13 June 2022
3 min read
With the advancement of applications of blockchain technology, the major sectors of the world market have highlighted the scope of development, this technology can bring to every domain. As common people, a brief outline of blockchain technology can give you insights into the evolution it is bringing in prime domains like finance, entertainment, etc. But if we go in-depth, we will find other underrated territories where blockchain is rapidly mutating the framework at its core. Here are a few of such domains:
As of now, healthcare institutions are unable to securely share data across platforms. But with the proper application of blockchain technology, healthcare institutions may get access to better data collaboration between providers without compromising data security and integrity. This change would bring out more accurate diagnoses, more effective treatments, and more cost-effective healthcare. Moreover, a blockchain-based credential verification system is being developed for physicians, to prove they’re licensed to operate in certain areas.
Additionally, blockchain provides real-time visibility into the supply chain, which empowers the system to quickly respond against supply disruptions, making it crucial to the distribution of vaccines and medicines during a pandemic.
Public service management, often bogged down by bureaucracy, is yet another domain where paper-based processing, fraudulent activities, and accountability between authorities can be streamlined with the application of blockchain technology.
Authentication of voters’ identity, secure record-keeping to track votes, and trusted tallies to determine the winner are crucial requirements in elections where blockchain tools could serve as a foundational infrastructure for casting, tracking, & counting votes, potentially ending the need for recounts by taking voter fraud and foul play off the table.
In law enforcement, blockchain’s distributed ledger gives many opportunities concerning gun ownership and usage. If information related to gun possession was logged and connected through blockchain, it would be simple to track where weapons came from in the event of unlawful use. Moreover, a distributed and hard-to-falsify record kept via blockchain could provide an added layer of security to the evidence-handling process to maintain the integrity of the chain of evidence in a police investigation. Also, police can get a heads up whenever an individual involves in suspicious financial activity when they would implement blockchain for flagging specific transaction patterns.
Retail & CPG
Blockchain technology can revolutionize e-commerce by minimizing transaction costs and strengthening transaction security. Many e-commerce giants are trying to develop and integrate decentralized blockchain utilities to connect manufacturers, brands, retailers, third-party sellers, content providers, and consumers, without an intermediary. Establishing a decentralized marketplace is in motion, which is designed to empower retailers by giving them total control over their retail space.
By using a decentralized ledger to record, store, and track data, blockchain will help to monitor the food supply chain and trace any contamination issue to its root. The food processor will be able to avoid sending harmful items to distributors, the retailer can cut down on or respond more quickly and effectively to recalls, and the consumer can trust that what they are buying is safe to consume.
Information & Communication
Telcos can hold their position by offering blockchain-based identity management services to the customers, which would enable customers to choose whether to permit telcos to share certain types of data with certain companies, using a tamper-proof mechanism like an access token. In exchange for their data, the customer may choose to get paid or receive a discount for using that company’s services. We can also notice several messaging platforms integrating blockchain and crypto-features into their apps to enhance user security and privacy.
The inefficiency of cloud services in launching IoT products, due to vast computational resources and data storage capacity, can be resolved using blockchain’s decentralized cloud services, more connectivity and security, and computational power. Cloud exchanges, based on blockchain and decentralization, are less vulnerable to fraudulent transactions and cyberattacks. Various people and organizations would be able to offer their computing resources, spurring competition and incentivizing fair pricing.
In the current web, establishing your true identity and no interoperability on your personal information used by company servers is a major concern. Blockchain technology would decentralize the system to allow certain trusted DAOs to issue credentials to users, who can use them to prove their identities to other organizations, enhancing personal privacy and streamlining the verification process.
This would also help in conducting background checks and verifying employment histories by HRs or authorities, as employment and criminal records stored in a blockchain ledger would be free from the possibility of falsification. Business accounting is also a major division that would benefit from the transparency provided by features of blockchain, like smart contracts and verifiable transactions.
With many more domains to cover, the emerging blockchain technology is still in its embryonic stage and with its growth in upcoming years, it is not an exaggeration to state that this technology will be the future of advancement in every terrain of the global market.