The idea of cryptocurrency – a digital asset created by the new and promising technology of blockchain – has taken over the financial industry. At the same time, only a small area of blockchain’s potential lies in the use of cryptocurrencies; its applications are primarily incalculable when it comes to embracing several industries. Due to these features, widespread use of blockchain may lead to the disruption of the existing middlemen and change the ways business is done, data is processed and information is shared. In this article, the author will look at the functions that blockchain has besides being used in the trading of coins and the numerous applications of the technology by various firms.
1. Supply Chain Management
Through the analysis of a case study and a review of the literature, the transformative potential of blockchain technology in the management of supply chains has been identified. Blockchain also provides the advantage of having a transparent, unalterable digital entry of all occurrences due to the documentation of transactions in a block-chain based ledger. This ensures that those participating in the supply chain are trustful enough regarding events of fraud, forgery, and tampering have to take place very rarely.
Regarding this, blockchain enables smart contracts which refer to computerized digital contracts where the details of the agreement in between a buyer and a seller are coded into computer code. Smart contract enable organization to automate certain processes like payments and delivery which in turn enable effective and efficient operation.
Among the main benefits of employing blockchain within the supply chain is the capability of monitoring the products’ flow: starting from the crucial materials up to the final product and its delivery. This makes it possible to have a system of checks that will transform the general procedure around with regards to safety and quality of products in a more transparent and efficient manner.
2. Healthcare
Healthcare is one of the industries which require enhancement the most because of the difficulties connected with the management and secure sharing of patient information. This problem can be solved with the help of the blockchain technology as it offers a secure database for integrated storing and sharing of the Patient’s record between different healthcare facilities, which, in its turn enhances the quality of the overall healthcare service and simultaneously cuts back the expenses of the administrative overhead costs.
Blockchain will also aid medical research as clinical trials information on the network can be transparent and immutable; this will minimize the duration taken to gain approval for new therapies.
In addition, EHR implemented using blockchain will also increase patients’ outcomes by providing a platform where the exchange of patient information will be made easier across various organizations. It would help doctors to have better view of a patient’s records hence resulting in better treatment and results to the patients.
3. Voting and Politics
The researchers found out that blockchain technology can go a long-way in addressing integrity within the electoral systems. Smart voting based on the blockchain has advantages in securing an objective result without voting fraud or coercion through the creation of a resistant-against-tampering ledger of the votes.
Blockchain can also be implemented for political campaigns in order to establish separate distributed platforms for funds acceptance this would help free the process from special interests.
Moreover, blockchain technology can be applied to creating safe and transparent environments for citizen participation in government processes thus enhancing the increase of trust from citizens in political events.
4. Real Estate
They said that the real estate industry could also be impacted by Blockchain technology and more so, in record-keeping and transactions. This is why an organization can use blockchain platforms to record the proper ownership of property, and all the transactions linking with it to ensure fairness and its own record of all transactions to prevent cases of frauds and stalemates.
Blockchain can also further facilitate ownership of property by creating the capability of slicing property and allowing investors to be part owners of a building and be paid proportionally by the rent collected or commission from the sale of the property. This can bring a greater equity to the real estate space and extend its embrace to more individuals.
In addition, through smart contracts embedded on the blockchain, various steps of real estate transactions such as contracting and payment can be carried out. This may help to save time and money, and overall increase the pace of the organisation’s work.
5. Identity Management
Unfortunately, in terms of personal identities, we are still are not ready for the decentralized solution, which could be made with the help of blockchain technology. More to the point, blockchain based digital identity solutions will enable the owner of the identity to manage his/her data and provide selectively to third parties hence reducing the instances of Identity theft.
Blockchain applied to ID management can also improve the process of identification in other spheres, and create an effective barrier against cyber identity theft, which is an issue with passwords as people have to remember too many of them.
6. Energy and Utilities
The energy and utilities industry has the most to gain from blockchain, as applied to the subjects of grids and renewables. Blockchain smart solutions can be implemented for enhancing the energy utilities as the credited distribution of the energy from multiple resources decentralized with the help of advanced Blockchain technology reduces the overall availability of outages.
Blockchain can also help enabled development of P2P energy systems where individual or communities generate, store and trade their own renewable energy. It will be more robust and stable energy sector that is more diverse and less dependent on massive power plants creating happier energy consumers and cleaner environment.
Conclusion
Blockchain concept however is not limited to financial arena and the promise it holds is that it can revolutionalize almost every industry. In supply chain management, healthcare system, voting and identity management blockchain is capable of producing more authentic, efficient and integrated solutions. And as many more sectors will be entering the sphere with a purpose to implement the blockchain, we will witness a more distributed, secure, and sustainable economy, while, of course, the world will be filled with great opportunities for customers and companies.
