Blockchain technology has gained huge hype & popularity in the past decade, being a game changer in technology, it is regarded as the next big revolution taking place after the invention of the internet. It gives us the leverage to hold records of every transaction that can be accessed by everyone, in a way, eliminating the need to have a central authority. It is basically a repository that collects data in the form of encrypted blocks.
In this blog post, we look at some of the real-world applications of blockchain technology across multiple industries, which demonstrate the substance that it carries. Additionally, if you want to learn how Blockchain can help you grow your business, you must check out our Blog post on How Blockchain benefits your business.
Some of the Real-World Applications of Blockchain Technology
1. Supply chain / procurement management
With its data enabled feature, Blockchains increases the overall efficiency of procurement processes or supply chains. Supply chain processes require accurate identification of multiple items such as location, movement of items, quality of products while they are in production etc. and it helps in keeping a track of each item accurately at the exact time. It hence eradicates the requirement for paper-based trails and helps in preventing losses.
2. Creation of Digital IDs
There are an estimated over 1 billion people worldwide who do not have an identity card. With the help of blockchain, various IT giants are working towards ID cards creation to empower impoverished people and especially the refugees. They aim to do this through the Authenticator app, which doesn’t just use a password but comes with an extra layer of protection and uses a code to identify the returning user or device. This way, users can control their digital identities & also help in linking them with the formal financial sector.
3. Healthcare Ecosystem
Every patient is a central point in the healthcare ecosystem and has the right to get accurate information. Maintaining privacy and security of health data is very important. With blockchain, it gets simplified to track the serials and batch numbers of prescription drugs & map with the patients. Hospitals are now seeing moving away from paper for recordkeeping, and they use blockchain technology to store patient data, which is kept confidential. A number key is shared with the patient to access the records, thereby keeping in control of who can view that data and get info on the patient’s health history.
4. Contracts, wills, or inheritances
We are leaving behind the days when contracts or wills used to be done on papers with various middlemen being a part of the process. With Blockchain technology, the Paper wills, contracts, or inheritances can now be replaced with the digital ones. These are also termed as smart contracts. Smart contracts make the document legally binding for all the parties. This information is stored using the blockchain network and can be accessed when needed, thereby bonding all the parties to follow the terms as specified in the smart contract.
5. Food safety
It’s an essential practice to learn the movement of food right from the origin point to your plate. Intriguing the use of blockchain in food safety comes handy in this process. With blockchain, data is mapped and tracked from the starting point of transport of food products to its placement in the supermarket and to the final consumer. The information is helpful in various ways, an example being the tracing of food-borne illnesses cases, right from the point of origin to its movements across the globe.
6. Digital voting
To eradicate any deceit in the voting process, Blockchain technology comes with its token-based voting system. This system tracks and ensures the system of one unchangeable vote per person. With this one can make their vote truly count result in a transparent voting. Additionally, with the immutable nature of the blockchain any changes made to the network can be immediately noticed by the regulators and fraud can be avoided.
7. Real estate
It is often seen that in order to move property ownership from one person to another, a long list of chain documents is required. This is a long and a highly tedious process. To eliminate this, blockchain technology comes with the feature to store ownership and title details, thereby making it easier to transfer or trace ownership. The titles are stored on the blockchain network and can be viewed, altered, and updated whenever it is required. Thus, by eliminating paperwork from the equation, it offers a clear picture of legal ownership and easy transfers.
8. Data sharing
Introduced by IOTA, which is a distributed ledger technology developed under the IOTA Foundation, this point involves using the blockchain to share or sell unused data. The unused data bundles of enterprises could be routed to places that need it the most. It can be used as a marketplace to store data which can be used to improve a host of industries.
9. Weapons tracking
Weapons tracking is a very important thing in controlling terrorism. Blockchain technology enables the government and law enforcement to track the weapon or gun ownership. It acts as an unchanging or transparent registry which also aids in keeping a record of weapons sold privately. In case of any mishap, it is always possible to track and hold the right person accountable with all the key info access.
10. Copyright and royalty protection
There are various copyright and ownership laws on music, videos, blogs, and other online content, which are a must in today’s day and age. Through blockchain technology, these laws can be made more secure and implementable. Additionally, it also provides real-time and authentic royalty distribution data to content creators and musicians. Any kind of digital content downloads could be tracked and ensured that the artist or the creator of the content gets their fair share.
Want to implement this into your business? Chapter247 is here to help!
Blockchain technology is an innovation which is now being embraced by a majority of people. The functionalities of blockchain are commendable and applications of the same widely vary from one industry to the other. If you want to incorporate this into your business, but unsure where to start, we are here for your rescue. Do get in touch with Chapter247 and we help you with a customized blockchain based solution for your business. Contact us now!