If you’ve been involved in the crypto space for at least five minutes, you’re probably familiar with the term blockchain. Blockchain technology is basically the mitochondria, or powerhouse, of cryptocurrency. Any and all information pertaining to the particular crypto is verified, validated, and stored within a network of blocks that connect together via a digital chain.
While we only really hear about blockchain technology when crypto is involved, it can have several other use cases as well. Data is one of the most valuable assets we all possess. Imagine if we could utilize blockchain technology to store this data and ensure that it’s stored accurately without the worry of the information being altered by an outside party.
Well… we can! In this article, I’ll be going over my top 3 real-world applications of blockchain technology!
The healthcare system is probably one of the most highly secured database sectors we can find in the entire world. With privacy and security the biggest concern, blockchain technology would excel in flying colors within this industry. With a highly encrypted blockchain database, both healthcare providers and drug manufacturers can work hand-in-hand to ensure their care and products are up to standard with laws and procedures.
Major drug manufacturers and consumers alike would have the ability to track batch numbers and serial numbers from start to finish with blockchain technology. This could lead to a greater amount of trust from the consumer to the manufacturer, as well as would see the entire process unfold within the chain. Without being able to be altered or skewed, we, as consumers, know exactly what we are putting in our bodies and where it came from.
Hospitals and doctor’s offices can also use blockchain technology to store patient data, where the patient is given a specific key (similar to HiveSigner) to access their highly secured medical documents. This relinquishes the fear of tampered medical information and/or contaminated products. If a product is contaminated along the supply chain, it would be much easier to stop production of that particular product prior to it being released out into the market, avoiding the detrimental recalls we see today.
Gun violence is clearly becoming a greater issue as we move into the future… especially in the USA. Currently, there are more guns in circulation than actual inhabitants of America. This isn’t some hippy-dippy call to end the distribution of guns, but it definitely could be controlled utilizing a much better system.
Throwing away the archaic system of tracing guns back to their original owners via a large stack of paperwork could be a possibility with the implementation of blockchain technology. A transparent and unchangeable record of weapons manufacturing and purchasing has the potential to make it easier to track who exactly owns the firearm and where exactly it came from.
Of course, there are always going to be those criminals who purchase the weapon legally and then sell it off within the black market. Luckily, with blockchain technology, the weapon can be easily and accurately traced back to the original owner within seconds and both parties could be held accountable for their actions. This could be a worldwide, connected system of firearm manufacturing and sales, tracking each weapon produced and sold, regardless of the originating country.
We all love food… at least I hope we all do! At the very least, we all love food that’s safe to consume. Food safety is not only requested, but required by distributors to ensure that each product is safe for consumption. Have you heard the terminology “from farm to table”? Blockchain technology can ensure that we know exactly what we are eating, where it came from, and where it’s been throughout the distribution process.
This is probably one of my favorite applications of blockchain technology in a real-world setting. Imagine this - on each food product label, you have a QR code. This QR code links you to the blockchain network that coincides with whichever product you’re looking at. Within the network, you have access to immutable data telling you the story of where your food came from, where it went, and how it got to the shelf.
Similar to tracking contaminated drug products, this can be used to track down the main cause of food-borne illnesses. Implementing blockchain technology within the food industry would not only stop contaminated food from being distributed but also boost the trust within the consumer knowing this product is safe to consume every step of the distribution line. Plus… how fun would it be to see exactly where our food comes from?
Did you know that the carton of a dozen eggs sitting in your refrigerator could come from twelve different chickens from twelve different farms? Kind of weird to think about!
If you get the overall gist of implementing blockchain technology in real-world scenarios, it basically revolves around trust. Being surrounded by media sources, politicians, and corporations that aren’t exactly the most honest, it’s about time we start switching up our traditional methods into more secure, reliable ones.
Creating trust in a trustless environment is the task of blockchain technology. Its ability to remain secure, reliable, and transparent for all to see, makes the adoption of it a no-brainer in my opinion. Given that there are billions, even trillions, of money available from manufacturing and distribution companies around the world, money would definitely not be an issue.
In my eyes, the only reason for a company or organization not to utilize blockchain technology is because they are hiding something. It may be something small, it may be something big, but it should be made available for everyone to view!
How else do you view blockchain technology being utilized in a real-world setting?
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