10 APPLICATIONS OF BLOCKCHAIN TECHNOLOGY

Though the idea of blockchain technology has been around for quite some time, it
only became popular with the introduction of bitcoin. The cryptocurrency which
was invented by Satoshi Nakamoto, a ghost on the digital space, to solve the
double spending problem associated with online transactions uses an immutable
ledger that appears in a form of blocks chained together cryptographically.
The idea has since been applied across different industries not just with Bitcoin and
other cryptocurrencies, here are 10 different applications of blockchain technology
to look into;
1. Personal Information Security:
The blockchain can provide a more secure platform for safeguarding data like
Social Security Number, National Identification Number, and other information
needed for identification. The traditional system is more prone to cyber attacks as
we have observed before in the past. Also, with blockchain technology industries
such as education, healthcare, finance etc. in need of those information can easily
access them.
2. Real Estate:
To verify real estate transactions, loads of paperwork are required. To validate
financial information and transfer ownership to new owners, a lot needs to be done.
With blockchain technology, recording of real estate transactions can be done
easily and in a more secure and accessible manner. Furthermore, transactions can
be done speedily with reduced paperwork and cost.
3. Voting:
With personal information locked in the blockchain, voting can be done easily and
without hiccup. Also, the technology can ensure nobody votes two times,
eligibility is adhered to and coalition of votes cannot be altered. In addition, voting
processes will be as simple as tapping the smartphone screen a few times, with the
reduction in the cost of administering an election.
4. Insurance:
Smart contracts written into a blockchain can bridge the gap of trust and
transparency between insurance companies and customers. Recording of claims on
a blockchain eliminates the possibility of false or duplicate claims. What’s more,
smart contracts can help fasten the process of claimants receiving payments.
5. Gambling:
Introducing blockchain technology into the gambling industry will benefit players
in several ways. First, recording transactions in the blockchain will ensure
transparency between casinos and gamblers, there will be no room for unjustifiable
practices between the parties involve. Secondly, the need for providing bank
account details and other personal information will be removed since payments can
be done directly. Thirdly, gamblers and gambling companies can operate without
concern from regulatory bodies and government shutdown.
6. Data Storage:
Data storage solutions can ensure better security and integrity with the presence of
blockchain technology. With the way the technology is built (decentralized), it
would be almost impossible to infiltrate, unlike centralized data storage providers
with just a point to target.
7. Supply Chain Tracking:
Applying blockchain technology in tracking goods as they are transferred from a
point on the supply chain to another will ensure better communication between
associates, as data is accessible on a public ledger. Also, a system running on
blockchain technology guarantees security and trust since the structure is built that
way. Furthermore, all parties involve in the supply chain is certain to provide
accurate and current information.
8. Artist Royalties:
Blockchain technology can be used in the entertainment industry to trace music
and movies released over the internet and ensure that creators earn rightfully for
their creativity. Since blockchain technology was built to curb duplication of files
in several locations, piracy can be reduced in the entertainment industry. Also, a
smart contract can be written into a blockchain to keep track of playbacks on
streaming platforms and also the distribution of payments.
9. Non-Fungible Token:
NFTs, as they also called, are digital assets that exist on the blockchain. They
include artworks, videos, music and other publicly verifiable intellectual property
that exist authentically on the blockchain. The technology ensures that they can not
be duplicated and stays unique.
10. Sharing of medical information:
Storing medical records of patients on the blockchain will help doctors and other
medical professions to stay up to date with multiple patients and provide the best
healthcare service possible. Also, it guarantees a quicker and more direct access to
medical records, leading to better, timely treatment in some cases. What’s more,
having insurance information in the database will allow doctors to easily verify the
insurance of patients.
Conclusively, blockchain technology is still in its infancy even though it has been
around for some time. Different industries are exploring the possibilities in the
technology, to provide better services for their customers and with the increase of
the amount of digital data in circulation, there is equally a growing need for the
security, trust and transparency blockchain guarantees.