Although, the idea of blockchain technology has been around for quite some time, it only became popular with the introduction of bitcoin. The cryptocurrency which was invented by Satoshi Nakamoto, a ghost on the digital space, to solve the double spending problem associated with online transactions uses an immutable ledger that appears in a form of blocks chained together cryptographically.
The idea has since been applied across different industries not just with Bitcoin and other cryptocurrencies, here are 10 different applications of blockchain technology to look into;
Personal Information Security:
The blockchain can provide a more secure platform for safeguarding data like Social Security Number, National Identification Number, and other information needed for identification. The traditional system is more prone to cyber attacks as we have observed before in the past. Also, with blockchain technology industries such as education, healthcare, finance etc. in need of those information can easily access them.
To verify real estate transactions, loads of paperwork are required. To validate financial information and transfer ownership to new owners, a lot needs to be done. With blockchain technology, recording of real estate transactions can be done easily and in a more secure and accessible manner. Furthermore, transactions can be done speedily with reduced paperwork and cost.
With personal information locked in the blockchain, voting can be done easily and without hiccup. Also, the technology can ensure nobody votes two times, eligibility is adhered to and coalition of votes cannot be altered. In addition, voting processes will be as simple as tapping the smartphone screen a few times, with the reduction in the cost of administering an election.
Smart contracts written into a blockchain can bridge the gap of trust and transparency between insurance companies and customers. Recording of claims on a blockchain eliminates the possibility of false or duplicate claims. What’s more, smart contracts can help fasten the process of claimants receiving payments.
Introducing blockchain technology into the gambling industry will benefit players in several ways. First, recording transactions in the blockchain will ensure transparency between casinos and gamblers, there will be no room for unjustifiable practices between the parties involve. Secondly, the need for providing bank account details and other personal information will be removed since payments can be done directly. Thirdly, gamblers and gambling companies can operate without concern from regulatory bodies and government shutdown.
Data storage solutions can ensure better security and integrity with the presence of blockchain technology. With the way the technology is built (decentralized), it would be almost impossible to infiltrate, unlike centralized data storage providers with just a point to target.
Supply Chain Tracking:
Applying blockchain technology in tracking goods as they are transferred from a point on the supply chain to another will ensure better communication between associates, as data is accessible on a public ledger. Also, a system running on blockchain technology guarantees security and trust since the structure is built that way. Furthermore, all parties involve in the supply chain is certain to provide accurate and current information.
Blockchain technology can be used in the entertainment industry to trace music and movies released over the internet and ensure that creators earn rightfully for their creativity. Since blockchain technology was built to curb duplication of files in several locations, piracy can be reduced in the entertainment industry. Also, a smart contract can be written into a blockchain to keep track of playbacks on streaming platforms and also the distribution of payments.
NFTs, as they also called, are digital assets that exist on the blockchain. They include artworks, videos, music and other publicly verifiable intellectual property that exist authentically on the blockchain. The technology ensures that they can not be duplicated and stays unique.
Storing of medical information:
Storing medical records of patients on the blockchain will help doctors and other medical professions to stay up to date with multiple patients and provide the best healthcare service possible. Also, it guarantees a quicker and more direct access to medical records, leading to better, timely treatment in some cases. What’s more, having insurance information in the database will allow doctors to easily verify the insurance of patients.
Conclusively, blockchain technology is still in its infancy even though it has been around for some time. Different industries are exploring the possibilities in the technology, to provide better services for their customers and with the increase of the amount of digital data in circulation, there is equally a growing need for the security, trust and transparency blockchain guarantees.