7 Non-Cryptocurrency Uses Of Blockchain Technology
In a world of Hodl’ing and SEC regulations, does blockchain serve other purposes?
Are there non-cryptocurrency uses of the blockchain technology?
We have heard people throw blockchain around like some fancy word (Everyone seems to have a blockchain related word in their LinkedIn profile now), but does it get bigger than that.
Let’s get it moving!!
The bitcoin phenomena and other cryptocurrencies took the world by storm.
People began to see the need and wonders of a seamless payment system that breaks down all barriers.
While cryptocurrency is booming, not very many people paid attention to the blockchain, which is the technology on which bitcoin is built.
Beyond cryptocurrency, a blockchain or the blockchain is being used in many industries to help find a solution to some of the world’s most challenging problems.
NON-CRYPTOCURRENCY INDUSTRIES THAT USE BLOCKCHAIN
1. Supply Chain
The supply chain and logistics sector are one of the most important aspects of production. In the past, supply chain used to be simple because commerce is local but now, it’s getting complex and any break at a position could lead to disaster. The blockchain is being used by supermarkets to trace the source of items, which will include information on the processing, storage, and sell-by-date. Mining companies, manufacturers, and online stores are taking advantage of blockchain’s transparency to perfect their supply chain management.
2. Smart Contracts
3. Medical Recordkeeping
An individual’s medical record is gold. Currently, most medical establishments can’t completely guarantee that their patient’s medical records will not be breached. Also, billions of dollars are being lost every year due to medical identity theft. With the introduction of blockchain that will soon be a thing of the past. Medical records are being stored on distributed ledgers known as HyperLedger Composer, which is an umbrella project of open source blockchains. The patient’s record can be stored on this ledger and made accessible to the insurer, patient, healthcare provider, and government. The patient can have access to the records via their cellphones after being provided with a special password.
4. Encrypted Messaging
In the business world, people are now aware of the importance of end-to-end encryption to ensure their information is kept safe. Blockchain allows you to make use of encryption technology so that you won’t have to risk any breach of your private information. The receiver will have to enter a passphrase to access the data and that makes your communication safe.
The insurance industry has serious issues that have reduced their growth for decades now. Thanks to a blockchain or the blockchain, the industry is seeing new light. Insurance companies are using the blockchain technology to optimize internal processes, create new services for their clients, and improve on their products offering. Using the blockchain technology, the insurance company will be able to initiate risk prevention and fraud detection protocols. Blockchain will also improve on information sharing, lower costs, and build trust between the customers and the insurer.
6. Digital ID And Cybersecurity
Cybersecurity has become one of the biggest topics right now, thanks to hackers who have now improved on their game. Many companies now require an IT specialist that will ensure that their data is never breached and customer information is not compromised. To tackle this menace, security companies are exploring the capabilities of blockchain and providing blockchain as a service to help businesses find the best ways to secure their data. Blockchain cybersecurity methods are more effective because it’s traceable, offers decentralized storage, and eliminates human factor for authentication.
7. Influencer Marketing
Every business needs to get their products, goods, and services to the attention of their customers. That’s where the digital marketing journey begins. Currently, one of the best ways to do this is by making use of influencer marketers; people who have large followers on social media and will use their influence to get more people to know about what you’re offering. But influencer marketing is hard to measure as many advertisers don’t know if they are getting value or not. Blockchain offers technology based on tokens, where the impact of every influencer marketer is properly measured. It helps advertisers get better ROI and improves sales.
A blockchain or the blockchain is one of the most powerful technologies that will change the world, in the coming decades.
The argument for the future of blockchain has gone beyond the whims of bitcoin. Several Non-Cryptocurrency Uses Of Blockchain Technology will always emerge as the industry deepens and expands
Companies in different industries are already beginning to implement and utilize the technology to provide better and stronger suites of services for their customers.
You can always do your digital marketing research and see how blockchain can fit in(if it saves cost and tome)
Don’t get caught sitting by the sidelines
Written by Demi Oye