Blockchain has mostly been serving as the fuel behind Bitcoin and Ethereum-related applications. These use cases prove the resilience of blockchain technology and point to potential future applications like smart contracts. But there’s more to it.
Our economic, legal, and political institutions' defining structures include contracts, transactions, and the records of them. They establish organisational boundaries and safeguard assets. They establish identities, confirm them, and record events, and they control how communities, organisations, governments, and people interact. Yet, has blockchain been keeping up with the digital transformation of the economy?
This technology has been available off-the-shelf these few years. Here’s a list of a few of its cutting-edge example uses in the business, government, and other sectors.
Blockchain in business
Managing complex supply chains Blockchain is well suited for tasks like real-time tracking of items as they move and change hands across the supply chain because of its immutable ledger. The use of a blockchain expands the possibilities available to delivery companies. Events related to a supply chain can be queued up using entries on a blockchain, such as allocating recently received items to various shipping containers.
Record keeping in medical field General information in healthcare like age, gender, and medical history information like immunisation records, are examples of health data that is suitable for blockchain. None of this data by itself could be used to specifically identify one patient, which makes it possible to place it on a public blockchain that many users may access without having their privacy violated.Blockchain can link specialised-connected medical devices with a person's health data they grow more prevalent. Devices will be able to add the generated data to individual medical records and keep it on a healthcare blockchain.
Media sector Blockchain technology is already being used by various media organisations to combat fraud, cut expenses, and even safeguard the Intellectual Property (IP) rights of material, i.e. music recordings. MarketWatch projects that by 2024, the worldwide market for blockchain in media and entertainment would be worth $1.54 billion. Eluvio, Inc. is one platform that has captured attention for using blockchain for media. Eluvio Content Fabric, which was formally introduced in 2019, leverages blockchain technology to let content creators manage and distribute premium video without the aid of content delivery networks to customers and business partners.
Real estate Every five to seven years, an average homeowner will sell their home, and during their lifetime, he will move close to 12 times. Blockchain might undoubtedly be useful in the real estate industry given the volume of movement there. By immediately confirming finances, it would speed up home sales. It would also decrease fraud and provide transparency throughout the entire selling and buying process thanks to encryption.
Blockchain in Finance
Insurance Smart contracts are arguably the biggest blockchain use for insurance. Customers and insurers can manage claims in a clear and secure manner. The contracts would help eliminate any claims that were not valid because the blockchain would reject numerous claims on the same accident, all contracts and claims could be recorded there and verified by the network. For instance, openIDL, a network developed by the American Association of Insurance Services and IBM on the IBM Blockchain Platform, automates insurance regulatory reporting and streamlines compliance procedures using the blockchain.
P2P transactions Although convenient, P2P payment services like Venmo have some limitations. Certain services limit transactions depending on the location. Others charge for use. Additionally, a lot of them are hacker-prone, which is unattractive to clients who are disclosing their sensitive financial information.
Audit and regulatory compliance Blockchain's secure features make it rather handy for accounting and auditing because they significantly reduce the chance of human error and guarantee the accuracy of the records. Additionally, once the account records are secured using blockchain technology, no one, not even the record owners, is able to change them. The trade-off is that blockchain technology might eventually erase auditing-related jobs.
Blockchain in Government Bodies
Taxes With enough data stored on the blockchain, the laborious, prone-to-human-error process of filing taxes might be made considerably more effective.
Record management Governments at the federal, provincial, and municipal levels are in charge of keeping track of personal information on citizens, such as dates of birth and death, marital status, and property transfers. However, handling this data can be challenging, and some of these records continue to be kept on paper. It's occasionally required for residents to physically visit their local government offices to request changes, which may sometimes be time-consuming and frustrating. Blockchain technology has the potential to streamline recordkeeping processes and strengthen data security.
Voting Blockchain technology has the potential to increase the level of security while also simplifying the voting process. Blockchain would be impenetrable to hackers even if they had access to the terminal, because they are unable to modify other nodes. Each vote would be associated with a single ID, and since it would be impossible to produce a false ID, election officials could count ballots more quickly and accurately.
Blockchain landscape in 2022
Our experience of technological innovation tells us that many barriers—technical, sociological, organisational, and even governmental—will need to be removed if there is to be a blockchain revolution. Rushing into blockchain innovation without first considering how it is likely to take a place in society would be a mistake.
Harvard Business Review once noted that “blockchain could slash the cost of transactions and reshape the economy” in 2017, and further speculated large-scale public identification systems for purposes like passport control and algorithm-driven decision making against money laundering and complex financial transactions involving several parties are the two areas where blockchain could have a significant impact. For at least another decade and possibly more, we anticipate it will take these applications to achieve widespread adoption and critical mass.
Blockchain is finally establishing itself, in no small part in bitcoin and cryptocurrencies, with several real-world uses for the technology now being implemented and researched. Blockchain will become a buzzword on everyone's lips as an investor in government and business operations.
As we’re ready to enter the third decade of technology, we’re seeing more blockchain used in various industries. NFTs are becoming more and more prevalent today, and assets are being tokenized. Significant growth of blockchain will be witnessed during the coming decades.
- Insider Intelligence. "The growing list of applications and use cases of blockchain technology in business and life, https://www.insiderintelligence.com/insights/blockchain-technology-applications-use-cases."
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