In 2009, blockchain technology saw its first practical use with the introduction of Bitcoin. Since then, businesspeople from a range of sectors have started to investigate the possibilities of the technology. Video games, digital identity verification, supply chain monitoring, and health record management are just a few of the industries that are starting to use private blockchain technology.
The ability of Ethereum and other private blockchain solutions to store and execute computer code has multiplied the number of use cases for this innovative technology.
What is Blockchain?
Blockchains are distributed record-keeping systems stored on decentralized digital ledgers using hash encryption technology, in which each block (transaction data, previous hash and subsequent hash of subsequent block) are connected using hashes - encrypted keys designed to maintain linear order within their blocks' chains or linear order.
Every transaction involving assets, currency or shares undergoes verification before being assembled into a block and secured with hashes of previous and subsequent blocks. Stuart Haber and Scott Stornetta came up with this concept back in 1991 before Satoshi Nakamoto put it into use using peer-to-peer network architecture on his cryptocurrency platform in 2008.
Blockchain in Real Estate
Problem
As populations worldwide expand, land demand also increases exponentially - something the real estate sector closely manages. Unfortunately, conventional recording techniques often prove futile in this market and hinder progress; there are various record keeping practices across businesses which range from paper records to digitally stored information.
Real estate industry players face several issues related to ineffective record storage that compromise their asset movement and trading processes, increasing chances of mistakes across agencies as well as raising operating costs as a result of ineffective record keeping practices. Implementation of blockchain technology may help minimize such issues while further expanding a steadily expanding real estate sector.
Solution
Introduction to blockchain promises to revolutionize recordkeeping, funding and organizational asset management to the benefit of society as a whole. Digitized real estate documents like deeds and land titles will streamline open recordkeeping practices while increasing efficiency by offering instantaneous access to important papers while creating an unchangeable ledger that builds greater trust between businesses.
Tokenization--the practice of assigning assets to tokens--when combined with increased organizational trust will make real estate asset management much simpler. Blockchain's decentralized nature enables fast and legitimate land title transfers as well as settlement agreements for asset transfers between ownerships.
Blockchain in Supply Chain Management
Problem
Logistics management can be challenging and lead to improper handling of goods, ineffective operations and messy trading settlements. Supply chain management provides plenty of room for error as its eight modular components - planning information source inventory production location transportation return of products - may result in miscommunication errors that lead to poor management decisions and mishandled cargo shipments.
Due to all of its moving parts, it may be challenging to quickly and accurately identify what caused an error - this may result in negative impacts for consumer products or business finances - making effective integration difficult to accomplish without using a blockchain system.
Solution
Positive, definitive findings could be achieved through reconstructing product information and data storage with the expanded capabilities of a blockchain system. As opposed to its ability to address conflicts from their origination point, blockchain solutions would instead save specific product data such as product identification, shelf life information and delivery location and time, helping management detect any other flaws in its physical counterpart. When combined with increased product transparency across supply chain management systems a blockchain-based logistics solution ensures safe tracking.
Blockchain in Digital Identity
Problem
Positive, definitive findings could be achieved through reconstructing product information and data storage with the expanded capabilities of a blockchain system. As opposed to its ability to address conflicts from their origination point, blockchain solutions would instead save specific product data such as product identification, shelf life information and delivery location and time, helping management detect any other flaws in its physical counterpart. When combined with increased product transparency across supply chain management systems a blockchain-based logistics solution ensures safe tracking.
Solution
People can more effectively protect their private data and revive the "personal" element of their identity online using blockchain technology. By creating a digital profile using this method, an individual may access and control what data is shared among businesses online using peer-to-peer transaction verification - for instance when sharing personal information between businesses via their personal profiles on blockchains. Not only can individuals maintain control over who can use and access it online between businesses but they can also track whereabouts it goes and who may view it at any given moment.
Read More: Unlocking the Potential: How Blockchain Development Solutions Can Revolutionize Your Business
Blockchain in Voting
Problem
Voting is essential to democracy as it allows voters to select individuals with the power to change our world. With each vote carrying such immense weight and significance, its significance must be carefully evaluated; especially given that 2018 saw one of its highest midterm voter turnout levels since 1914 (Source).
