The blockchain is an immutable ledger that records transactions in blocks, encrypts them and connects them in form of a never-ending chain. It is popularly known as the background technology of Bitcoin and Ethereum. Though the technology sounds simple on a superficial level it has many powerful applications. Just like maintaining a record of transactions blockchain can also be used to maintain records of data like patient history, shipment tracking, personal details etc. This allows for wide-scale uses of blockchain not only in the financial sector but also in other sectors like healthcare, logistics, government, real estate etc.
5 Non-Financial Uses Cases of Blockchain:
The internet is flooded with the financial applications of the blockchain. In this blog, we will analyze the non-financial applications of the blockchain technology. Here are top 5 applications of blockchain apart from banking, fiancé, and insurance:
1. Supply Chain Management:
In case of supply chain management, the record needs to be maintained of all the goods that have been added or removed from the inventory. Blockchain proves to be an optimal solution in this case as it allows the record of transactions to be maintained in the form of an immutable ledger. Each item of the supply chain can be added to the blockchain ledger. The USP of blockchain in supply chain management is that it will prevent any kind of change to the recorded transactions. Hence, there would be fewer chances of perjury.
Read More: How to raise funds for a blockchain app?
Each of us has a record of all the ailments and clinical procedures that we have gone through. Generally, when we approach a doctor we only provide basic details of the disease which we are currently suffering through. Hence doctors don’t usually have all the records that they might need to treat our illness better. These records may also contain information about any kind of allergies that we have or any previous treatment that might be relevant to our current medical condition. Blockchain can help create records of patients’ treatments and provide doctors with relevant information by bringing the entire information online. Since data would be encrypted it is much secure than directly storing the data over a cloud storage.
3. Identity Management:
Governments across the world maintain a record of the identity of their citizens. These may include social security numbers, passport, PAN Card details etc. Managing a record of each ID is a complex procedure and it is also unsafe to keep this data online. Blockchain can be a great alternative for traditional storage as it provides a ledger system that can be used to record any size of information. Since it is encrypted it will obviously be safer than storing the data over a hard drive or in traditional filing systems. It will be helpful for both the government and people as either party can easily gain access to the required information without any hassle.
Voting here can be used in either sense whether we talk about voting for elections or shareholders voting. In either of the case, it is a possibility that the actual data is tampered or manipulated by exploiting a vulnerability in the system. On the contrary, if blockchain is used to manage the same information we can create a much safer mechanism to manage the same task. Since in blockchain we use smart contracts the data would be immutable and the person cannot change his decision once he has given the vote.
5. Real Estate:
Real estate again involves managing a huge number of documents which may include personal details, lease information, rent, terms and conditions for using a property etc. Blockchain can prove to be an ideal solution in this case as it will help maintain all the documents in a synchronized manner. Real estate agreement may also involve timely payment of rent, cancellation of the right to ownership in case of a mortgage, loan clauses etc. Using smart contracts all these clauses of the agreement can be easily executed as soon as the requisite terms and conditions are met. This will help save a lot of time that is involved in court proceedings, leaving lawyers and judges for more complicated tasks.
If you have a blockchain project then feel free to get in touch. With an innovative approach to development, we at NewGenApps have developed deep expertise in new age technologies like IoT, Blockchain, Big Data etc. Feel free to get in touch for a consultation or POC.