There are other applications to Blockchain Technology than the high finance tables. These involve commonly used and availed facilities. Here’s how the adoption of blockchain technology benefits these industries.
Research and Development on the much-focussed blockchain technology has majorly circumscribed the financial sector. It is also safe to state contrapositively, that it is the financial sector that has reaped the most from the implementation of this technology.
Also Read: Blockchain Disruption in the Energy Sector
The reasons aren’t hard to gather. Looking back, blockchain technology was invented quite a while back but shot to fame only with the dramatic emergence of Bitcoin. Indeed the blockchain technology powers the Bitcoin transaction. Therefore, the technology was perceived as organically linked to Banking and other financial instruments. This, however, is not true, as the technology is as relevant and applicable to several other industries as it is to the financial sector. Also, the other industries have not been all that keen to make that massive shift to blockchain technology, citing the cost of implementation and operation.
Therefore, despite its immense potential, blockchain technology has remained under-utilized and ‘cast’ onto the finance frame. However, the technology pioneers have charted several thought-experiments on introducing blockchain to impact the real economy of the world. That is, by reaching the routine lives led by ordinary people of the world.
Raj Chowdhury, the founder and CEO of HashCash Consultants, a global blockchain development company points out, ‘ The potential of blockchain technology is not limited to the financial elements. It can be leveraged to convenience a wide variety of industries and even reach out to common people and their routine tasks.’
Blockchain technology is characterized by transparency, immutability, and accountability. This implies that blockchain services are not only cost-effective, efficient, and secure but are designed to remain incorruptible.
Among the varied applications of Blockchain technology, we harp on those that impact lives closer to base.
The primeval system of healthcare that plagues most developing and under-developed nations runs on unstructured health data. Keeping a record of the health history of the citizens is as essential as is the count of the population. Healthcare departments, facilitated by the government, need to implement a system of health cards that documents the individual’s health data. This data could be filed and linked to any national ID card. A simple ID should be able to reveal the entire health history of the individual. The collected data may be stored on a blockchain and information could be added by adding blocks to the chain. This procedure can help deliver a higher quality of treatment and also save time.
Blocks of data are added with time to the health history chains. Given the structure of the blockchains, these blocks can be parallelly linked to the income data. The system of health cards may be linked to the insurance domain whereby benefits can be channeled by navigating the chains into the income records. Grants or insurance facilities may be enabled for a section of people based on Income-proofs.
Thus, the blockchain offers the most feasible solution to a staggering healthcare system of economically struggling countries.
Similar strategies may be extended, with particular modifications, to facilitate the crop insurance and insurance of other crucial assets.
Supply chain is yet another sector ridden with multiple setbacks. The obsolete system is incapable of catering to the increasing demands of the day. The bottlenecks of the communication route are a major deterrent to a smooth delivery system. Certain industries are perennially under the threat of fraud and counterfeiting.
Blockchain-based systems are capable of singularly addressing these odds and ensuring a frictionless chain delivery system.
Frauds and counterfeit can be countered with secure multi-factor authentication protocols and traceability of the deliverables, both of which are at the helm of blockchain structure.
The mining industry, especially those of valuable minerals, is ridden with corruption and conflicts. The global consumers of valuables, such as gold, platinum, and diamond are increasingly aware of the damage and exploitation inflicted upon the environment and the locals. They want to ensure their purchases are sourced under humane conditions. However, the source of the diamonds cannot be determined by any laboratory tests.
Blockchain-based systems enable the provenance to reach people; blockchain traceability ensures accurate tracking of the mined sample and hence returns their exact source.
The Internet Sweep
A young population with the internet and smart devices can cause a revolution in any part of the world. Research reveals that nearly 1.4 million Africans possess cryptocurrencies. This offers a small window into the early adoption of blockchain technology and awareness of the store value of digital currencies.
This implies that internet connection and established infrastructure can usher the wave of progress, touching even the remotest parts of the world.
United Nations Conference on Trade and Development (UNCTAD) reports that unlike other technologies that eventually add to the already existing inequality, Blockchain is expected to be different and implementation of the concept can lead to sustainable developments.