Industries using Blockchain besides Cryptocurrency
Blockchain is not only about Bitcoin and other cryptocurrencies. There are other sectors using blockchain besides cryptocurrency.
Blockchain is transforming industries, revolutionizing trust in different businesses and enhancing customer experience. Blockchain is a public ledger that automatically records, verify and share big volumes of data regardless of location through digital transactions. It operates through a decentralized platform which requires no central supervisor hence it is fraud-free. The usefulness of blockchain was proved by cryptocurrencies such as Bitcoin.
Despite the fact that it is mostly used in the financial sector, its application is not limited to the finance industry. Besides banks and startups, other industries can use blockchain technology as well. The following are examples of some of the industries that are currently using blockchain besides cryptocurrency.
Blockchain has changed the financial sector in the same way social media has changed the journalism industry. Across the world, many governments are using blockchain-based applications in different sectors of the government. When properly used, it can change many government activities.
For instance, blockchain can change the way systems are managed, revenue collection, voting, to mention just but a few. Around the world, many governments have adapted blockchain technology. Some of the governments using this technology include:
• United States of America
• United Arab Emirates
According to Amanda Brown, writing for Crypto-info.io, the government of Dubai wants to be the first government that is fully powered by blockchain by the year 2020. Apart from that, the government of Estonia has been using this technology since 2008 in various activities such as the registry.
Most companies that are providing cloud storage services are using centralized data servers. Centralized servers are very vulnerable to attacks by hackers. Blockchain can help change this scenario forever. Blockchain cloud storage forms a decentralized server which cannot be hacked.
There are several companies that are using blockchain to offer cloud storage. One such company is Protocol Labs which uses the Filecoin also known as “Airbnb for file storage.” This storage file is secure hence no data is likely to be lost or be easily attacked.
The education sector is likely to be changed forever by blockchain technology. Through this technology, student records, certificates, work experience among other things can be stored on the blockchain. In addition to that, blockchain can be used for the verification of the educational documents by third parties. Most importantly, this will give the students full control over their educational documents because of the high privacy of blockchain.
Currently, numerous universities around the world are already using the blockchain technology. Some of the famous top universities that are already using this technology include:
• The University of Nicosia – Cyprus
• The Open University – UK
• MIT’s Media Lab
The Real Estate Industry
The process of buying and selling a home involves a lot of paperwork. The blockchain is likely to change this scenario. With blockchain, all the process of buying and selling a home can become paperless. All the documents of ownership and transfer can be stored securely on the blockchain.
According to Piper Moretti, a licensed realtor, and CEO of Crypto Realty Group, blockchain can go a long way in eliminating the escrow process. “The technology can create smart contracts that release funding only when the conditions are met.” Most importantly, it will help do away with the middlemen and their high commission rates.
Another platform that is using blockchain technology to eliminate middlemen is Deedcoin. “Deedcoin's distributed architecture gives power back to homeowners and buyers by tokenizing the process and eliminating any middlemen, barring direct interactions between agents and customers.”
Over and over again, both in developed and developing countries rigging of election results is a common problem. Blockchain can help deal with this problem once and for all. With the help of blockchain, voter registration, identity verification and vote counting can be done using the blockchain.
Vote rigging can be stopped forever using blockchain. Only legit votes will be counted. This will eliminate the scenario of vote recounting and any drama associated with the voting process.
The health sector has been affected by numerous problems more especially the storage of medical records and data. The major challenges in the health sector are the loss of medical records, fraud, and error. This is significantly contributed to many squabbles between the medical providers and patients.
With blockchain, this can be a thing of the past. Blockchain will ensure secure storage of medical records, accuracy, safe and secure transfer of records between authorized persons. According to Ontology, a medical startup, “Blockchain will aid in the authorization and identification of people by making positive, multi-source identification a reality across all industries using the blockchain technology.”
The blockchain can be utilized to design a decentralized P2P ride-sharing app. The app will allow the driver and the customer to agree on the terms and conditions securely without a third party. The app can also allow the cab owner to pay for services such as parking fee among others. Some of the startups that are using this technology include La’Zooz and Arcade City.
According to Arcade City a ride startup, “Blockchain could inject new options into that dynamic: with a distributed ledger, drivers and riders could create a more user-driven, value-oriented marketplace.” All the transactions are regulated through the blockchain system. This also can allow drivers to build a client base of the regular customers and include any other services.
In conclusion, the list of industries given above is not the only ones that can use blockchain. The possible application of blockchain in different sectors is long. Some of the other industries that are using blockchain include the music industry, messaging app, supply chain management, insurance to mention just but a few. The application of blockchain in different industries increases security, efficiency, democracy, and operation of transactions. In the future, more and more industries are likely to discover how they can use blockchain in their business operations.