Real-World Applications of Blockchain
Blockchain is a potential technology that can change the way people live. Its implementation benefits a multitude of industries and also changes the world around us. Let’s look into a few real-time use cases of Blockchain which can transform our lives with its scalability, transparency, and immutability.
1. Supply chain management
Blockchain provides accurate tracking of items on the supply chain. It helps in risk prevention and in monitoring the quality of products. Here, all the blocks are connected with each other among them and none of the ledgers can be modified without modifying others. Such technology ensures secured and immutable data storage. It also eliminates the need for paper-based trails without compromising on security and transparency.
2. Digital IDs
Blockchain can be used in providing digital identity for people worldwide, which can later be linked with the financial segment. It provides the next level of authentication implementing an extra layer of protection using either a code or a token to identify the user. This will help users to have improved control over their digital identity.
Privacy and security of patient’s health data are critical concerns. Blockchain is capable of bringing an advanced solution to this issue. Healthcare industry is using Blockchain technology in storing and securing patient’s records which can be used in diagnoses. The patient shall have control over his data visibility using a number of key created by the solution.
4. Digital voting
Citizens will be able to cast votes at their comfort through smartphones without standing in queues. Blockchain can bring more trust and security to the electoral system. It ensures a faster process and cost efficiency and fights against voter fraud with its immutability feature.
5. Real estate
When complete information related to the property is stored on the Blockchain, it provides improved security and tractability. Transfer of ownership will also become easier with the deployment of Blockchain by eliminating paperwork, ensuring legal ownership.
6. Gun control and safety
Blockchain technology enables the government to track gun ownership. By maintaining a transparent registry it will be easier to track weapons that are being sold.
7. Copyright protection
Since there is a huge content available online, one of the major concerns of content creators is copyright protection. The legal ownership of online content like music, videos, blogs, etc. is very important in the present digital age. Blockchain can provide a solution to such online content creators to have control over the visibility and security.
Blockchain innovation has been embraced by many organizations of various industries. This competent technology needs a thorough understanding of the requirement to design a solution. Even though there are multiple tangible benefits of Blockchain technology, companies need to understand that it is an immature technology and it needs an efficient R&D to utilize it to the fullest.