Solution
Voting ballots can currently be generated using various techniques, including punch cards, optical scanners, electronic systems and hybrid computer-paper systems. Each form of voting presents its own set of issues; collectively however they make voting inefficient. One way around this first security flaw would be for voters to register solely through blockchain voter registration software such as an application on their phone which will submit, validate and timestamptate their votes using its digital ledger technology.
Blockchain in Healthcare
Problem
At present, healthcare is struggling with becoming more collaborative and efficient due to ongoing battles for control of electronic medical or health records for commercial gain. Blockchain can combat such centralized data systems which prevent appropriate regulation and interoperability between various health institutions such as urgent care centers, hospitals and pharmacies - these efforts may make great strides forward toward providing universally effective assistance services in future years.
Solution
With blockchain technology's recent impact in the medical records industry, individuals may now share their medical identities easily anywhere without repetitive paperwork completion. A medical identity would provide increased security, efficiency and innovation and would include information about previous visits as well as blood tests for any person involved.
Blockchain technology serves as an example of this approach to data protection and patient privacy: it forbids authentication of false medical data while giving patients control over which details from their profile become public by the facility.
Blockchain in Banking and Finance
Problem
Finances and banking play an essential part of everyday life. From paying rent to buying produce at the market, our finances play a fundamental role. While customers might remain unaware of all that goes on behind the scenes when dealing with banks or fiat money systems.
Centralized banking systems present limited information availability, efficiency and security concerns; decentralized financial systems using blockchain technology offer greater openness, accessibility and supervision to counteract their restrictive nature and modernize an antiquated banking system.
Solution
Banks offer many payment methods, from cash and checks to credit/debit/loans and more, all requiring lengthy transaction processes to process. Decentralized systems offer an alternative, as they do not rely on intermediaries like banks do - providing consumers with direct access to financial data. This would eventually render decentralized banking systemsto unnecessary in terms of blockchain in everyday life of financial activities.
Blockchain financial users would enjoy full transparency over transactions with banks as intermediaries, decreasing any possible instances of incorrect payment charges or errors in billing charges. Being able to store assets securely on an encrypted blockchain network not only adds transparency but can significantly decrease fraudulent financial activities as well.
Blockchain in eSports and Sports
Problem
Esports is relatively young in terms of business activity; by comparison, sports have existed for centuries. Over seven years' time viewers on streaming services such as Twitch have steadily increased. And this upward trajectory looks set to continue.
While sports has had plenty of time to develop and learn how to manage money, regulations, and statistics, eSports remains in its infancy with various business models for different game types being tried out at this point. Both industries stand to benefit significantly from using blockchain technology more broadly to manage both scenes; we expect technical advances to manifest within five years.
Solution
Sports and electronic sports each have unique fan bases and management policies, but are managed similarly when it comes to resources and policies. Crowdfunding can be used as an invaluable asset in both industries - aiding campaign finance as well as organizational growth via initiatives, projects, or programs being established or approved through crowdfunding campaigns. Unfortunately however, middlemen such as sports tournament or league organizers who take a cut allocated back to clubs/organizations via middleman fees are sometimes an issue within crowdfunding programs in these respective industries.
Blockchain in Law
Problem
Legal is one of the many intricate sectors involving various constituents that contribute to its internal operations, with various constituents having different needs that must be managed effectively for it to function smoothly. Food regulations, land titles, criminal cases and law enforcement all fall under its purview - not an easy feat when managing such complex institutions as America's judiciary system is an example. Daily challenges related to legal affairs arise regardless of their area based upon what type of evaluation or representation may be necessary.
Solution
Legal systems place great value on accessibility and openness because every piece of information matters. In this regard, blockchain offers enhanced security features which allows it to store legal transcripts, ledgers and papers safely; additionally its peer-to-peer system enables instant sharing between customers, businesses and governments - not forgetting its unique ability for data encryption which protects all private information securely against loss.
Conclusion
Implementation of blockchain could transform our world drastically. With its efficient core made up of basic components, blockchain offers flexible methods of solving everyday challenges in multiple sectors simultaneously.
Blockchain technology holds great promise to open new possibilities of innovation across numerous industries. Its control over efficiency, transparency and encryption is invaluable - offering solutions to complex workplace issues with great ease.
