The first iteration of blockchain came in the shape of Bitcoin in 2009, and it solved the problem of double spending, in which digital currencies are spent numerous times. Using digital cryptography, blockchain works by storing transactional data (changes) on a shared ledger. Once a transaction is made on a blockchain it can never be removed or altered. Cryptocurrencies aren’t the only use case for blockchain, as many industries are reaping the rewards – continue reading to find out more.
Medical Data Sharing
The healthcare industry relies on data to collate accurate patient files, but their infrastructures aren’t always secure, leaving them vulnerable to attacks. Using blockchain technology, medical facilities can store healthcare data on the ledger, which can never be disputed. Everyone involved has access to the patient file including the patient, doctors, and any other relevant blockchain members, which helps to improve transparency and allows patients to have more control of the information they share.
Real Estate
The world of real estate is built on thousands of contracts containing thousands of pages, which has become increasingly tedious on the back of new government regulations. Fortunately, thanks to smart contracts operating on blockchain, real estate transactions can easily be verified, making ownership transfers much easier. As well as saving time, blockchain technology saves money within real estate, making it a win-win.
Financial Exchange
The only way to invest in cryptocurrencies is to open a digital wallet and use an exchange, which comes centralized or decentralized. A centralized exchange (CEX), like okx, offers transfers between crypto and fiat currencies, whereas decentralized exchanges (DEX) only allow trade between cryptocurrencies.
The reason that DEX works so well is that investors have greater control over their assets because there’s no middleman involvement. Additionally, there’s zero need to share personal details, making investors feel more secure when dealing with cryptocurrency. However, regardless of the benefits of blockchain for exchanges, CEX will play a part to facilitate fiat currency trades.
Artist Royalties
When digital files are shared over the internet, the creator doesn’t always benefit financially. Using blockchain technology, efforts can be made to reduce instances of piracy, given its sole reason for being invented was to prevent files from existing in more than one place. Blockchain can also be used on streaming services to track playbacks and ensure creators receive the royalties they deserve.
Voting
Voting is supposed to be a fair system, but that doesn’t stop people from attempting to break it by voting twice. If blockchain technology can be accepted and used to store the personal data of all eligible voters, nobody would physically be able to vote twice or tamper with votes. As well as vote count security, blockchain technology has the capacity to make the voting system more accessible by allowing voters to cast votes on their smartphones.
Blockchain technology has only been around for 13 years, making it a baby in the tech world. The uses outlined above show that blockchain has the potential to revolutionize the world, but we’re a long way off before seeing mass adoption and acceptance.