Top 5 Use Cases of Blockchain Technology Beyond Cryptocurrencies
Blockchain technology became popular due to the rise of cryptocurrencies like Bitcoin and Ethereum. Many people even consider Bitcoin and Blockchain to be synonymous.
However, the world is getting a clearer view of Blockchain technology and how cryptocurrencies are only one form of its use cases.
Today, there are many emerging non-cryptocurrency projects. Some even have tokens that you can store on hardware wallets like Ledger. The key benefits of blockchain technology to every industry are security and transparency.
As the world begins to place a premium on these two factors, we expect to see more industries and sectors adopt Blockchain technology in their daily operations. some of the top use cases for Blockchain in different industries are listed in this article.
The concept of banking relates directly to cryptocurrencies, but Blockchain technology offers far more than facilitating the exchange of digital currencies through platforms like Binance. Some of the prominent use cases of the Blockchain in the banking industry include:
● Data Security
Banks hold an enormous amount of high-value confidential data. This data includes customer personal information, financial history, and bank account access.
Banks that store information on a distributed ledger with a timestamp makes it impossible for hackers to force their way into the system without leaving any trace. This digital footprint can help authorities track data breaches and prevent unauthorized information tampering.
Current estimates put the costs for conducting the ‘Know Your Customer’ process at around $60 million up to $500 million per year. This enormous amount is primarily due to the human resources, time, and tools needed to collect and verify customer information.
KYC aims to keep terrorists and money launderers out of the banking ecosystem. Banks can lower the verification time and costs using Blockchain technology.
It often looks like Governments and Blockchain technology are on opposing sides due to the unregulated nature of cryptocurrencies. However, when considered outside the cryptocurrency sector, Blockchain technology can benefit governments worldwide.
Blockchain applications can effectively:
- make government systems efficient
- safeguard citizens’ property rights
- introduce transparency into government policies, and
- cut down on corruption and wasteful spending.
Governments worldwide are warming up to Blockchain applications with some concrete steps. Here are some examples of governments exploring the Blockchain technology:
- Dubai: The Dubai government created a plan to become a wholly integrated Blockchain-based city by 2020. Although 2020 has come and gone, the project is still in motion, and the government is actively exploring options to incorporate Blockchain technology into their city.
- Estonia: Estonia made a radical move to evolve its economy into a ‘digital republic’ ecosystem. Many of its national systems rely on the Ethereum Blockchain. It also delved briefly into the creation of a national digital currency.
- Chile: Not to be left out of the equation, this South American country uses Ethereum to measure finance and data from the energy grid. The goal is to reduce exploitation and corruption through transparency. Any citizen can access the recovered data via Blockchain.
- Canada: The Canadian government is building a platform through Blockchain technology to introduce transparency into how it uses grants. This platform will ease the concerns of corruption and misappropriation.
Blockchain use cases in the healthcare and pharmaceutical industry are a welcome development for many reasons.
● Patient Data Privacy
The healthcare industry controls some of the most sensitive data on people worldwide. Unauthorized access to patient information can cause problems in all ramifications.
With Blockchain technology, patients can have a say on how institutions and health personnel collect, store, and use their data.
● Up-to-Date Data Collection
Through the Internet of Things (IoT), a patient can link multiple medical equipment and personal devices together. These connected devices can generate an abundance of data that will be helpful to medical professionals in tracking the onset of illnesses and resolving medical issues before they become serious. It will also help healthcare personnel to recommend a healthy routine and meditation that aligns with the patient’s lifestyle.
● Quality of Medical Products
According to the World Health Organization, one in every ten medical products in low or medium-income countries are not just sub-standardized but also fake. Blockchain technology has features that can help reduce pharmaceutical fraud.
For instance, Verifier, a smartphone app, allows patients to use their phone’s camera to conduct a spectral analysis and upload the data to the Blockchain to verify the drug’s medical footprint.
4. Supply Chain Management
Supply chain management is challenging given the general uncertainty of the supply channels, the complex nature of consumer demands, and the unreliability of data.
Supply chain managers need systems that can accurately collate and interpret data to create efficient processes and reduce disruptions. This goal requires shifting from traditional data acquisition and storage methods to Blockchain technology.
Through Blockchain technology, managers can stay on top of the supply chain process and monitor each stage. They will have access to accurate data on raw materials inventory and updates on the shipping of goods and cargo.
An example of a brand incorporating Blockchain technology is Walmart. The giant retail store leverages Blockchain technology to track food items from their points of origination to the final delivery.
As the political climate becomes tense worldwide, citizens are now paying close attention to elections. Elections are the bedrock of every democratic institution, whether corporate, social, or general.
Advanced online/digital tools reduce election malpractice and make elections free and fair, but the involvement of online tools and systems comes with their associated cybersecurity risks. Blockchain technology can make the applicability of these tools in the electoral process more robust and enhance data security and accessibility.
For instance, it is almost impossible for malicious actors to create fake voter IDs with Blockchain technology. Furthermore, the cost of setting up the election drops as they only require an internet connection at each voting platform.
The benefits include accurate results, speedy vote count and result transmission, and fraud prevention.
The Blockchain revolution started with cryptocurrencies, but now it is helpful in almost all areas of the IT space. It is only a matter of time before the entire digital world begins to operate with Blockchain technology.