A lot of people think the use of blockchain is limited to cryptocurrency. This is because blockchain became popular with Bitcoin. However, the use of blockchain is not limited to cryptocurrency. It can be used across various sectors. This is why we will look at the potential of blockchain beyond cryptocurrency. Before we go into this in detail,. Let’s have an understanding of what blockchain is all about.
What is blockchain ?
Blockchain is a decentralized virtual ledger that keeps records of transactions across multiple computers. The record saved on a blockchain is transparent, secure and immutable.
Blockchain technology is used in cryptocurrency to store and confirm cryptocurrency trades. This is the technology that makes cryptocurrency transactions safe, transparent and immutable.
Now, what other potential of blockchain beyond cryptocurrency do we have? They are numerous. In fact, blockchain can be used in virtually all sectors. Let’s look at some of them
The potential of blockchain beyond cryptocurrency
1. Voting
The voting process can sometimes be manipulated, making the voting result unreliable and untransparent. This is one of the problems with operations carried out with a centralized system. However, this does not longer have to be a problem with blockchain technology. This is because this technology will make the voting process decentralized, transparent and immutable. The votes recorded can not be changed or hacked. This transparency ensures that even voters can track their votes. Since the results are there for everyone to see.
Aside from the fact that this technology will increase transparency and eliminate rigging, it will also reduce the amount of money that will be invested in conducting elections.
2. Healthcare
Blockchain technology offers a wide range of benefits to the healthcare system.
It is used in the healthcare sector to keep records of patients’ data securely, and manage the pharmaceutical supply chain.
This decentralized, transparent and immutable technology has contributed to improving the overall experience of the healthcare industry.
3. Defence
Blockchain technology can be adopted in the defense industry. One of the ways this technology could be useful is for tracking illegal arms. The blockchain technology can be used to create a global database that can not be altered. Once this is done, it’ll be possible to track arms from the manufacturer to the buyers. This is because the transaction is permanently recorded on the database. This way, it’ll be easy to track illegal weapons.
4. Supply chain management
Supply chain management is also one of the potentials of blockchain beyond cryptocurrency.
Blockchain technology can be used in supply chain management to track all transactions in a secure and transparent way. All records of transactions saved are permanent, promoting transparency.
5. Real estate
The real estate sector is one of the industries where blockchain technology can be beneficial. It allows for easier ownership and seamless transactions.
The immutability feature of the blockchain ensures that there is data integrity. Hence, this technology ensures that every transaction in real estate is secure and accessible to property sellers and buyers. This increases trust between parties and also reduces fraud.
5. Gaming
Blockchain technology is revolutionizing the gaming industry. The traditional centralized games are becoming more decentralized. This gives players full control over their in-game rewards and currencies. Today, the gaming industry has leveraged blockchain technology for the ownership and trading of NFTs. Players can now purchase in-game items using NFTs and cryptocurrencies, while they can also choose to trade them for real money or other cryptocurrencies. The technology gives players full control over their games with the decentralized system of blockchain.
Conclusion
Looking at the potentials of blockchain beyond cryptocurrency, we have seen that blockchain applications are not limited to cryptocurrency. This technology is transforming a lot of industries by promoting efficiency, transparency and security. The technology will continue to solve different problems and will be put to more innovative use in the future.
