Important Use Cases of Blockchain

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Neba G, a market analyst explains 5 major use cases of Blockchain technology on Quora by answering the question:

What are non-Bitcoin applications of blockchain technology?

 

1) Supply Chain Logistics

Blockchain is well suited for tasks such as tracking goods as they move and change hands in the supply chain. Blockchain opens up several options for companies transporting these goods. Entries on a blockchain can be used to queue up events/arrival of goods with a supply chain.

As moving containers often involves more than 30 different parties, including carriers, terminals, forwarders, haulers, shippers, drivers etc. This process results in hundreds of interactions between those parties, conducted through a mix of e-mail, phone, and fax.

Blockchain provides a new and dynamic means of organizing tracking data and putting it to use.

Skuchain offer solutions that utilize blockchain technology in supply chain management solutions.

2) Healthcare

One of the challenges hospitals face with regards to patient records is the lack of a secure platform to store and share data due to their use of outdated infrastructure and legacy systems. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis.

Apart from this, pharmacies and medical devices linked to a person’s health record can now be connected via Blockchain. Data uploaded from a device is all stored on a ‘healthcare’ blockchain that further appends the data on the patient’s record. Prescription drugs bought from pharmacies can also be recorded on this record so that there is a clear medical history of a patient without having to disclose any personal private information about the patient.

3) Real Estate

This is an industry where an average homeowner sells their home every 5-7 years while an average person will move to a new location nearly 12 times in their lifetime. To find information regarding propertylines, easements, covenants, conditions & restrictions (CC&Rs), agreements, resolutions, and ordinances is usually a time consuming and laborious process in which it’s easy to miss important information as well as to tamper with it.

Blockchain could help solve these problems. It would expedite home sales by quickly verifying finances, would reduce fraud thanks to its encryption, and would thereby offer transparency throughout the entire selling and purchasing process.

ATLANT – is developing a platform that uses blockchain technology to facilitate real estate and rental property transaction

4) Voting The US election 2016 was not the first instance where certain parties were accused of rigging election results. Democracies all over the globe have undergone some sort of election tampering either with the election booths being rigged, votes miscounted, fraudulent or fake identities being used to gain extra votes, voting systems being hacked etc.

Blockchain technology integration provides the very essence of a democratic government ie its fault-tolerant, every node with access can see the same result, you cannot alter or change a vote once submitted and every vote can be traced to its source while maintaining the voter’s anonymity. Blockchain can provide end to end verifiable voting systems where even if a ballot goes missing or is modified, it can be detected by any voter from any location before the election is over.

By capturing votes as transactions through blockchain, governments and voters would have a verifiable audit trail, ensuring no votes are changed or removed and no fraudulent votes are added.

5) Charities & Non-Profit Organisations

Major complaints from various charities & NPO’s revolve around inefficiency and corruption. Money being redirected away from people who actually need it, there is no proper trace of how the money once donated was used, inappropriate data sharing of funds donated to external parties etc. Due to which, pollshave indicated that the public trust in charitable organizations is at an all-time low.

Using blockchain integration, donations can be tracked at every stage and cannot be altered or tampered with. Furthermore, blockchain tech could help these organizations to distribute their funds more efficiently, manage their resources better, and enhance their tracking capabilities.

This ensures that the public will know exactly how charities are using their money at every stage. This is will invariably help build back the trust of charitable organizations in the eyes of the public.

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