Real-World Blockchain Applications: Part 2
Updated: Aug 11, 2022
This blog is part 2 of real-world blockchain applications, and there's so much more to this incredible technology than simply Bitcoin or the other top cryptocurrencies. The number of ways blockchain technology will change our lives is astounding and truly impressive, making for a fairer, more equitable planet for everyone. Now, who doesn't want that?!
For the last two years, healthcare has been a hot topic for many reasons. Blockchain technology lets healthcare providers securely store all patients' medical records and know they won't be tampered with or counterfeited. When a medical history is created and signed, it will enter the blockchain, producing proof and confirming that the record is accurate.
Anyone who had the great pleasure of heading to their local Record's Office knows that recording property rights is incredibly slow and cumbersome. Today, things are a bit different. No longer is a physical deed sent over to a government worker at the recording office, manually entered into the country's extensive property database and general index.
What changes when blockchain enters the picture is that this tediousness of recording each piece of information by a few people isn't necessary; all records enter onto a vast computer network. There is no more potential for human error or time-consuming tasks that no one wants to do; the blockchain takes care of everything.
Smart contracts use computer code on the blockchain. That code verifies the contract agreement and releases the funds when a deal is complete. Users agree to a list of conditions beforehand that the smart contract operates under, ensuring less need for time spent arguing in a courtroom.
A great example is that you and the landlord sign an intelligent contract agreeing to specific terms if you decide to rent an apartment. You pay your security deposit, and the landlord says they will replace the front door. The time to pay your rent comes around, but the landlord hasn't fulfilled their side of the deal, so the smart contract won't release the money because they haven't done what they promised.
Improved Supply Chains
There's a lot of chatter about how congested supply chains are across the globe. This congestion wouldn't be an issue once blockchain is here for good. It'll easily record and keep track of goods and materials moving from one spot to another. From the time the raw materials are gathered to manufacturing and shipping, there will be a clear history of where it's been and the following drop-off location.
Another hot issue is voting. Blockchain will help ensure that all voting processes are kept secure and that democracy is maintained. Modern voting systems of the future could efficiently all be run on the blockchain, mainly because all records can't be tampered and or altered in any, perfect for secure voting.
A second benefit is that it's entirely transparent, meaning everyone can see what's happening. No person would have the chance to commit fraud or recount, ensuring a sense of trust is maintained.
Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.