The word ‘blockchain’ has been used in association with cryptocurrencies so much that one can be forgiven for thinking that is the only use case of the technology. However, the blockchain ecosystem is a much bigger, revolutionary technology which is poised to change our future! Blockchain systems are being used in many ways other than just being used for cryptocurrency transactions.
List of Innovative Use Cases of the Blockchain Technology:
Here’s a look at six innovative, alternative ways in which organizations are making use of this technology to improve their offerings:
Securing Identity
One of the most common forms of online-crimes is that of identity theft. This is something which has been getting increasingly common over the years. Considering that blockchain baseds systems are practically unhackable and very secure - a company, Civic, has now come up with a blockchain based platform to store all your important documents.
Your passport details, birth certificates, wedding registrations, insurance documents and various other similar documents can now be stored in a digital version, protected by cryptography. Identity theft is no longer a threat as these secured systems will only open on your command!
Cloud Storage
Another technology where blockchain based systems are likely to have an impact is that of data storage. The biggest problem with the existing cloud storage infrastructure is that it is a centralized network. Data that you store on a cloud platform can be hacked because the login details are stored with the cloud servers.
A decentralized, blockchain based system ensures that you remain in possession of your private key. Data that you have stored on the cloud remains on the system, but cannot be accessed by anyone other than you who is not in possession of the key. Such systems are already being developed by Filecoin, Peernova and a few other companies.
Tracking Donations
Corruption is rampant when it comes to money-matters. Large sums of money are often siphoned off by people with malicious intent. The donations sector is one such place where a lot of such activities happen. Money which is donated to the poor and the needy often ends up making the rich richer.
The United Nations recently deployed a blockchain based system which will help them track food and cash assistant that they send to Pakistan. Money went from the UN’s funds to the concerned agencies - and from them to the food vendors in the country. The food vendors confirmed with a receipt authenticating the transaction on the blockchain ledger! This way, the UN can keep better track of their money and make sure it is being utilized properly.
Preventing Forgery of Art
In the past, a number of scams and hacks have duped art buyers claiming to sell an original piece by an acclaimed painter. However, a blockchain based system is now being developed by Deloitte which will ensure that this no longer remains a concern for those buying pieces of art.
ArtTractive is a channel which has been created by the company which will share information between the buyers, galleries and sellers. Basically, it verifies the location and the ownership of the original piece, verifies the person who is selling it and finally the person who is buying it - helping prevent fraud in the name of art!
The Music Industry
The music industry is one which can benefit a lot from the blockchain technology. One of the biggest problems that continues to plague artists and record labels is related to royalty issues and ownership rights. A blockchain based system can help the music industry create a database of ownership rights.
This system can ensure real-time transmission of artist royalties with the use of digital payments! Reportedly this is a project which is currently underway. This is likely to be of great use to the music industry - helping artists get appropriate royalties.
Securing election ballots
The 2016 US elections had a lot of controversy involved. While the controversy is still going on, a team of developers has developed a blockchain based system which ensures that elections can no longer be rigged! This technology will ensure securing of election ballots from vote manipulation.
Basically, each voter will have a unique voter ID as well as a private key. Their votes remain anonymous on the blockchain ledger. Once the votes are counted, they can make use of the system to verify that their vote has been correctly counted. If there is any sort of vote manipulation that has been spotted, the blockchain will automatically reject the votes and alert the voters.
Supply Chain Management Systems
Anyone who has ever worked with the supply chain processes knows the biggest problem of the process is the lack of accountability! This is a major headache for companies which have to deal with a number of different suppliers.
Walmart is now working on a blockchain based supply chain management system which will monitor the movement of pork within China - helping verify contracts at each step of the supply chain.
Jewels and Precious Metals
Another industry that can benefit from a blockchain based system is that of jewels and precious metals. Diamonds - for instance are often counterfeited. Everledger is creating a system of identifying diamonds and verifying transactions from various owners. This helps the buyers know the genuineness of the diamond they are buying as well as who the previous owners were.
In addition to this, the diamond can also be insured and financed. This protects the users against fraud and is quite an innovative use of the blockchain technology.
The fishing and seafood industry: Know where your fish comes from!
When you think of the blockchain technology and its possible applications, the fishing and seafood industry is one name you may not think of. A UK based firm has now created a blockchain based system which allows tracking of fishes after they are fished. The fishing takes place in Indonesia. Each of these fish are put in batches and these batches are tagged with a unique ID.
The system shows all the details - ranging from the region where the fish was caught, how it was transported, who transported it - all the way till it finally reaches the customers in the US. This gives the end buyer complete information about the fish that they are about to eat!