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The head of Blockchain at World Economic Forum, Sheila Warren, said, “This Technology can solve the trust crisis.” You may never have invested in blockchain technology, but the buzz of Bitcoin cryptomania must have touched you thanks to its record breaking mentions since its launch in 2008. Its almost dreamlike to believe that the currency which was worth $1 in 2011, reached $19,783 in 2017.
You may not purchase this wavering cryptocurrency, but you have to appreciate the technology which underpins Bitcoin. To many, blockchain technology has even more promising applications in industries other than as cryptocurrency. From voting to the stock market, it is finding its way in every industry you can think of. No one wants to be left behind.
PwC’s Global Blockchain Survey of 2018 states that 84% of the organizations surveyed were in one way or the other dabbling with this technology. The number of professionals pursuing blockchain certification has also risen.
As blockchain tech creates auditable systems and rewires commerce, we explore how this tech is creating an industry around itself. Here are 10 blockchain industry applications beyond cryptocurrency.
- Supply Chain Management.
Blockchain creates transparency by offering traceability. It is effectively being used in Supply Chain Management, especially those sensitive to delivery timings such as food safety, to track the movement of goods from their origin to the final destination. This can bring about a new revolution in the production and distribution processes.
- Combating Fake News on Internet.
Numerous reports have suggested that public is losing trust in media due to the spur of fake news. Blockchain, with its traceable characteristics, is expected to make the internet media authentic by allowing for information verification and authentication. Blockchain technology can be leveraged to produce and distribute content on internet in an immutable and secure manner.
- Accounting.
Record keeping is one of the prime tasks in accounting. Blockchain can create a highly traceable audit trail, making it a god-send tech for those in accounting and auditing process.
- Stock market.
As Blockchain can validate and settle transactions in a matter of seconds, it is expected to be used in stock trading platforms to buy and sell stocks. For instance, it can revolutionize stop-loss orders wherein one is expected to sell an investor’s stocks if its price drops a certain range. Blockchain can automate this process while making the process swift and reducing the human-error.
- Voting.
Tampering during voting is one of the hottest issues during elections. Blockchain tech can authenticate the voting process and also be used to reach the passive citizens who don’t make it to the polls. It can make mobile voting a reality.
- Healthcare.
Medical recordkeeping and tracking medicines are expected to be some of the first usages of blockchain in healthcare industry. It can be used to store patients’ records and also track who gained access to them. In the same vein, drug makers are planning to employ this tech to track their products and kill leakages.
- Digital Identity.
How wonderful it would be if we could control our digital identities? And even more wonderful to have a digital identity like citizenship which would allow us to access benefits same as belonging to a territory does. Microsoft is creating just that via Authenticator Application. It could revolutionize the idea of global citizenship and empower refugees.
- Environment
WEF recently released its report on how blockchain can also be used to protect environment. It suggests using blockchain in automatic disaster preparedness and humanitarian relief. Also, harnessing it to transform carbon market by creating opportunities for carbon credit transactions. This can encourage countries to amplify efforts for environment protection.
- Law
The use of blockchain in smart documentation over paper-based trails can turn the tables for legal arena. Blockchain is immutable and at the same time is open. Legal professionals can use it to share documents without losing ownership. Blockchain technology is also expected to be used in law enforcement for chain-of-custody verification, criminal records accuracy, preventing evidence tampering, among other things.
- Cross-border Money Transfer.
As a part of its basic function, blockchain can enable safe payments across borders. It can especially be used by emerging economies to modernize and digitize their economy while maintaining trust.
Currency is not the only application for blockchain anymore. Industries are experimenting with this tech. It is expected to touch every aspect of our lives in the coming years. While this revolution is underway, interoperability and acceptance of the tech by more and more industries is the key to its success.
