Blockchain technology, popularized initially by Bitcoin, has developed to be a much more versatile tool than just the basis of digital currencies. Blockchains, in general, are immutable ledgers of transactions stored across various nodes of a network, creating a transparent and unalterable record of every action taken on them.
Beyond Bitcoin, Blockchain technology offers practical solutions for industries in creating trust-free systems, reducing overhead costs, and increasing data transparency and security.
One practical use of Blockchain technology is in supply chain management. The supply chain industry faces several challenges, such as changing suppliers, fraudulent products, and lacking transparency. Traditional supply chains largely rely on middlemen and intermediaries, which can prove costly and inefficient. However, with Blockchain technology, the entire process can be streamlined, giving stakeholders full visibility of all transactions carried out on the chain, cutting costs, and saving time.
For example, Walmart uses blockchain technology to track its pork supply chain in China. This process involves tracking the journey of pork from the farmer to the store, collecting detailed data at every step. All the data collected is then stored on a blockchain, allowing for a more transparent and efficient system. A similar process is essential for tracking other products, such as vegetables, fruits, and any other government-regulated goods.
Another practical use of blockchain technology is in the management of healthcare records. Blockchain technology can improve data sharing among hospitals and healthcare providers, making it much easier for patients to manage their medical history. Patients will have a permanent copy of their medical records that they can easily share with their healthcare providers, reducing the possibility of errors and improving patient care.
For instance, MediBloc, a South Korean-based decentralized healthcare information platform, uses blockchain technology to store patient information securely. MediBloc focuses on retrieving data from different healthcare providers and presents that information to patients using a single portal. The choice is left to patients to decide whether to share their information or not, making the process transparent.
Lastly, blockchain technology is improving the practicality of voting systems. Blockchain technology can create voting systems that are immutable, transparent, and tamper-proof. The use of blockchain in voting can help prevent voter fraud, ensuring accurate and fair counting of votes. Countries that have already adopted blockchain-based voting systems include Brazil and Estonia.
In conclusion, blockchain technology offers a wide range of practical solutions beyond cryptocurrencies. It can help create trust-free systems, increase transparency, reduce overhead costs, and improve overall efficiency. The practical uses of blockchain listed above illustrate how blockchain technology can be used to revolutionize different industries to meet a better future’s needs.