APPLICATIONS OF DLT
Trading is one of the most critical and crucial distributed ledger use cases. The DLT is preferred as a technology for trading purpose as in trading the financial transactions can be done using the cryptocurrencies. Trading is a kind of business that involves risk and sometimes emotional decisions too.
Sometimes some bad players of the trading business disrupt the market only for the purpose benefiting for personal gains. Distributed ledger thus can be very beneficial and can provide all the transactions in a transparent manner, eliminating lots of paper work and also reducing the reliability on the banking system.
Once the information is written on to a ledger it becomes almost impossible to manipulate the content in the ledger and preserve the assets in a more secured manner. A DLT also provides secure wallet where a user can store all of his digital assets without any risk.
Distributed ledger technology can be useful in the production industry. A network that connects all the workers in the same network does ensure great outputs in a short span of time. The manufacturing industry found a solution in distributed ledger technology that might improve the efficiency of the system and reduce the cost.
With DLT, all the parties involved in the production industry come in to same network and all the transaction made in the network gets updated with all the parties. Thus, a distributed ledger technology can provide an ecosystem in the production industry that can look at the employees and make rational output-based choices.
Supply chain has always been an important part of any production industry. It is the supply chain that makes a product from a raw material. Many different organizations are now investing largely on the DLT, which might improve the quality of the product and the customer satisfaction.
With the distributed ledger technology many industries would be able to administrate the ongoing process from delivery of raw material to manufacturing and till shipping of the products.
Using DLT in supply chain industry customer would also be able to track the history of the product such as who was the raw material seller, where was the production, and when the shipment will be delivered. Using a ledger network manufacturer and the raw material seller would also get to know better the requirements of the customer.
Healthcare is one more sector that is growing day by day. A patient’s healthcare information is increasing, too. A technology is required that can store all the information of the patient, and the patient can retrieve the information regarding his/ her health any time he/she wants to. The health information includes lab diagnostic reports, X-ray reports, MRI reports, CT scan reports, and many more healthcare reports. A patient could not carry these number of records to every doctor and hospital, so the patient needs to store all the health-related information in a single place.
Distributed ledger is the technology that provides a platform in which all the information can be store in a single ledger act as a database for the user. The ledger is digitally protected and only the patient can use the ledger for accessing related healthcare information. However, patient can allow some other user to access the information like a doctor or a hospital staff.
Distributed ledger technology could act as a next generation technology in the government service like election. It would become necessary that the election process go in a transparent manner. But when the authority is under some person the things get tampered sometimes, some illegal activities may come in. All these activities would get stopped if distributed ledger technology is used.
With DLT, ever)' vote gets stored on the ledger network and is difficult then to tamper with the vote. If the vote is tampered with, the authorized person gets the notification.
Every election process will be transparent to all the users connected in the network and the voting process will be fair and thus, the DLT will prove to be a trusted technology for the citizens voted.
Other government services like the law department, housing authorities, and so on can also come under DLT for improving the services and eliminating illegal activities.