The world of blockchain is evolving rapidly. Lets have a look on the areas where blockchain technology can be applied.
While Bitcoin and cryptocurrency were first to hit the market, today, many industries are assessing the possibilities of exercising blockchain technology to a much efficient, secure, and promising business outcome. We can already observe the crypto market in the world of finance, healthcare, supply chain, and smart contracts. However, there are several other facets to the blockchain technology that are yet to be exploited more.
Let’s have a look at some lesser-known use cases of blockchain technology –
Banking was simply the inception of the developing market in blockchain technology. The need for a banking system is to serve as a tamper-proof ledger to the customers and securing their information in a refined way. Blockchain can serve the same function efficiently to a maximum level of security.
For instance, major banks, including the Swiss Bank, is deploying blockchain at its disposal for office functions and settlement. Implementation of blockchain has also reduced cross-border transactions, which estimated to be up to 27% of the global revenue in the year 2017. For example, a major blockchain company Ripple has aided with Western Union to improve cross-border transactions.
This recent strike to the market has also given rise to various promising startups, including BanQu which tracks farmers’ products through the supply chain so that the farmers can make payments via mobile phones even if they don’t have bank accounts. Recently, Barclays also invested in Crowdz in May 2019, which is a blockchain-based bank-to-bank payments startup that helps companies in collecting payments through digital invoices.
Voting and Elections
Tampering of votes is a common occurrence. The election commission has to secure voters’ identity, track votes, and tally to determine the winner. This tedious process will become easier by the application of blockchain technology. In future, blockchain can serve as an efficient tool for casting, counting, and tracking votes by eliminating voting fraud.
Blockchain can create a secure voting environment whereby transactions through government and voters can have a veritable audit trail. Thus, tampering of the audit trail can be near to negligible henceforth removing illegitimate votes.
Apart from this, an organization called Agora has also developed a blockchain-based system to eliminate voting fraud. The system was put into trial in 2018 during elections in Sierra Leone and showed greater prospects. Another huge example of blockchain voting is observed in South Korea, which is also putting efforts to implement E-voting on the blockchain. To much recent, Japan is also implementing blockchain in its city Tsukuba to test the blockchain voting system in its social developmental programs.
Education and Academics
The education system is based on verification of university credentials. Up until now, the verification of academic credentials of a student remains a manual process based on abundant documentation and tallying records. The tiresome process takes a while and is also prone to errors.
Implementing blockchain technology in the verification process can streamline the procedure as well as eliminate fraudulent claims of un-earned educational credentials. Recently, Sony Global Education has tied up with IBM to utilize blockchain and share student records securely. On the other hand, a fresh startup called Learning Machine has participated with MIT Media Lab to launch a Blockserts toolset and provide secure academic credentials on blockchain technology.
Applying blockchain to education system can simplify various tasks such as administrative work, and create a store learning-related data.
Healthcare institutions lack a strong system to secure and share data across different platforms. Apart from this, healthcare data is also prone to errors leading to inferior quality treatments to the patients. A better data collaboration between healthcare providers and consumers can result in effective treatment and diagnosis. Moreover, it will increase the overall ability of the healthcare system in delivering services at economical prices.
The best part about utilizing blockchain is that it creates a secure environment for hospitals, payers, and others to make payments via an immune network without putting data security and integrity at risk. For example, a recent startup in the field by Gem called Gem Health Network has provided a blockchain platform global health companies around the world. It has created a secure data sharing system for space. Another startup called Tierion has also developed a safe data-sharing platform with the aid of blockchain. More recently, Tierion and Gem have collaborated with Philips Healthcare in Philips Blockchain Lab.
Apart from this, IBM has also partnered with Hu-manity, a healthcare blockchain startup on an electronic ledger system to provide control over personal data to patients.
Food and Beverage
The food supply chain is a complicated process. E.coli, Salmonella, and horse meat are some of the unfortunate events in the food industry. However, implementing blockchain technology to the food supply chain can prevent such events from occuring.
Blockchain can create a decentralized ledger to record, store, and track data in order to monitor the food supply chain. Such a strong recording system can prevent sending the harmful item to distributors. Upon finding such nuisance, the distributor can immediately pose a recall and ensure the safety of individuals.
Blockchain can also help in reducing the number of food recalls and mislabeled products. The blockchain system can provide a QR code assessment to scan every product stepping into the house of the customer. For instance, a leading US dairy Co-op Pilots makes use of blockchain tech to supply food.
Blockchain technology is the future that is becoming a reality. It provides a simple and secure system to store and share data on a decentralized network. The future will see the use of blockchain in different sectors we never thought of, including insurance, public transportation, healthcare, pharmaceutical, and so on.