Blockchain has been the topic of conversation in society for a couple of years now. The technology behind blockchain may be complicated, but it can still be understood by the common man. Blockchains are basically databases that are connected to computer networks. They allow the recording of data, every time information is keyed. Essentially, blockchain store information in a digital format. The unique feature of this technology is that it cannot be altered, cheated or hacked in any sort of way.

So, how exactly does it work? Blockchain applies a technology that is able to record every input and output made into a block of data. Then this block of data is linked to the previous block of data before it. This makes the chain secure with data and information. It is essentially a history book that writes itself. Any verified user can then access this blockchain for their own purposes, but the previous versions cannot be altered or changed in any way. 

Currently, blockchain technology is applied by many services such as cryptocurrency and NFTs. But, it is an industry that is growing fast. It would not be a surprise to see if the technology is soon integrated into other industries and applied by them for different uses. 

Malaysia blockchain startup

Here are a couple of possible uses of blockchain for the future. 

Blockchain for healthcare 

Blockchain can be used to securely keep medical records of patients. Healthcare providers such as hospitals, clinics and insurance companies can access these records, but with the proper protocols of course. Plus, these records cannot be altered, so it will be kept safely under wraps. On top of that, these records can integrate a private key that allows only certain people access to it. This ensures privacy for the patient. 

Blockchain for banking 

Blockchain can be used to the maximum when it comes to banking. The technology allows people to have access to it at any time and day, unlike banks. Usually when you try to transfer large amounts of sums, for payments, it might take days for banks to approve them. Blockchain overrides those regulations, and the payment can be processed in less than 10 minutes. 

Plus, you can also carry out trade dealing internationally without any issues with blockchain. Banks usually take some time to process funds used for trades, and this can be frustrating at times. So, blockchains can avoid all that processing and approval and transfer the funds almost immediately. 

Malaysia blockchain startup

Blockchain can aid with voting

Integrating blockchains into voting can improve modern voting systems. These systems can ensure that the votes casted by voters can reach the officials involved almost immediately. Voting systems nowadays can be trifled with easily, blockchains can ensure that this doesn’t happen. Since blockchain is a secure system, voting results cannot be tampered with. It can significantly increase voter turnout while eliminating voter fraud. So, these voting results are ensured to be directly from the voters, to the proper authorities. 

 

So, if you are interested in blockchain, check out Malaysia blockchain startup for more.