The world of cryptocurrency can be confusing and difficult to navigate. However, understanding the underlying technology of blockchain networks can give you a greater perspective on the future and possibilities of this tech. Here are just a few ways blockchain networks can benefit various industries.

What is Blockchain? 

Blockchain networks are encrypted, digital, immutable ledgers of exchange publicly accessible. Blockchain networks make cryptocurrency possible but can be used for all types of exchanges and more. You don't have to be a blockchain expert to see some of the benefits that this technology holds.

Secure Business Transactions

The encrypted nature of blockchain networks lowers the risk of any business transaction or exchange. Every transaction is verified within the network through cryptography which guarantees the legitimacy of each sale. The secure nature of the blockchain means that though all identifying information is encrypted, the exchange is still listed and stored publicly on the network and cannot be modified. Blockchain tech for business can save companies tons of money on oversight and security while significantly reducing the risk of fraud.

Digital Art Market

Blockchain networks can store not only cryptocurrencies and smart contracts but also NFTs. NFTs or non-fungible tokens are unique digital assets that cannot be replicated. NFTs can represent any digital or real-world asset, but NFTs have been used to buy and sell digital art in the last several years. The digital art market was small and struggled with issues of provenance and valuation, but now, a buyer only needs to know how to buy NFTs, and they can own an original work of digital art. The data within each NFT will always point back to the original creator, ensuring you never lose credit for your creations. When you list your works on an NFT marketplace like that with FTX, you can auction your art and get a royalty payment every time that work is resold in the future.

Social Record Keeping

Several blockchain networks and crypto start-ups are attempting to bring the internet and crypto exchange to areas of the world without access to reliable economies. One of the best benefits of blockchain networks is their decentralization. Blockchain networks are reliable avenues of exchange that don't rely on any government or state regulation. The applications of blockchain technology for social record-keeping could help people worldwide. Blockchains can reliably store contracts, IDs, school records, etc., all digitally, so even if someone is displaced, their most important documents are still safe and secured.

Product Auditing

Blockchain for business doesn't end with reliable contracts and exchanges. The blockchain provides a clear step-by-step journey for the life of an asset as it gets traded and handed off to different parties. Tracking assets can mean a more transparent manufacturing process for products being tracked by a blockchain inventory system. This means that it will be easier than ever to hold companies accountable and for consumers to make more informed decisions about the products they buy.

Healthcare Data

The benefits of blockchain data storage go beyond business. The healthcare industry would greatly benefit from the introduction of record keeping on a blockchain network. Medical and healthcare records stored on a blockchain remain totally private but can be accessed from anywhere, so you don't have to worry about transferring your data between hospitals and doctors. Storing medical records on the blockchain would save hospitals money on oversight and admin costs while helping patients get higher quality care.
  

There are many more benefits and applications of blockchain networks. Understanding the potential of this technology is the first step in improving its applications.