As the underpinning technology for cryptocurrencies, a lot of people only think of digital assets when talking about blockchain, and assume that it only applies to finance. But the potential applications of this technology reach far beyond finance and crypto, such that it is poised to impact our daily lives.
Amongst other things, experts predict that blockchain will take the world by storm in ways we never saw coming.
Below is how blockchain promises to impact our everyday lives
Healthcare Blockchain
Blockchain technology can be employed in the healthcare sector to store medical records, providing users with a secure and permanent storage solution. The use of blockchain in healthcare is contingent on internet connectivity and allows for easy online transactions that enable individuals to grant access to their records to doctors and insurance companies. Additionally, healthcare providers can update the database with new information as necessary.
Blockchain Security
If sensitive information such as social security numbers and birth certificates are stored on a decentralized blockchain ledger, there could be a substantial reduction in identity theft claims that the government receives.
Media
Digital delivery of audio, movies and other artistic works is favored by users, but concerns around online piracy are shared by artists and publishing companies. However, with the use of the blockchain-based distribution, it is possible to create unique copies of digital media files, which may help address piracy concerns. Additionally, viewers can make direct micro-payments to producers or publishing corporations through this system.
Data Sharing
The process of sharing data between different networks can be challenging and time-consuming, particularly with older technology. However, blockchain technology offers a solution in this area, simplifying data exchange while also improving it.
Moreover, blockchain can facilitate real-time settlement of transfers, making the data-sharing process even more efficient.
Supply Chain Management
Keeping track of supply chains, from the original suppliers to the final consumer’s shopping cart, is of interest to producers, merchants, and customers alike. Blockchain technology has the potential to play a crucial role in monitoring products throughout their journey from production to usage. This can involve ensuring that food products are free of inorganic toxins or verifying that import taxes are accurately paid at national borders.
In conclusion, you might have noticed that numerous case studies involving blockchain technology have common characteristics. However, this is not by chance. Blockchain has the potential to address the challenges faced by virtually every business.
The advancement of blockchain technology is the driving force behind the proliferation of its use cases across various industries. It has proven to be a more dependable and less disadvantageous technology. Given the various applications of blockchain discussed earlier, it is poised to become a household and business name in the near future.
