Bitcoin and cryptocurrencies get most of the applause for being innovative technologies that are disrupting our existence, everything from finance to gaming and supply chains. However, this is only the tip of the iceberg, since blockchain underlies cryptocurrency and even has a myriad of different uses outside being a base layer for the cryptocurrency world.
A blockchain basically is like a database or ledger that records all information collaboratively. However, it has one superior advantage to the rest and is that it is far more secure than a typical database. Nobody is given the chance and gets to change or view any data without their own cryptographic keys. If someone tries to falsify a transaction the whole chain collapses and becomes inoperable and branded as fake.
They are many sectors that can benefit enormously from blockchain technology implementation. These are a few cases.
Personal medical information is one of the best cases it can be applied. Here blockchain is pushing the boundaries much further than the traditional databases could ever do. Medical data has a long history of being hacked and misused. In addition to this, it is most of the time completely fragmented across many interested players and parties which include insurance companies, pharma, and public health agencies to name just a few of them.
A blockchain solution will enable any entity with an interest in medical data to communicate easily and securely with another, by adding all the time updates to the blockchain which can be viewed only by those that have the proper authorization.
After the many stories and suspicion of fraud in the last US presidential elections, people got a complete lack of trust, elections are another area ripe for blockchain. A public blockchain allows all participants in a vote in the electoral system to check how their personal vote was recorded, without anyone else knowing it.
No recounts would be necessary and the public would know the result as soon as the vote closed. The keyword here is ‘trustless’, as there would be no trust needed in a blockchain solution since everything is recorded transparently on a public ledger and far away from paper systems with human counters that are currently used and err.
Media And Supply Chain
Blockchains are also being used in the online media sector. A blockchain solution here can pay creators and editors while collecting fees from users and advertisers. All without the need for an intermediary third-party media company to take its cut from the arbitraging of everything.
The supply chain is one of the hottest sectors being disrupted by blockchain technology. The ledger here can track and manage products from all over the world during every step of the journey from the producer to the retailer.