In 2017, the insurgence of cryptocurrencies was unparalleled. All this was thanks to blockchain technology.
The blockchain is a decentralized, distributed, and digital ledge behind the majority of virtual currencies and is responsible for logging transactions without any financial intermediary needed (i.e. a bank). Put simply, it’s a new (and extremely popular) way to transmit funds and to log information.
While the management of cryptocurrencies is the most well-known use for blockchain technology, it definitely isn’t the only one. Keep reading to learn some of the other ways to use blockchain technology, from monitoring supply changes to data sharing, and more.
1. Monitor a Supply Chain
When trying to monitor supply chains, the use of blockchain technology can be extremely beneficial. When paper-based trails are removed, businesses can easily find inefficiencies in their supply chain and locate various items, all in real time.
Additionally, with blockchain, businesses and consumers, too, can view how a product performed in a quality control situation as they moved from their initial location to the retailer.
2. Data Sharing
In November of 2017, cryptocurrency IOTA launched Data Marketplace (in beta version). This provided proof that blockchain was a viable option as a marketplace where unused data could be sold or shared. Because the majority of enterprise data remains unused, blockchain has the potential to serve as a type of intermediary for storing and moving the data to various industries.
This is a feature of blockchain technology that is still being developed and something that Smart block strategies can help any parties interested learn more about.
3. Royalty and Copyright Protection
With a world that has ever-expanding internet access, ownership and copyright laws on all types of content – including music – have become somewhat blurred. However, with blockchain technology being used, copyright laws can be improved significantly.
This can help ensure that the original creator or artist receives what they are due. Blockchain will also be able to provide transparent and real-time royalty distribution data to the creators of the content in question.
4. Digital Voting
Cases of voter fraud are still prevalent, but thanks to new technology – including blockchain – the cases are getting scarcer each year. However, in order to protect against this fraud, technology has to be used.
With blockchain, digital voting is possible, but completely transparent allowing regulators to know if there is anything changed within the network. It offers the benefits of digital voting with immutability to ensure each voter’s vote really counts.
5. Food Safety
Another pretty intriguing use for blockchain technology is in being able to trace the food on your plate to its origin. Because blockchain is considered immutable, you can trace how a food product is transported from where it is grown or created to the supermarket where it is purchased.
What is even more beneficial is if there is any type of food-borne illness, the use of blockchain can help find the source of the contaminant. This is going to be done at a rate that is much faster than methods that are currently used.
As you can see, the potential for blockchain technology is vast. The key is for those in the tech industry to continue learning about what it can do and harnessing the power it has to offer. By doing this, there is no limit to the possibilities or reach that this technology may have in the very near future.