What exactly is blockchain?

Its distributed nature is one of the reasons blockchain is becoming so popular with businesses. Financial institutions, for example, are increasingly using blockchains to store, verify, and secure financial records (via WeForum).

Rather than storing records on a single server, banks and financial institutions can store their transactions on a blockchain, protecting them against the possibility of data loss or data compromise. This has helped increase the security and integrity of international money transfers, protect against money laundering, and improve accounting compliance and audit integrity, according to Business Insider.

According to the South China Morning Post, the medical industry is also using blockchain to solve problems including the fight against counterfeit COVID vaccines. Zuellig Pharma is a Singaporean healthcare provider that uses the SAP blockchain to power its eZTracker, tracking vaccines to ensure they are safe.

“For products registered with eZTracker and depending on the needs of our Pharmaceutical Directors, patients can scan the 2D Data Matrix on the product packaging to verify key product information such as expiry date, temperature and provenance via its blockchain-powered app,” Daniel said. Laverick with Zuellig Pharma.

Games, supply chains, contracts, non-fungible tokens (NFTs), royalties, voting systems, real estate transactions and identity security are just a few of the many applications of the technology blockchain.

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