Blockchain Beyond Cryptocurrency: Applications in Technology Services

Blockchain technology is famous for its immutability or resilience to unauthorized modifications. It has gained momentum across banking, contract drafting, healthcare, and governance operations. However, several stakeholders think cryptocurrency is the extent of this tech innovation’s practical usage. So, it is essential to increase awareness of its other industry applications. This post will present blockchain applications encompassing multiple industries besides the cryptocurrency sector. 

What is Blockchain Technology in Simple Terms? 

Blockchain technology involves decentralized database management, protection, updating, and record retrieval computing while leveraging advanced encryption algorithms. Each new block in a blockchain helps immediate validation by preserving referential data like the time of transactions across a network. 

Therefore, the entire network must provide permission and recognition if the blockchain requires updating. This approach enables technology services to develop, implement, and secure a reliable database management system (DBMS). 

The immutability due to the network-level consensus requirement makes blockchain technology ideal for financial, legal, clinical, and identity confirmation applications. After all, the hash in a block defines the valid sequence of new transactions based on previous blocks. Therefore, tampering with a blockchain is nearly impossible. 

Does the Blockchain Technology Have Applications Other than Cryptocurrency? 

Yes. Each cryptocurrency might rely on unique blockchain technology. Still, it is one of blockchain’s many real-life use cases. Consider how business process automation services assist manufacturing companies, retail stores, construction enterprises, and e-commerce startups. 

Likewise, the tech tools based on blocks and decentralized computing also empower financial institutions to prevent fraud. Hospitals and medical researchers can utilize blockchain to safeguard patients’ clinical history records. Moreover, governments, law firms, and security forces can make their e-governance assets resilient against document forging, identity theft, and unwarranted foreign surveillance. 

Examples of Blockchain Technology Use Cases 

1| Tamperproof Certification in Governance and Academia 

Many authorities issue national identity cards, social security numbers, tax IDs, birth certificates, and marriage registration facilities. However, malicious individuals attempt to manipulate the data on these documents to seek unfair advantages or mislead the administration. Blockchain technology helps municipalities, hospitals, universities, and banks make fake ID or certificate creation challenging. For instance, colleges can create permanent records of graduates’ performance and qualification evidence. 

2| Copyright Protections and Licensing for Creative Works 

Artists might benefit from social media and content publishing platforms in marketing and community-building. Nevertheless, they suffer from uncredited reproductions by other parties on the internet. Besides, specific websites offer commercial projects like movies and music albums for zero fee, letting their visitors engage in piracy and copyright infringement. 

Therefore, content streaming services have integrated encryption strategies to combat piracy. Creative professionals must find content publishing platforms relying on blockchain technology if they want to follow similar precautions. Furthermore, authors, designers, and performers can regulate the licensing of their works to others. 

3| Property Ownership, Transfer, and Lease Management 

Real estate agents and developers might leverage blockchains to map property buyers to purchased plots, flats, parking spaces, utilities, and township services. Consider a residential region that utilizes blockchain to determine monthly dues for residents’ consumption of available facilities. So, each family can monitor, settle, and audit all the living and maintenance expenses through consolidated records. 

If owners plan to sell their properties, blockchain technology creates appropriate and immutable modifications in records. Systems responsible for property tax collection, electricity charges, internet costs, parking fees, and water bills will automatically replace the old owners’ details with the buyer’s profile data. Similarly, owners and tenants can solidify their rent agreements via blockchain-based strategies. 

4| Courier, Shipping, and Pickup 

Blockchain-based programs will help the logistics and delivery businesses improve customer data integrity. If customers want to seek warranty benefits or lose receipts, blockchain will assist them in finding these records. Likewise, the senders can let the recipients confirm delivery metrics and store the same on the network for decades. 

Pickup service providers can store location, distance, and pricing data in blockchain while automating delivery management. Therefore, shipping and courier facilities can reduce employee workload. This advantage will let them process more requests per day. 

5| Genetic and Historical Treatment Data 

Each healthcare institution handles sensitive data on patients’ treatment and recovery outcomes. It must protect these medical records from illegitimate modifications. After all, falsifying laboratory test results or manipulating patient hospitalization data is rampant among insurance fraudsters. 

Simultaneously, individuals might receive unwanted attention or mistreatment if their clinical records become public. This risk is more severe in underdeveloped regions lacking literacy concerning rare disorders and non-contagious illnesses. However, customized blockchain technology serving the healthcare industry can reduce these threats. 

Brands Offering or Exploring Blockchain and Its Industry Applications 

1. Medicalchain utilizes healthcare-focused blockchain to preserve patients’ data. Accordingly, it lets labs, doctors, pharma firms, and insurance companies acquire consenting patients’ proof-backed records. 
2. Ubitquity.io optimizes blockchain technology for real estate investment, rental revenue, property title recording, and smart contracts. Meanwhile, its Ubiquity AI product empowers property owners to promote their assets and buyers to skim through desirable listings. 
3. Blockcerts.org is a promising project of Hyland and MIT Media Lab’s coordinated team effort. It is an open-source certification record keeper. Additionally, it leverages blockchain applications to store and provide tamperproof educational accomplishment documents. 
4. BurstIQ offers LifeGraph, a blockchain and automation platform, for healthcare data management. It also complies with the well-recognized health insurance portability and accountability act (HIPAA). 
5. Slync, Inc. maintains Slync Logistics Orchestration, a blockchain platform for retail, manufacturing, and supply chain management professionals. Its core stakeholders include shippers and carriers. Slync and the blockchain in transport alliance (BiTA) have collaborated since 28 March 2018. 

Conclusion 

The illustrated use cases prove that blockchain technology goes beyond cryptocurrencies or banking, financial services, and insurance (BFSI) enterprises. So, stakeholders in education, real estate, pharmaceuticals, transportation, entertainment, and e-governance can tap into it to benefit from decentralized computing. 

Consider FlexiDAO. According to Data Center Frontier, Google and Microsoft backed FlexiDAO’s carbon tracking and accountability platform in July 2022. Such projects explore blockchain’s relevance to real-time emissions monitoring and sustainable development goals. 

Today, ethical governments and private organizations will love to use similar applications to navigate “compliance reporting vs. on-ground implementation” discrepancies. Therefore, the world needs more discussions highlighting how blockchain can be eco-friendly. 

It can enhance electronic health records (EHRs), accelerate contract management, and prevent data-related fraudulent transactions. As researchers explore novel use cases, blockchain technology will keep unlocking robust solutions to modern business problems. 

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Created on Jan 4th 2024 07:45. Viewed 85 times.

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