Blockchain is best known as the innovative database technology that forms the foundation of almost all cryptocurrencies. It is an incorruptible, decentralized digital ledger. Blockchain stores sensitive data and publicly validates and distributes transactions in unalterable encrypted ledgers. It is decentralized, making it a fantastic instrument in banking and finance to make international payments, improve capital markets, and streamline trade finance deals. However, blockchain can be used across other industries for other purposes as well. Here are five of them.
1. Supply chain management
Blockchain is an immutable ledger that acts as a single point of truth. That makes it the ideal technology to track goods in real-time as they move down the supply chain.
Blockchain technology provides companies a more dynamic, transparent, and accurate way of organizing tracking data within a supply chain and helps reduce costs. It acts as the enabling platform that provides complete end-to-end electronic connectivity across an entire supply chain.
Customers and suppliers within a supply chain can process payments using cryptocurrencies.
2. Healthcare industry
Within the healthcare industry, blockchain is increasingly used to facilitate the secure transfer of patient medical records.
Estonia started using blockchain technology as far back as 2012 to process transactions and secure all the country’s healthcare data. Today, the country’s complete healthcare billing is handled via a blockchain. 99% of the country’s prescription information is made digital, and 95% of its health information is ledger-based.
3. Real estate
The real estate industry uses blockchain’s encryption technology to speed up home sales by quickly verifying finances and reducing fraud. Plus, the technology ensures seamless transparency throughout the entire buying/selling process
Propy, a global real estate company, uses a decentralized title registry system that allows instant title issuance. The company also allows people to buy properties using cryptocurrency.
Governments can use blockchain for:
· Identify management: to make it easier for people to prove their identities.
· Voting: Making the voting process easily accessible while also increasing security.
· Taxes: Making filing taxes easier and error-free.
· NGOs: Ensuring complete transparency of non-profit agencies.
· Compliance: Updating compliance records and making them available to regulators and businesses alike in real-time. That will ensure complete compliance and reduce red flags and inconsistencies.
ioT or Internet of Things has several hundreds of thousands of applications – and that means there are that many safety concerns as well. With an increase in IoT products, hackers naturally have a better chance of stealing precious data. IoT with blockchain will add a higher level of security to data, ensuring more security and no data breaches.
There you have it – five great uses of this fantastic technology initially created to be used only for cryptocurrencies. As time goes by, we will witness several more innovative uses of this excellent decentralized database technology.