Blockchain-based solutions are primarily associated with cryptocurrencies; however, the decentralized and transparent nature of blockchain and its distributed yet unified recording system is capable of improving performance and security in many industries. Let’s take a quick look at a few of them now:
- Charity – blockchain can help charitable organizations optimize the process of receiving and managing funds.
- Supply chain – blockchain can be used to track the whole process of creating and distributing materials within a supply chain network.
- Healthcare – blockchain has several use cases in healthcare, including tracking drugs through the supply chain and managing patient data. Moreover, blockchain offers significant security benefits to healthcare providers in terms of securing patient data.
- Royalty payments – blockchain technology can be used to create a platform where creative talents have an immutable and transparent record of who is renting, buying and/or using their content. Such a platform can also facilitate payments through smart contracts, which are basically self-executing digital contracts.
- Governance – blockchain technology has the potential to greatly improve governance in various sectors by managing networks and operations in a more democratized, fair and secure manner. For example, blockchain-based systems could be used to eliminate voting fraud.
- Payment solutions and dApps – blockchain technology has already proven to be very efficient when it comes to sending money worldwide. Moreover, blockchain-based decentralized apps (dApps) take out the middleman and give users reduced fees, better incentives and greater transaction efficiency.
- Internet of things (IoT) – blockchain allows organizations to keep an immutable and transparent ledger of IoT devices, the data they collect and their interactions in a secure and transparent way.
Blockchain-based solutions are really starting to be more fully explored for the possibilities they can offer the modern world. And it seems that we’re only starting to scratch the surface.