Up until recently, crypto and blockchain were used synonymously around the world. But now, we have a better idea of what blockchain technology is and how this technology has applications beyond crypto coins. Use cases of blockchain have improved the functioning of many traditional industries such as healthcare and logistics. Blockchain technology has mainly addressed two vital issues that many traditional industries face: a lack of transparency and security.
This article will explore the applications of blockchain technology beyond crypto.
1. Supply Chain
Blockchain is fast, transparent, and efficient. These features can benefit the supply chain industry. A decentralized ledger is at the core of a blockchain network. This ledger has transaction blocks or nodes that store data in a chronological sequence that can be shared with multiple users. These ledgers can benefit industries like logistics and supply chain management as they are secure and transparent. Blockchain technology can improve some aspects of the supply chain, as listed below.
Improved transparency and tracking
Blockchain technology with IoT devices such as RFID tags and smart sensors can record and track products moving through the various stages of the supply chain process. Blockchain technology can also monitor the condition of an item by monitoring parameters like temperature, humidity, and so on. This data is stored on a blockchain and can be viewed in real-time.
Most of the food we eat comes from a global supply chain that involves production, packaging, storage, and distribution. This lengthy process has issues like contamination that are difficult to track. These issues can take time to get resolved due to a lack of visibility and data. Blockchain technology can address food safety issues.
Payments made efficiently
The supply chain ecosystem consists of many intermediaries and suppliers, so settling payments can be challenging in this ecosystem. Traditional payment methods can take weeks to process, but blockchain solutions can help make these payments quickly.
One of the major issues plaguing healthcare providers is an incomplete medical record and patient history. Blockchain solutions can help link existing online medical records to a blockchain-based system. This blockchain record will automatically add new data securely and can be accessed anywhere. Medical records like prescriptions or lab results are translated into a unique hash. Every hash is unique and can only be decoded if the data owner gives consent.
Another application of blockchain technology in the healthcare industry is remote monitoring. Healthcare providers can remotely monitor a patient’s vitals, enabling more preventive and proactive care. Blockchain technology can ensure that only permitted users can access this sensitive information.
3. Real estate
Real estate transactions involve a lot of paperwork and processes, such as verifying ownership and financial information. This real estate paperwork also includes transfer deeds and titles to new homeowners. Blockchain technology provides a more secure way to store this sensitive information and make it easily accessible. Using blockchain technology in the real estate sector can speed up transactions and save time and money.
Blockchain technology can help governments improve their services, safeguard citizens’ rights, and improve the transparency of their processes. Many countries are adopting blockchain technologies to improve the functioning of various government units. For example, Dubai is working towards becoming a blockchain-based city. Chile is using Ethereum to track data and finance.
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4. Non-fungible tokens (NFTs)
NFTs are commonly used to own the rights to digital art. Blockchain prevents data from existing in two places, which guarantees only one copy of the digital art exists. But NFTs can have other applications, as they are a unique way to prove ownership of anything represented by data. These could be event tickets, music rights, and broadcast rights.
Blockchain technology has been in existence for only a few years. Governments and businesses are still working on ways to adopt blockchain technology to support and enhance their systems. The use of digital data in our lives has increased steadily, so there is a need for increased security, transparency, and access.
Blockchain technology has many uses beyond crypto. Although blockchain is known for its applications with crypto, several other applications have been introduced and implemented. New ways to use blockchain technology are being discovered daily. With the rise of digital data, it will be helpful for us to understand the functionality of a blockchain, as they are destined to become an integral part of our lives soon.
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