IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY
Imagine a block that contains data on each of its sides, and a chain interconnecting each block that allows you to move the block from one place to another. That’s what we call Blockchain. Blockchain has much different technology, different technologies have different rules for participation, different network rules, different specifications for how to create transactions, different methods of storing data, and different consensus mechanisms. As we know blockchain helps cryptocurrency possible, it stores our transactions in the block. As an example Bitcoin, as a pioneer of a digital asset can transfer over the internet without any third party validating the transaction or being able to deny it. Also known as a decentralized asset. So we do not need such a bank to validate our transaction because it is already been done by the system. The transactions are secured using encryption and are duly time-stamped to ensure full transparency.
The second most popular cryptocurrency is Ethereum (ETH), this crypto is created so the developer can build a decentralized application (dApps) on Ethereum, so it is more globally accessible free, and more trustworthy internet. So in other words Ethereum is more programmable than Bitcoin. On Ethereum, there are smart contracts and dApps built on its blockchain. Smart contracts are computer programs that run on the Ethereum blockchain. There are multiple copies of them, and they are available for anyone to inspect. While a decentralized application (dApp) is just an ETH computer program that lives on the blockchain, waiting for a transaction from a user—or another contract to be triggered. So how is blockchain has a real-world use case?
Before answering this question, is Bitcoin widely accepted? Among the community, it is widely accepted, but globally it is not widely accepted YET. But few companies accept Bitcoin as payment, but the reality is they don’t accept it on their balance sheet. Instead, they are using a fiat bridge that converts Bitcoin to dollars, so the value they had on their balance is not changing. Bitpay and Alchemy Pay is an examples of this kind of technology.
Merchant adoption, we know that one of the sectors that will be significantly impacted is a merchant. Nowadays people are buying products through the internet. Which makes them use digital money such as (a virtual account, gopay, ovo, etc). When comes to blockchain implementation, there will be faster transactions, fewer fees, more transparency, and more interoperability, and it hedges against inflation. Although
Real Estate adoption will be impacted as well by Blockchain technology. There is still a documentation verification problem happening in the real estate world which is very essential for owners. For example, in Indonesia governance said that there’s 56 percent of land that hasn’t been certified yet. Blockchain can solve this problem by helping landowners store their property in the blockchain system. And also using digital signatures and smart contracts to ensure that the locked deal is fair. This can give them more control, more transparency, and a more verifiable system for their land.
Healthcare, medical records are one of the problems in the healthcare industry. According to HIPAA Journal over the past 12 months, 692 large healthcare data breaches have been reported and the records of 42,431,699 individuals have been exposed. For this problem, we can store the records in smart contracts to make them safe and tamper-proof. Implementing blockchain can help patient to share digital files with doctors easily.
In conclusion, blockchain technology may be used to facilitate transactions in many industries, including the real estate and healthcare fields by using smart contract technology. Although blockchain is still in an early stage of development, it is not too soon to imagine its potential impact on the world. The volatility of crypto markets can be reduced when it is well regulated by governmental authorities so that digital currencies may be used for everyday transactions instead of fiat money, which can get inflated by economic conditions.
References :
Antony Lewis. (September 2018). The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them. HIPAA. (July 2022) June 2022 Healthcare Data Breach Report https://www.hipaajournal.com/june-2022-healthcare-data-breach-report/
Smita Verna. (August 2022). 9 Blockchain Real World Use Cases. https://www.blockchain-council.org/blockchain/blockchain-real-world-use-cases/
ETH Foundation. (November 2022). Introduction to Smart Contracts. https://ethereum.org/en/what-is-ethereum/