The blockchain has been all over the news lately, with almost every major company exploring ways to leverage the technology in their business models. Despite its sudden popularity, many people still don’t understand what it does or how it works. In this article, we’ll take a look at five real ways that blockchain technology is changing the world.
Food Safety
Blockchain is a decentralized record-keeping system that runs on a network of computers all over the world. Food safety and blockchain go hand in hand. Blockchain has several benefits, including its ability to record and verify information more quickly and securely than existing options, making this technology ideal to track food items from production through distribution. When a major food poisoning outbreak happens, people turn to blockchain for a better solution. An example of this in action is if there was a case of EColioutbreak in an area that can not only be traced back to the grocery store that it was purchased from, it can also be traced back to what farm it came from and every other pallet of that food that came from that batch so other grocery stores can take the affected food off the shelves.
Telehealth
Thanks to blockchain, it’s only a matter of time before your in-person doctor’s appointment is replaced by an app. While that may seem like science fiction, it’s already happening. As more consumers embrace digital-only solutions for everything from shopping to dating, telehealth (or virtual healthcare) will change how healthcare providers serve their patients. This innovative solution will make doctors more accessible and give patients greater control over their health care decisions—all without having to visit an office or hospital room.
Healthcare Data Sharing
Distributed ledgers (public blockchains) can help share access to healthcare data. Multiple sources of data often kept in silos, are now being pulled together to create one view of an individual’s health history. Blockchains enable all parties that would normally require access to a patient’s health data (doctors, specialists, pharmacists, etc.) to be able to validate transactions without requiring permission from each other first.
Online Voting
Voting is another important example of blockchain technology at its best. This online voting platform allows anyone to vote on any issue anonymously and securely with their mobile phone, which means that you’ll have a record of votes that can’t be tampered with or fabricated. Blockchain technology also facilitates peer-to-peer voting, so users can quickly verify results from polls they have participated in themselves.
Process Money Transfers
Banks move millions of dollars every day via SWIFT, which is an old system that takes several days to process. With blockchain technology, these transactions take minutes to complete at a fraction of today’s cost. This is just one example of how blockchain has changed global finance with the power of decentralized finance lending. Any business that processes payments or works with suppliers can potentially benefit from implementing blockchain.
Decentralized Financial Loans
Similar to transferring money through a bank vs. blockchain, blockchain enables decentralized finance loans. Prior to blockchain, loans were typically secured through one bank or through funding from partners all going through one broker or bank system. However, with blockchain technology, decentralized finance lending is possible. For example, through platforms online, people can loan cryptocurrency without a broker or bank. This makes it easier for people to get access to funding, as needed. Blockchain technology started in the digital world, but it has had an enormous impact on the physical world since its inception. Decentralized Keep this guide to blockchain uses in mind as you learn more about this tech.