Innovative Uses of Blockchain in the Business World
Whether you’ve never heard about blockchain technology before or you’re a seasoned crypto investor, there are sure to be countless blockchain applications that you’re yet to come across. Blockchain technology has proven itself to be truly revolutionary in a plethora of different spheres. Some companies are using it to keep tabs on sensitive medical data, others are using it to ensure that shipping containers remain the right temperature. The uses for this technology are boundless, but this is our pick of some of the most innovative ones.
Demystifying Cryptocurrency and Blockchain Technology
Just a decade ago, there were very few people who’d even heard of cryptocurrency, but nowadays it’s part of the mainstream conversation. Everybody has something to say about it, you can find Gubba TV opinion on Bitcoin, as well as Elon Musk’s wild predictions about a $30 trillion investment into the market. Crypto makes headlines at least once a fortnight and generally, we all seem pretty well aware of it. However, far fewer people understand blockchain technology; the technology that makes cryptocurrencies possible.
Blockchain is the technology that enables the creation and trade of cryptocurrencies. It acts as a digital ledger that is used to make and keep a permanent record of all the transactions that take place. It keeps this information completely secure, whilst simultaneously allowing it to be viewed by anybody with a computer, anywhere in the world. As transactions are made, they are stored in small segments of data called blocks, these blocks are all linked to other blocks to create a chain, giving the technology its name. Cryptocurrencies utilize this technology to record all their financial transactions, in turn making it a safe, secure, and viable way to transmit funds. Though this is a brilliant use, there are a whole host of other uses for this pioneering tech.
Keeping Sensitive Health Information Safe
If there’s ever an innovative new technology then the healthcare system is very often one of the first sectors to jump on it and make it their own. This couldn’t be truer of blockchain technology, which has made its way into countless medical applications. One of the most useful is using blockchain’s ledger to store sensitive health information on patients. BurstIQ is a company that is doing this and at the same time inviting patients to improve their own information too. They can decide how their health data is used for them to receive more applicable and more personalized healthcare.
There are several other companies that are using blockchain to store medical records too. They have found that it helps to make the flow of information between patients and doctors more straightforward and reliable. Medicalchain and Patientory are both companies that operate in this field. They store patient’s data and make it available for all registered doctors to view. This means that if a patient is unable to see their usual doctor, then their quality of care doesn’t have to be compromised. With the current model, there can be hurdles to overcome because the stand-in doctor can’t access important parts of their records, such as their health insurance status. This slows down the process of the patient receiving the care that they need, but companies like Medicalchain and their use of blockchain technology remedy this problem.
Proving Identity Online and Off
Identity theft is a massive problem in America and when you combine this with the other tactics implemented by fraudsters, it becomes clear that the scamming landscape in the USA is bleak. It’s estimated that more than $8 billion was lost to fraud in 2022 alone, so if there was a way for blockchain technology to help avoid this, it would be welcomed with open arms. Well, it turns out that there is.
Civic is a blockchain-based enterprise that enables users to keep their ID safe, and businesses to verify people’s identity before doing business with them. Individuals can create a profile using Web3 to hold a digital copy of their ID card, alongside their crypto wallet if they have one. This means that their ID can be permanently backed up by other forms of identification, making it much harder for their identity to be stolen. Businesses can choose which ID they would like to accept as a way of verifying if somebody is using their own credit card to make payment.
Making Logistics Simpler
One of the things that blockchain clearly lends itself well to is logistics, in particular shipping and supply chains. This is the case because so many people need to be kept up to date with the same process, making a ledger that’s easy to view a really important asset. Oracle is a logistics company that has created a track and trace system for their supply chains. This system allows everybody who needs to be kept up to date access to the ledger, enabling people to quickly detect and correct any supply chain issues before they become larger problems.
Another logistics giant that has found a way to use blockchain technology is DHL. This company uses blockchain in its distribution process meaning that many of us will have used this technology without even realizing. Blockchain comes into its own when making and recording shipments, as the sender, destination, and every step along the way can be stored in the digital ledger. This digital record of stops helps to ensure that everybody receives their parcel safely and on time, and if they don’t there’s a record of exactly where the mishap took place.
