ensures the security and safety of all the people in the modern digital world. Solutions from Speqto Technologies offer unparalleled levels of security.

Real Estate Transaction

Online financial transactions are particularly prone to attacks and threats. The world of real estate is filled with millions of online transactions on a daily basis. Speqto Technologies experience and expertise lies in helping our clients reach their goal and potential for business growth and success. Our solutions for the real estate industry are safe, secure, and transparent and offer direct buyer to seller interaction.

Smart Contracts

Smart contracts are a part of the modern world where people can create, build and even execute contracts without the use of any kind of paper trail. Any changes to the contracts are recorded with the necessary time stamps and user information. Smart contracts are extensively popular in the industry due to it user friendliness, transparency, security and efficiency. Speqto Technologies use our industry know and access to blockchain to build custom platforms and contracts for our clients to use at their discretion.

Data Backup And Storage :-

Data is more valuable resource of the 21st century. Every single company, process and action in the world is dependent on the historical and present data. On a typical day, an average person generates up to 3 GB of data. The world in general runs on data and we need proper tools, technologies and storage services to handle these data sets with safety and security, the solutions for data handling by Speqto Technologies are built using blockchain as the basic platform. The decentralised system, offers an option to backup the data on a very regular basis. The containers prevent any kind of data tampering and corruption. Additionally, the transparency is of unparalleled levels which is exactly what is necessary to handle the large data sets well.