Blockchain is often talked about only in the context of crypto. However, the technology has wide applications across a range of industries.
We will take a look at what exactly blockchain technology is in this post. Also, we will look at all of the ways it could be used. This includes healthcare, finance, supply chain logistics, and more.
So, let’s take a look!
What Exactly is Blockchain
While blockchain seems incredibly complicated and out of reach, it can actually be explained in fairly simple terms.
It is technically complex on many levels. But, how it works is not so difficult to understand.
Blockchain is essentially a digital public ledger. It creates accountability in various types of networks by promoting transparancy and keeping track of various types of transactions.
Essentially, blockchain is just a transparent way to track information. Because of this, it has applications that are far wider than crypto.
On blockchain, information is verified and stored across a network of computers called nodes. This is what makes Blockchain decentralized.
The information can also not be altered once it is recorded.
Blockchain In Healthcare
Blockchain has many applications in healthcare. One of them is Secure Electronic Health Records (EHRs). These records can be stored on the blockchain.
Imagine if, anytime you went to a doctor, they could access your full medical history. They would know how to treat you better. This could be a possibility with blockchain-powered EHRs.
The decentralized system stores and manages EHRs safely. It also provides a single view of all of a patient’s records. Patients would have the freedom to approve changes to their EHRs.
They could authorize who can view them, and control how they are shared by healthcare providers too.
In addition, there are many ways blockchain can be used in other parts of medicine. This includes:
- Clinical trial research
- Pharmaceutical supply chain management
- Verification of staff credentials
- Remote patient monitoring
New Possibilities In Finance and Banking
Blockchain has been moving into traditional banking over the last several years too. While it began only in crypto it has evolved. Now, it has become a part of securing loans, various digital transactions, and also online payments.
One application is in Smart Contracts Software. This software is built on a foundation of blockchain technology. These platforms automate making agreements. Agreements occur between trusted parties without a traditional intermediary.
Smart contracts are useful in finance, but also in real estate, supply chain, and healthcare.
Blockchain has also made international payments faster, easier, and more secure. In today’s world where many people live, work, and travel internationally, this is key.
People who regularly travel between countries know that many banks are simply not set up to cope with a more international lifestyle.
Hopping between cities and countries has become popular, especially since the rise of remote work.
By reducing the element of a middleman and transaction fees, blockchain has enabled banks and customers to transact more frequently.
Blockchain can also be useful in regulatory compliance. This is because it provides transparent and permanent records of transactions. Some say it will also be a powerful asset management tool.
Blockchain and Real Estate
There are a number of ways that blockchain can prove to be a beneficial tool in real estate. These include property management and sales, optimizing payments, and even transforming how people invest in real estate.
Blockchain evangelists feel that the future of real estate investing may be through fractional ownership and asset tokenizations.
So, what would this actually look like? Investors could buy and sell fractional shares. This could make real estate investing more accessible to the everyday person.
This would be accomplished through asset tokenization platforms built on blockchain. They would let users create a token of digital ownership that is tied to real-world liquid assets.
Once the assets become tokens, investors only need to use a trading platform to begin.
Blockchain Can Replace Paper Records in Real Estate
Traditionally, paper records have some problems. They can be stolen, destroyed, faked, damaged, or lost. Blockchain solves these problems by being a permanent record.
When documents related to aspects of real estate like loans, contracts, mortgages, payments, and land registration are digitized, they become permanent.
They can’t be destroyed, stolen, or lost. It’s also easy to access them. This is so helpful.
Blockchain could also streamline property management for large-scale enterprises.
Blockchain in real estate secures data sharing and payment processes, providing effective due diligence across the global portfolio. It also simplifies all property management communication between owners, tenants, and service providers.
As you can see, there are so many ways that the decentralized and permanent recordkeeping that blockchain offers could benefit real estate.
Potential Uses in Retail
In a retail context, Blockchain can act as a tool that helps to establish trust between retailers, consumers, payment gateways, and throughout the entire supply chain.
This can include inventory management, supply chain management, digital security, product authentication, and increased transparency when it comes to product reviews.
For consumers, it could help to stop the fake review issue. Fake reviews can make shopping hard.
Inventory management is especially critical for retailers of all sizes and types. Blockchain can streamline and boost efficiency in several ways. As a permanent and organized record-keeping system, it allows retailers to track stock and expiration dates.
Blockchain can also automate some processes. This includes understanding shortage, surplus, and consumer demand.
All of this could really help businesses thrive.
Increase Digital Security
Data privacy and cybercrime are growing concerns in many industries. We talk about everything from more minor cash app scams to gangs of child cyber criminals hacking major American casinos on our blog.
As retail sites access the financial information of shoppers, boosting security here is critical.
Think about it. How many websites have your credit card information right now? Can you even name them all?
Blockchain increases customer data security by storing encrypted data,. This can stop unauthorized access or other cybersecurity breaches.
Sadly, these types of security breaches are very common these days. Hackers are getting smarter. It’s something to think about.
Ultimately, this is better for consumers and businesses. Businesses are less likely to be hacked or held for ransom. As a result, consumers trust them more. This boosts revenue. Everyone wins!
Other Potential Applications
There are so many ways that blockchain technology could be applied to many businesses and institutions. In addition, some think that voting could be improved with blockchain tech.
As a digital ledger that cannot be manipulated, blockchain could improve the security and transparency of elections too.
It would be impossible to tamper with votes. It would also be easy to verify and validate them. As such, blockchain could end voter fraud and any speculation of voter fraud.
A democracy needs secure elections. This could boost confidence in voters.
Blockchain could also streamline intellectual property management, energy trading, and insurance. Some think that a future awaits us where all sorts of credentials and government paperwork are stored on the blockchain as well.
This could include marriage licenses, professional licenses, driver’s licenses, IDs, passports, and university degrees. There is so much paperwork in everyday life.
There are many benefits to this. For example, people in war zones and refugees often lack official identification. They cannot prove who they are or where they come from.
Technology like this could also be useful when it comes to survivors of environmental disasters. There are so many possible benefits!
Some think it would be beneficial if such documentation was stored permanently via blockchain.
Overall, its an exciting time to see what awaits us!
Final Thoughts on Blockchain
Most people probably only associate blockchain with cryptocurrency, if they even know what blockchain is at all. This is very common.
However, you can see that it’s much bigger than just crypto! There are a lot of ways we can use it. The future may look different.
So, we may be looking at a future where blockchain tech is used widely. This could include use by individuals, institutions, and possibly even governments.
As far as keeping accurate and transparent records, blockchain is a powerful way to streamline this process too.
Most organizations could benefit from the clarity it can provide. This includes everything from retail to finance to medicine. After all, more transparency is always good.
It’s an exciting time in tech! There is no doubt about it. We may see some big changes over the coming years. This will probably include more blockchain!
So, what do you think? Are you excited for the future of blockchain? Comment below.
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