What started as the support system for Bitcoin has now evolved to something far greater. Blockchain technology revolutionizes various technical and physical operations as its use continues to expand.
What can blockchain be used for in today’s world?
Some of the more common uses for blockchain are more apparent than others. transferring cryptocurrency securely was the first use, and from there branched out to decentralized exchanges where it allows for faster and cheaper transactions. Blockchains could be adapted to traditional financial services too and bring more advanced personal control and security to their systems.
There are many businesses working to bring blockchain into their field across a variety of different industries and services. Lending via Smart Contracts and insurance businesses are just two examples of that. Let’s take a look at some more.
- Real Estate – The unrealised disruption blockchain has caused in the real estate industry is not to be understated. Blockchain platforms handle the legal documents and verification, charge a small fee to listers, and in turn allow the real estate owners or buyers to negotiate on their own and get the deal done. No lawyers, brokers, banks, or any sort of intermediaries can get in-between for a money grab. Fractional ownership is also possible with blockchain, and frankly quite simple and secure.
- Supply Chain & Logistics – Blockchains cannot be altered, so cracking down on illegal activity or freight issues is far easier. A public ledger would contribute to an ease of information and communication between all parties involved.
- Data Storage – Online storage grows more essential daily as businesses, jobs, and daily life become more digitized. Regular storage clouds are subject to a single point of failure, meaning a cyber attack to hack or wipe data is a real threat. Decentralized storage clouds that operate through blockchain distribute the data and share with other cloud blockchains, while also allowing only the owner of that storage to access the stored information. The blockchain data storage industry is already flourishing in clouds such as Oasis or Filecoin, among others.
- Medical Information – Blockchain is already at work inside hospital services. 95% of Estonia’s health information is ledger-based, and over 99% of patient prescriptions are carried out in encryption to protect private or sensitive information. Verification and sharing medical records is also far easier.
- Musicians – Artist royalties have been a big quarrel in the music industry for some time, so with blockchain tracking capabilities, artists can keep track of all streams, buys, and activities. It also stops a lot of piracy. *Remember, every new piece of data and information is packaged into a block and added to the blockchain. It is unique and therefore cannot be erased or duplicated.
- Personal Identity – Logging into a plethora of different accounts and trusting these websites across the internet with your personal identity is really not the best way to protect your identity. Blockchain tech has ledger based systems that secure your info and leave you with the only set of keys, and can use a trustless process to verify it’s you without giving up any private data. This is not just online, but in the real world too. Phone IDs or purchase ledger ID methods are ideal for people who work in a field that requires frequent identification, such as travel industry, finance, education, or healthcare workers. These can be safe for storing a social security number, personal IDs, credit cards, passports, medical documents and so on.