Blockchain is one of the biggest innovations of recent times, but what exactly can the blockchain be used for besides crypto?
Blockchain is one of the biggest innovations of recent times, but what exactly can the blockchain be used for besides crypto?
Well let’s take a closer look at three examples, Manufacturing, Medical and in Government.
Manufacturing:
In the first example, a manufacturer decides to make a product and claims that the product is sustainably sourced and is organically made. The consumer (you and I) have no choice but to trust the manufacturer and believe that the product is exactly as advertised and is an organically sustainably sourced product.
With the blockchain we can be sure that the product is as advertised, if we take the same manufacturer that says the product is sustainably sourced we can have the manufacture have the relevant authorities verify the way the raw materials are sourced, and grant a certificate once certified the certification can be stored and made public on the blockchain and anyone who wants to be sure can view this information through a platform made available by the relevant authorities and the manufacture on the blockchain.
Medical Industry:
The blockchain can help improve the medical industry by helping protect patient data and verify medical processes along the way.
Consider a situation where you have all your medical records stored in a system that secures all the information and when you need to have a certain portion of the information accessible to a healthcare practitioner you can approve or deny such request, for example you need a prescription filled and your pharmacist needs access to the script, they send a request to see the prescription, you approve and a time is set as to how long that information is available and once the script is filled the blockchain then secures the information again.
Giving you control of your medical records and allowing it to remain secure.
Governance:
In a world where trust in the government is quickly dwindling, from corrupt officials, to looting and plundering of the peoples taxes, the governments of the world are making it even more difficult to trust them. The very existence of the blockchain and all other crypto currencies were created because of this distrust in the government. But if the blockchain could be used to ensure that the people are always kept in the know of how their taxes are spent without worrying about the information being told to them by the government is trustworthy?
Well the blockchain can help us achieve this. Let us assume the government proposes a new infrastructure development program to extend the rail services in the country, the government can set a budget, assign companies to build and see the project through and track how much is being spent at a given time and who approved the spending.
With the blockchain, all these process can be tracked and once verified cannot be changed or tampered with so we can track how much money has been allocated to the project, which companies are involved, where the money is being spent and who in government is approving the spending, all while having this information accessible to the public without worrying of the information being tampered with or its authenticity.
These are just some of the wonderful and truly exciting innovations that can be achieved with the blockchain and some of the innovations that are being implemented in the world of tech as we speak.
