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  • Writer's pictureFemTech Solutions

Practical uses for blockchain

There are many applicable uses for blockchain. The article today talks about 4 main areas:

1. Financial

2. Internet of Things

3. Smart Contracts

4. Digital IDs

These 4 areas can encompass quite a lot for a myriad of businesses. Most people would fall into at least 1 of these categories. The focus has primarily been on the financial aspect of things which is great, however, not the only way blockchain can be a practical tool for use. Smart contracts, we are all familiar with Docusign, but it's not the only area that can be of use. This is something that blockchain really specializes in and can be a more universal asset to companies in the retail space, real estate space, supply chain space etc. Once it's on the chain, it's immutable. Add that to the lack of hack-ability of a blockchain and you have the most secure transaction base on the market today. The only issue, I currently see, is that there is a lack of imagination for the uses for this chain. Frankly, people are getting higher interest when they specialize in one area, however, the best thing is to be scalable and flexible so that you can reach into as many areas as possible.

What is also fascinating is how many adopters are taking hold of this technology in Europe. The United States could greatly benefit from utilizing this tech even if to simply cut down on fraudulent activities and increase the trust level in our work.

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