Blockchain uses go well beyond bitcoin and other cryptocurrencies. Due to its immense popularity, the term “Bitcoin” has come to represent all blockchain application.
How does Blockchain Technology Work?
Perhaps it would be helpful to review the ledger, the basic idea behind blockchain technology, before proceeding.
Financial or otherwise, all types of transactions constitute the basis of blockchains. Such deals are recorded and validated by a distributed group of computers sharing the same blockchain.
Equations tailored to the individual transaction are used to do this validation. If everything checks out, the sale goes through.
Then, the valid, authorized transactions are added to groups of transactions called blocks. These blocks are added to the chain at a preset time that depends on the blockchain technology in use.
Once a transaction has entered the chain, it is finalized. This may seem like a long time, but keep in mind that all of this may occur in a matter of microseconds.
Blockchain application use cases include:
Supply chain & logistics blockchain
The proliferation of logistics firms has led to a crisis in supply chain and logistics owing to a breakdown in communication and openness. Every logistics firm has its own jargon, further complicating matters for those who aren’t in the field.
Accenture and DHL conducted a research together and discovered that the proliferation of shipping businesses in the United States contributes to data silos and a lack of transparency. The paper claims that many issues with logistics and supply chain management may be addressed by using blockchain technology.
The study contends that blockchain may improve confidence in the industry as a whole due to its potential to increase data transparency by pointing to a central source of verifiability. In addition to making the logistics process more streamlined and automated, blockchain technologies also save the logistics industry billions of dollars annually.
Applications built on the blockchain technology will revolutionize the supply chain industry and the roles played by its participants.
Intellectual Property with Blockchain
Since we are discussing government applications, we should also discuss the need of IP protection. Many nations are still significantly behind in protecting intellectual property. Not just third world countries, but also first world countries that rely heavily on paper procedures.
In recent years, blockchain initiatives have been presented as a potential fix, and this is for good reason. The priority of filing or registration of IP rights is frequently a deciding factor in IP disputes.
Multiple accounts with potentially at odds data stores? That’s only one issue that can be remedied with a blockchain-based system.
Information like age, gender, and maybe elementary health records like vaccination or vital sign data is ideal for blockchain. This data can be maintained on a public blockchain where many people may access it without raising privacy concerns since none of it can be used to identify a single patient.
Blockchain has the potential to streamline the process by which specialized connected medical devices are integrated with an individual’s health data. Data produced by devices may be stored on a healthcare blockchain and appended to individual health records. Data generated by linked medical equipment is now siloed, but blockchain has the potential to solve this problem.
Voting and Government
There is hope that the use of blockchain technology in government may boost civic engagement at the grassroots level, improve the transparency and effectiveness of the bureaucracy, and lighten the fiscal load. Illinois is one of the states whose government uses this technology to protect vital records.
Blockchain technology may fundamentally alter the way elections are managed. Blockchain-based voting has the potential to promote civic engagement and decrease voter apathy by providing a degree of anonymity and incorruptibility that allows voting on mobile devices.
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Digital Advertising Blockchain
Promoting products and services digitally is nothing new. Clicks, results, and other metrics are used to determine compensation. Yet, there is much skepticism over the existing method.
Digital advertising on websites is used to attract visitors. This is equivalent to advertising’s money. Therefore, it’s not surprising that certain platforms would try to sway the outcomes by manipulating the clicks.
NFT marketplace blockchain
Since the inception of cryptocurrencies, Non-Fungible Tokens (NFTs) have been the most talked about use case for blockchain technology. The popularity of these digital products has skyrocketed in recent years.
NFTs are cryptographically secure tokens that may be used to verify ownership of digital, physical, or intellectual property.
The Nyan Cat meme, right? In April of 2021, in an NFT marketplace, the viral GIF went for $600,000 in Ethereum. The digital artist “Beeple” had never made more than $100 on any of his previous works before the release of The First 5000 Days. A staggering $69 million was paid for his book, The First 5000 Days. Digital art, culture, and memories created using NFTs may be passed down through the ages with the customer.
1. What are some surprising use cases for blockchain technology?
Blockchain technology is known for its association with cryptocurrencies, but its applications extend far beyond that. Some surprising use cases for blockchain technology include supply chain management, voting systems, identity verification, decentralized social media platforms, and even art provenance tracking. Blockchain’s transparency, security, and immutability make it a versatile tool for various industries.
2. How does blockchain enhance supply chain management?
Blockchain can revolutionize supply chain management by providing an immutable and transparent ledger of every step in a product’s journey. It enables tracking and verification of goods, ensuring their authenticity, and preventing counterfeiting. Blockchain can also streamline processes, reduce paperwork, and increase efficiency by eliminating the need for intermediaries. Companies can have real-time visibility into their supply chains, enhancing trust and accountability.
3. Can blockchain technology improve voting systems?
Yes, blockchain has the potential to improve voting systems by enhancing transparency and security. By recording each vote on the blockchain, the technology ensures that votes cannot be tampered with or altered. It can also enable real-time monitoring, making the process more efficient and reducing the chances of fraud. Blockchain-based voting systems offer increased trust, auditability, and the ability to verify election results.
4. How can blockchain be utilized for identity verification?
Blockchain technology can be used to create secure and decentralized identity verification systems. Instead of relying on central authorities, individuals can have control over their own identity data. Blockchain provides a tamper-proof and transparent way to verify identities, reducing the risk of identity theft and fraud. It allows for selective sharing of personal information, enhancing privacy while enabling seamless identity verification across different platforms.
5. What role can blockchain play in the art world?
Blockchain technology has brought about exciting changes in the art world. It can be used to establish provenance and authenticate artworks, reducing the prevalence of art fraud. Blockchain-based platforms also facilitate direct artist-to-consumer sales, eliminating intermediaries and allowing artists to retain more control and revenue. Additionally, blockchain enables fractional ownership and trading of digital art through NFTs (non-fungible tokens), creating new opportunities for artists and collectors alike.