Blockchain technology is usually associated with cryptocurrency, but its far reaching applications extend well past the world of digital currencies. Here are five use cases for blockchain that highlight the exciting opportunities the technology is opening up for a variety of industries.
Blockchain technology allows healthcare professionals to use a distributed ledger to record patient information. This gives patients have a single record instead of multiple records spread out across healthcare providers. At the same time, patient information is encrypted, making it even more secure than it is currently. Finally, patients have more control over who can access their health data.
Healthcare blockchain projects that are currently in the works include the healthcare data exchange platform Medicalchain, Blackberry’s blockchain ledger for medical care, and Camelot Consulting Group’s blockchain solution to protect sensitive medical information.
4. Real Estate
Blockchain can make real estate more efficient by enabling a streamlined process for closing. It gets rid of intermediaries, saving both buyers and sellers time and money. It can also help buyers at the very beginning of the buying process by ensuring there is a single, accurate listing for each property on the market, instead of several listings that are potentially incomplete or inaccurate.
Blockchain technology can eliminate voter fraud by ensuring every registered voter is verified. Additionally, blockchain voting is a secure way to place votes without needing to show up at a physical polling location.
The company Follow My Vote uses blockchain technology to store an individual’s vote as a token in their wallet. This eliminates the risk of double voting.
In the 2018 primary election, 150 voters in West Virginia used a blockchain app to place their votes.
The decentralized nature of the blockchain can allow consumers to trade their energy with other consumers, particularly when they use solar energy or other types of renewable energy. They can effectively sell their stored energy, which empowers users to create and sell energy rather than be forced to buy it from their utility provider.
Companies that are allowing for this type of peer-to-peer trading in the energy sector include Power Ledger. In addition, Energy Web is a non-profit company that is working to transition the energy sector to a blockchain platform.
1. Supply chain management
With so many moving parts involved in any supply chain, having a recorded ledger for every step in the process, from an order being placed to a consumer getting the product delivered, can make supply chain management more accurate and efficient.
There seem to be no limits when it comes to how blockchain technology can benefit industries around the globe. If you are looking for blockchain based development, Confianz Global can help you with development and deployment. Learn more about our blockchain development today!