Cryptocurrency is by far the most popular and recognized of the applications of distributed decentralized ledger technology known as the blockchain. Cryptocurrencies have always been built on the back of blockchain technology, starting with Bitcoin years ago and continuing with hundreds of unique altcoins in 2018. But despite the common misconception, blockchain technology can be—and is—used for far more than cryptocurrency applications.
In fact, some experts believe that the main value of cryptocurrencies like Bitcoin and Ethereum come not from the currency itself, but from the very blockchain technology that helped to create it. This blockchain technology is helping to change the game entirely in hundreds of fields, and innovators and researchers are coming out with new ways every day to use the decentralized distributed ledger to their advantage and profit.
Understanding how blockchain tech can be used in multiple industries is incredibly important to help underscore how integral the technology has become to the entire technological industry in recent years. In many ways, blockchain tech is working to change the world, altering the fundamental ways that we share and understand information in nearly every sector.
6 Real-World Blockchain Technology Use Case Applications
Finance And Banking
For banking and finance industries, blockchain technology has a clear and obvious benefit to offer institutions and companies. The blockchain is incredibly effective and cost efficient. As a result, financial institutions all over the world have considered using blockchain tech to restructure the way that their transfer and banking processes function in the modern world.
One notable obstacle to adoption in this sector, though, is the global nature of the blockchain. The technology requires global participation to function properly. As a result, a total disruption of the banking industry might not be possible just yet, because banks are not linked globally closely enough to make a blockchain takeover likely or probable.
From the government side of things, blockchain also has a place in the fintech future being painted in the new Silicon Valley.
First, blockchain technology is incredibly effective at verifying information and data submitted on its network. Processing massive amounts of information from different types of parties, the nature of the blockchain lends itself to use by the government. A government agency could convert blockchain technology into a component of the tax system with relative ease.
The Voting Process
Blockchain has major implications for the everyday functioning of many governments around the world. In particular, the technology could innovate the voting process in countries like the United States, where voter fraud and vote counting issues slowly work to undermine the legitimacy of the very elections which serve as the backbone of its democracy.
For countries that do not have fair elections like the United States strives to host, the ramifications are even more significant. Governments with serious problems with vote manipulation and corruption, a decentralized way to track and submit votes could provide legitimacy to the entire government.
This sector is already being changed by blockchain technology. Some schools globally are working to use blockchain to store information relating to a student’s academic history, and even the student’s degree and distinctions. Because the technology allows for the immutable and secure storage of multiple types of information, the blockchain helps to solve the problem of fraud and lying in the job application process, and could even make it easier for colleges to evaluate high school student applications.
Supply Chain Innovation
Blockchain could also be used to change the nature of global supply chains. Because it provides much-needed transparency and security to its transactions on the chain, the blockchain could be implemented by companies who want to maximize the efficiency of their existing global supply chain.
The keeping of millions of healthcare records in countries like the United States has created numerous issues in the past. The IT infrastructure of even the biggest hospitals can become compromised by outside attacks, attacks which blockchain technology might be much less susceptible to.
The use of blockchain in the healthcare sector could add a level of security, efficiency, and effectiveness to the integral process of transferring records, patient information, and healthcare data among multiple systems all over the country and the world.