Most people associate blockchain with Bitcoin, Ethereum, or some new cryptocurrency. While crypto may have brought blockchain to the limelight, the actual potential of this technology is much more than just digital currencies. Blockchain is slowly — and swiftly — changing the operational dynamics of entire sectors, providing unprecedented levels of transparency, security, and efficiency.
In this guide, we explore the marvels of blockchain technology in supply chain management, healthcare, real estate, digital identity, and even voting systems. You’ll learn about use cases, pros and cons of adopting blockchain, and the reason experts believe it can redefine the future of the economy.
Before exploring the cases, let’s define blockchain. Put simply, blockchain is a cross-cutting technology and it can be applied in almost every sector that requires an auditable and secure transaction of information. Blockchain technology facilitates the formation of a decentralized digital ledger that records transactions over multiple computers in such a way that retroactive alterations to the information are impossible to execute. Each record (or block) is associated with its predecessor, thus forming a chain of data – giving blockchain its name.
The revolutionary aspects of blockchain technology are its decentralization and immutability. No one person or entity governs the information linked to a blockchain network. Rather, it’s authenticated by a network of computers (nodes). Adding data to a blockchain is a complex process to edit later. Thus, blockchain is ideal for applications where trust, security, and transparency are important.
Bitcoin is the first application of blockchain technology, but it didn’t consume its full potential.
Cryptocurrencies utilize blockchain technology to facilitate peer-to-peer transactions without middle parties such as banks. But that’s barely the tip of the iceberg.
At its core, blockchain functions as a trust machine. It enables individuals, businesses, and even governments to exchange sensitive information and documents confidentially and transparently without requiring a central regulating authority. This concept is, in fact, what is driving its global adoption across multiple industries.
The global supply chain is massive and very complicated. From tracking inventory to logistics, goods often pass through dozens of hands before reaching their final destination. This leaves plenty of room for lack of accountability, fraud, and errors. This is where blockchain comes into play.
Supply chains are already being transformed by major corporations such as Maersk, IBM, and Walmart using blockchain technology. For example, Walmart is able to track its fresh produce and meats with the aid of IBM’s Food Trust blockchain system. Blockchain technology allows Walmart to trace a package of mangoes from farm to store in just 2.2 seconds compared to almost a week using traditional methods.
All participants in the supply chain can access product history and see it in real time
It’s difficult to counterfeit labels and data.
Companies are able to identify and isolate affected products swiftly in case of food safety emergencies.
As our most sensitive information, medical data needs to be secure and accurate, however, patient files are often stored in silos across clinics, hospitals, and insurance providers which is inefficient and dangerous.
This problem is resolved through blockchain, a decentralized and secure system for overseeing medical files. Privacy and security are ensured. Data can be freely shared and accessed by hospitals, doctors, and patients anytime.
One of the most digitally advanced nations, Estonia, uses blockchain to safeguard health records at a national level. Patients dictate who gets access to their data, and all modifications made are recorded in an unchangeable manner.
Hacking and data breaches become significantly more challenging with blockchain.
Medical histories can now be retrieved by doctors instantly and are always current, enabling access to comprehensive histories within seconds.
Less manual record keeping.
The process of buying or selling property involves a long and costly process of paperwork, exhaustive title searches, and the possibility of falling victim to fraud. Blockchain technology can reduce costs while making transactions quicker and more secure.
Using blockchain technology allows the digitization and storage of property titles on a blockchain ledger. This enables uneditable records which prevents tampering and allows for better transparency concerning ownership transfers.
The Swedish government has been piloting a blockchain-based land registry for improving property sales. The pilot program was able to reduce transaction times from several months to mere days.
The threat of identity theft continues to be one of the biggest issues today. Every year, millions of individuals lose a significant amount of money and suffer from privacy breaches due to stolen or misused personal information.
A blockchain-based self-sovereign identity system provides a solution to this issue by allowing users to have full control over their data. Instead of relying on companies that centralize identity, users are now able to securely store, share, and own their data on the blockchain.
Microsoft’s ION project is working on developing decentralized identities on the Bitcoin blockchain which allows users greater control over their data.
This is and continues to be a focal point of concern for many nations worldwide. The traditional methods of voting have their drawbacks, such as, being prone to manipulation, fraudulent activity, and inaccurate counting. Voting through blockchain technology is a new approach.
Blockchain voting gets rid of the fraudulent activities by recording votes in a secure and open manner. It is impossible to modify votes once they are cast, and anyone can confirm the total as accurate.
For instance, in 2019, Utah County in the USA conducted a small scale municipal election using blockchain technology, which allowed remote voters to securely cast their votes through a mobile application.
Certainly, not a silver bullet, blockchain technology suffers from numerous issues that limit widespread adoption:
Energy-heavy public blockchains, such as Bitcoin and Ethereum, are frequently touted for their slow transaction rates. Their high energy consumption is a critical concern.
Governments are still trying to find a middle ground between overly strict regulations and letting blockchain innovation thrive.
Blockchains aren’t integrated into businesses’ pre-existing systems. Migrating data from legacy systems can be difficult and costly.
Most people still associate blockchain solely with cryptocurrency, making it more difficult for businesses to communicate the technology’s benefits.
Even with the imposed obstacles, there is still a great amount of optimism. According to a survey conducted by Deloitte in 2023, over 75% of executives consider blockchain a top strategic priority. This caused major companies to start investing billions of dollars into its R&D.
There are new blockchains like Ethereum 2.0 and those that utilize proof-of-stake models that are designed to be more sustainable and scalable while addressing energy concerns. With time, industry experts predict that other sustainable and energy-efficient blockchains will join the market.
Experts expect that in the next decade, blockchain will be as common as the internet and will be integrated into daily activities such as grocery shopping, identity verification, and tax payments.
Blockchain technology began with Bitcoin, but that is no longer the case. Now, it is driving a worldwide shift toward better transparency, security, and efficiency in nearly every industry. From improved food safety and healthcare to elections and digital identities that we can fully control, the blockchain offers unparalleled solutions.
As we have seen, one important takeaway is that the blockchain revolution is indeed underway, and its vast potential is just beginning to be tapped.
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