5 uses and applications for Blockchain besides bitcoin.
Cryptocurrency such as Bitcoin is the most common use for Blockchain technology. However, Blockchain is not just a platform for new ways of payment online. All around the world, companies have begun to take advantage of this encrypting system, taking a leap towards the Fourth Industrial Revolution (where Big Data and Artificial Intelligence, along with Blockchain, play a very important role). Some industries that are using Blockchain are:
This innovative technology can be used in different settings, such as: Imagine you go on a trip to Europe. You get sick and go to a doctor. If your medical records are encrypted with Blockchain, it’s very easy to look at your history, the sickness you’ve had, surgical procedures, allergies, etc. without having to check in with your doctor. This can be achieved only by looking into a unique number on the computer.
Also, insurance companies, patients, doctors, and hospitals can be part of the Blockchain, which would significantly reduce and prevent frauds and altered data.
If there was an illegal transaction in an election, to change votes or add them, miners in charge of that Blockchain would invalidate the transaction and the information would be protected. The exchange of information would be a consensus between the citizen and the government entity, which would increase the transparency and speed of the transaction. Legally, some industries besides government could benefit from Smart Contracts, that give over the control to users through agreed on parameters.
Supermarkets would have better and more efficient control of their merchandise and users could track back everything they consume. With data such as temperature and expiration date, food companies would have a more efficient way to verify production and distribution processes.
Payment transactions on real estate would be faster, more direct, secure and without third parties involved. This would cut processes’ time and would increase trust between both parts. Also, the organization of contracts and loans and mortgage data would be protected by a secure network and would be accessible for everyone involved.
Planning vacations would be safer with Blockchain, starting with the passport procedure, airplane tickets, travel agency payments… everything would be registered, and your personal information would be encrypted and safe in this large network. In the future, there might be considered a unique ID traveler number, encrypted with Blockchain, that has any information that we would normally carry around in our pockets: official ID, passports, tickets, financial stuff and any other data that helps streamline the process.
Generally, the biggest Blockchain value is security and transparency that are possible thanks to the fact that any change in files or information, will be recorded and seen by everyone. Also, getting rid of third parties would cut the need of lawyers, judged, financial institutions and unnecessary procedures.
We have to follow the evolution of these Blockchain applications because this technology has the potential to change commerce and data management as we know them. If you want to know more about how you can use Blockchain in your industry, we offer you free advisory, email us at email@example.com.