While blockchain technology is usually associated with cryptocurrencies like Bitcoin and Ethereum, its possibilities reach far beyond them. A large range of industries is going to be revolutionized by this decentralized ledger structure which assured with its security, transparency and immutability. In this paper, we take a step back and look at how game changing blockchain technology is going to the next level from bitcoin or cryptocurrency per se with applications in our everyday private professional lives, which are increasingly all digital.
What is a Blockchain — A Primer
Before getting to grips with its uses, understanding the basics of blockchain technology is crucial. A blockchain is essentially a decentralized and distributed ledger that records transactions across many computers in such a way as to make the recorded transactions virtually unchangeable. Being decentralized enables a level of transparency and trust previously unseen, shining through as an elegant solution for any organization looking to manage data securely.
Applications of Blockchain Technology: More Than Just Bitcoin
1. Supply Chain Management
One of the game-changing uses for blockchain technology is in supply chain management. The added intermediaries in traditional supply chains may lead to bottlenecks and fraud, making it difficult for the end user to trace product provenance back through such a fragmented network. Blockchain ⟶ Providing a single immutable record of all transactions, making way for supply chain traceability. It enables to identify the present exact location of goods, verify their authenticity and reduces counterfeiting. Big names such as Walmart and IBM are using blockchain to follow food products all the way from farm-to-fork for example, guaranteeing safety & quality.
2. Health Care & Medical Documentation
Blockchain technology can be used to completely change the way medical records are managed and shared in healthcare. Using blockchain technology to build a secure, decentralized source of patient information that is only opened when authorized parties request for it Sounds cool, right?! Obviously it makes the thing easy to keep medical data safe (integrity and confidentiality) but also interoperable between three or four healthcare systems. This would allow patients to have more control over their own health records, therefore granting higher accuracy of diagnosis and treatments. A couple of projects like MedRec are working on experimenting with it by integrating blockchain into electronic health records.
3. Smart Contracts and SOPs
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code These agreements are completely self-automated, they execute the obligation when the condition (a string of code) is met. Employing this innovative use of blockchain technology can simultaneously improve efficiencies, reduce intermediaries and lubricate the way for industries as diverse as real estate to entertainment. We hyperbole you not, that is how smart contracts can improve payment processes in real estate transactions and lessen settlement times by reducing their possible delay as well as prevent breach of contractual terms.
4. Voting Systems and Electoral Integrity.
Developing voting systems on blockchain, as blogged by ElectionsOnline in 2016: “Blockchain-based means to store value and process payments won’t really make an impact for a number of years yet. Blockchains can keep accurate, tamper-proof voting records in a secure way by using decentralized ledgers. This can dispel any concerns about election fraud and make certain each vote is tabulated as voted. A number of pilot projects and research efforts are testing blockchain-based voting systems in order to make the entire electoral process more secure and transparent.
5. Amongst the main reasons for identity verification are.
Today, with the advancement of digital identity theft and fraud blockchain is potentially provides a solution for verifying identities and maintaining privacy. I am referring to the means for individuals to securely and decentralised manage their own identity through a blockchain-based system. So called sharding ultimately reduces dependency on central databases and prevents data breaches. Projects such as Selfkey and uPort are aiding in the innovation of blockchain identity to grant users greater control over their own digital identities, potentially adding a much higher level of personal privacy.
6. Intellectual Property and Copyright Redistributions
The system with great potential at this point is the management of intellectual property and copyright using blockchain technology. Tracking the usage of their work — Record ownership and transaction history on a blockchain to prove that creators/artists are always credited in every time their music is used, hence they earn royalty for each playback. The such methodology will be very useful to limit the piracy and unauthorized usage of IP, also providing more transparent and efficient way in copyright.rights management system. Platforms like Po. Both Aet and Ascribe are using blockchain to solve problems in the field of intellectual property.
Blockchain Technology in Future: Pros, Cons & Business Opportunities
The blockchain is a distributed ledger that empowers easy and secure transactions of large number of people without the need to go through intermediaries. Blockchains offer fresh answers for many old problems — ranging from supply chain transparency to voter system security. Nonetheless, the scales they must scale are numerous: its “scalability”, regulatory issues and adoption.
As companies as well as individuals interested in the implementation of blockchain, it is imperative to be abreast with new technologies and applications. If we look at other verticals beyond cryptocurrencies, the potential available with blockchain technology can bring about efficiencies and innovations that has not been possible before.
Conclusion
Blockchain technology is so much more than the foundation of cryptocurrency. It can be leveraged to disrupt vast industries due to its decentralized and immutable nature. Understanding all of the unique ways that we can apply blockchain, allows us to pave a path for better more transparent and secure future. No longer just a tool for the circulation of currency, blockchain technology will shape entire industries, from supply chains to our digital identities.