Blockchain technology and the exponential growth of cryptocurrency have undoubtedly changed the face of finance forever. But, while crypto will probably always be the first thing people think of when considering blockchain, you should know that it can be used for a wide range of additional applications and functions.
Whether you want to know how to use blockchain, understanding blockchain beyond crypto is essential. Here are some examples that underline the potential of blockchain - today and in the future.
Virtually everyone living in the developed world has a medical record on file, and it holds some of the most sensitive personal information available. While most healthcare companies now store your data digitally, these high-profile breaches highlight the vulnerabilities.
MedRec has shown the potential of blockchain beyond crypto by building a robust medical records solution that utilizes blockchain technology. The encrypted nature of data and the fact that systems check blockchain addresses prevent any threat of hacking or miscommunication between systems. Meanwhile, the automation properties allow for instant data transfers on medical records.
The decentralized solution subsequently serves the best interests of patients, the treatment community, and medical researchers.
While traditional taxi firms are far from obsolete, the ride-hailing industry has changed dramatically since the development of services like Uber and Lyft. Arcade City looks to put the control in a passenger’s hands like never before by removing the middleman and offering a peer-to-peer rideshare service.
The service is built on the framework of the Ethereum platform and is ultimately designed to support drivers as well as passengers. Drivers can work with autonomy in better driving conditions while all parties know that payments will be sent through the decentralized systems via automated smart contracts. All data is encrypted and decentralized, providing greater protection against account fraud, while unique blockchain addresses aid the cause too.
In short, the process of hailing a taxi service may never be the same again.
The Internet of Things (IoT) is another hugely important tech breakthrough of recent years, with devices interacting with each other to provide a seamless device management strategy. One of the big issues that comes with this relates to documentation. Chronicled uses blockchain tech, along with IoT, mobile applications, NFC, and Bluetooth, to provide a better solution.
Chronicled secures data and records via blockchain technologies. This can cover documentation, supply chain information, and various other data sets. The secured, decentralized data creates a safer digital environment while it also sets standardized protocols that are automated to speed up the processes. Database registries are interoperable too, meaning interactions can occur between different blockchain features in much the same way crypto can be exchanged against real-world currencies.
The technology is primarily used for consumer goods and devices, but there could be room for expansion in the years to come.
The United Nations World Food Programme (WFP) originally tested the waters in 2017 by raising funds for refugees in Syria. Cryptocurrency-based vouchers were handed out to beneficiaries who could trade them at participating markets. It worked well with donors raising funds for thousands of families who could buy much-needed foods with the proceeds. The tech was built by Parity Technologies and used the blockchain framework to show that the world of capital fundraising could be on the verge of a significant shift. As well as charitable actions, this could become the norm for business capital raising.
While the charitable operation does require a facilitator to hand out the vouchers, the technology itself remains a peer-to-peer system, removing any interest fees or charges from the middleman. This gives donors the peace of mind of knowing that 100% of their donations will go to the intended beneficiaries. Moreover, instant transactions promote a better venture.
The blockchain tech solution also avoids the need for proof of address and other personal data, which increases accessibility for all parties.
Digital voting is the norm in many countries, but the technologies used for this process are a little outdated and vulnerable. Therefore, the threat of cyber attacks looms large. Even when illegal activities do not occur, it often becomes a point of political contest and conspiracy theories. Follow My Vote is a blockchain solution that aims to put an end to those issues.
The open-source voting technologies allow votes to be followed and verified from end to end, providing a level of transparency that removes any concerns over illegitimate activities. Crucially, voter privacy is maintained due to the blockchain addresses and encryption. As such, a private and accurate service is guaranteed while speeds of vote counting are improved too.
It is widely anticipated that the blockchain system will become the standardized practice for future votes.
As mentioned, cryptocurrency remains the central focus of blockchain, at least from a consumer’s perspective. Blockchain creates the perfect DEFI environment in which tokens can represent digital coins, real-world currencies, and physical assets alike. They can be held, sent, or received.
Furthermore, blockchain enthusiasts can ‘work’ for remuneration in the form of Bitcoin tokens. At the same time, it is also highly likely that a growing number of financial matters will find their way to the blockchain arena.
Blockchain already plays a key role in finance. And its presence in daily life is only set to grow, just as the above cases show.