Understanding Blockchain: Real-world Applications
January 3, 2018
Blockchain is not only about bitcoin or cryptocurrency. The ability to store data in ledger, with extra security and decentralization nature, the application of blockchain is limitless. You may know about the use of blockchain in the financial industry. But do you know that we can also use blockchain technology in supply chain management, government, healthcare, and even energy? Here are several examples of blockchain application in cross industries:
Blockchain for Supply Chain Management
By using blockchain in supply chain management, we can store transactions in decentralized record while securely and transparently monitor them. It will reduce time, cost, labor, waste, and emission at each point of supply chain activity. Then, we can also verify the authenticity or any status from any given products. With blockchain technology, we can track the origin of the products delivered.
Blockchain for Government
Government systems are often slow, opaques and prone to corruption. With blockchain technology, government can increase efficiency and transparency, as well as reduce bureaucracy. It can also improve security because important and sensitive data are stored in a decentralized, safer database. This idea will be implemented in Dubai as the government is planning to store all their government-related documents to blockchain by 2020.
Blockchain for Healthcare
Similar with government, healthcare has tons of sensitive data, particularly the patient’s medical record. Storing them to decentralized blockchain ledger will give them a more secure storage. The hospital can easily create key to access those data and give the key to certain doctors, authorized professionals, and the patient. With blockchain technology, doctor can access patient data quicker and safer, which eventually increase accuracy and speed of diagnosis as well as reduce cost for not having to print their patient medical record.
Blockchain for Energy
For a very long time, energy has been always a centralized industry. It means it must go through public grid before we can buy the electricity, for example. However, with smart contract (one of the blockchain application), we can create peer-to-peer energy solution to enable people buy electricity directly from electricity producers. Blockchain ledger will store the ownership of energy and also its transaction history.
As you can see, there are many more possibilities to use blockchain in the real-world application. Aside from mentioned above, blockchain technology can also be used as claim processing in the insurance industry, asset management, money lending, database, smart contract, music industry, tokenization, and many more. All for the same purpose: makes our life simpler. And if you want to know more on how blockchain could revolutionize all industry in 2018 you may sign up to CTI IT Infrastructure Summit 2018 and meet the expert there.