When people talk about Blockchain, the very next word which comes on your mind or at least on my mind was Cryptocurrency and who haven’t heard about Bitcoin!
Since lots of online news and posts about people becoming rich and getting poor suddenly via virtual money, a lot of attention was gained by cryptocurrencies in the market. A lot of fraud investment cases in ICOs and data leaks also got government’s focus on it and many of them went ahead, blocking cryptocurrencies and ICOs entirely in their countries via the central banking systems and law. But the technology which is running behind this virtual currency is BLOCKCHAIN and most of us did not even take care of reading or understanding about it in the first place.
But time has changed and when we think about smart governance and more transparent public sector investments and more, Blockchain is one of those lifesaver technologies which can make a positive impact in our lives!
Cryptocurrency is just a fraction of the Blockchain use case possibilities!
Blockchain is a collaboration of two separate words block & chain, where there is a growing chain of records in the form of blocks. Now, these blocks are essential, as they contain a cryptographic hash of the previous block, timestamps, and other vital data. And the most exciting thing starts because you can track the processes and tempers of the system and flow.
Blockchain makes it impossible to edit or temper data of a system without leaving a clue or records. Here are some of the top use cases of Blockchain other than Cryptocurrency!
Supply chain management:
Supply chain management is one of the most significant beneficiary parts of any industry. From tracking the primary source of materials or services to finding the ultimate source of finished items selling, timeline tracking, shelf life calculations and more can be given away in your supply chain management Blockchain to win against your competition.
Most of the companies are already using some of the supply chain management system, where Blockchain can increase security and minimize the chances of fraud across the channels.
Huge organizations face the problem of finding dummy inventory at the same place at the same time. Blockchain can eliminate such things and issues from the system. To track coffee shipments and other food items, market giants are already trying Blockchain in their networks and more is yet to arrive.
E-medical record keeping:
Imagine that when you visit your doctor, you don’t have to explain your medical background and past medical history. Yes, Blockchain-based e-medical record keeping can help you achieve that goal.
As a generous person, you would think that a simple database an also do that for you! But, adding Blockchain integration in it would help you add a permanent, unchangeable data collection. Someone cannot modify or temper your data and history, making your doctors fast diagnose you with proper accuracy. From small diseases to primary vitamin deficiency, everything could be found in your records, giving the doctor a sense of confidence before writing a prescription.
Usage to save election frauds:
We know that election is the backbone of any democracy and if a fault or any cheating is going on in the public polls, then the results can become very destructive. Integrating Blockchain into the election can reduce the risk of election fraud. From voters’ registration to candidate’s background data and candidature form can be combined with the help of Blockchain.
If someone tries to modify the vote counts or try to tweak the election manifesto, the Blockchain would indicate it and thus gives a transparent review about the system and candidate.
Encrypted messaging apps:
One after, other NEWS comes in a market that famous companies are failing to give us and our data protection against hackers and data miners. Well, tech giants, most of the time, provide promise to protect against hackers by implementing new tech and making their server security more powerful, but they fail.
Blockchain can help people create a temper proof online platform where if someone tries to fetch the data or tries to modify the code to leak, your info can get tracked! We transfer our data and essential details via messaging apps, online portals, emails and in many formats like photo, video, documents and more. Adding a layer of Blockchain-based encryption on the transfer system can also make a difference.
Developing smart contracts:
Smart contracts are the best gift we have ever received from Blockchain! It is a complex process development where you can define a legal process of data validations and automate the repetitive process before the final results appear.
From manufacturing to education and healthcare to governance, smart contracts would help us regulate the legal processes. You can set ledgers for the contractor and the contractee to set payment relieving and task completion processes. Once the process completed, the payment would automatically get released or vice versa!
United Nations ‘WFP – World Food Programme’ implemented Blockchain to test its capabilities to solve the world hunger problem in multiple refugee aid camps. UN deployed an Ethereum based Blockchain where funds were given to the refugees in the form of crypto. They can directly use them to buy food items inside the camps. The future scope would let current blockholder validate other people’s data.
For centuries, we are bound with conventional banking systems. Yes, the new tech, including online money transfer and card transfer, has given weight to the electronic money, though banking systems have always failed to prove themselves the best option to invest, save and transfer money!
Banks make a profit from your investments, where they let people borrow the money on high-interest rates and give you a small amount from the cake. Blockchain has the power to change that from scratch and can provide us the financial freedom to save and make transactions of our own money via secure methods and without paying substantial transaction fees!
Here are some of the Blockchain use cases which we found exciting and sharing with smart people like you. Please let us know which Blockchain use case do you think would make a difference and we should look out to cover?
Adrixus offers Blockchain integration Hyperledger and Ethereum along with information technology services like Web/app development, UI/UX design & development, and machine learning. To know more about our Blockchain expertise, please visit our Blockchain service page or send your queries on email@example.com to know more.