Ever since their introduction, Blockchain and cryptocurrency go hand-in-hand. The Blockchain concept is complex, and involves an ever-growing database of records, saved in blocks that are linked to each other and are cryptographically secured.
Since the first cryptocurrency had a major role in introducing the potential of Blockchain, the use cases and benefits of the digital ledger is always imagined with cryptocurrency. However, cryptocurrency is not the only powerful use case of Blockchain. Here are 5 sectors, other than finance where Blockchain is causing disruption without involvement of cryptocurrency.
1. Cybersecurity
With rising dependency of businesses and individuals on internet and technology, there are new gaps and opportunities for hackers to exploit. There is a lot of data online and cyber criminals make continuous efforts to monetize on this data ( which includes, but is not limited to health records, personal identifiable information (PFI), financial info, intellectual property etc.).
On internet, Blockchain enhances the trust issues between counterparties. Since it is a distributed database, the information on it is stored in the form of large databases on blocks. Any communication between the parties is verified through advanced cryptographic systems. This means that data routes through defined channels, without any intervention. Since there is no human interaction, there are reduced chances of data theft, corruption, hacking, or human errors.
2. Shared Economy
Shared economy (also known as On-Demand economy) seems to making the most of Blockchain. Uber, AirBnB,InstaCart are some of the examples of centralized business models. By introducing Blockchain to the shared economy, businesses are willing to bring transparency and reduce the overall cost involved by eliminating the middlemen involved. By allowing peer-to-peer communication, around 20-30% of transaction fees associated with centralized platforms can be curbed down. Origin Protocol, CAnYA, Bee Token are a few businesses that are utilizing the power of Blockchain to reduce cost and speed up processes by eliminating intermediaries.
3. Healthcare
There are some innovative ways Blockchain is poised to manage and secure the digital health system. For example:
- Personal health record of patients can be stored on Blockchain with a private key. This will give PHI access only to specific individuals.
- The same strategy can be applied to ascertain that healthcare researches are conducted following HIPPA laws (protecting participant’s data from unauthorized use or being shared with third party without patient’s consent).
- Surgery receipts can be stored on Blockchain and automatically sent to the insurance providers as a proof-of-delivery.
- For general healthcare management like supervising drugs, healthcare supply management, testing results etc., the Blockchain leader can be utilized.
4. Identity Management
Blockchain protects an individual’s identity by encrypting and securing it against spammers and marketing schemes. An individual has an array of identification proof, ranging from driver license to identity cards, social security ID etc. Unlike these physical form of IDs, Blockchain is a digital ID that holds the power to replace rest of the identity proofs.
5. Elections and Voting
Voting manipulation is one of the major concerns during elections. For authenticating voters’ identity, maintaining a record, vote tracking, and win tallying, the Blockchain ledger can be used. Since it will eliminate human intermediaries, manipulation and fraud-free voting is a possibility today. Each vote in the process acts as a transaction wherein the responsible entities can verify votes and ensures that no manipulation is being done with the votes and voting system.
Have a Blockchain idea that can cause disruption? Share with us in the comments below or contact our Blockchain expert for its implementation help.
