I’m going to explain 7 blockchain use cases by industry that will transform your everyday
life. And we’re starting right now.
Even though blockchain technology came to existence with Bitcoin, blockchain has a far-reaching
potential outside of cryptocurrency. Basically, blockchain is a shared database that allows
multiple parties to access data and verify that data in real time. It can transform the
way we do things in numerous industries, including the following:
1. Government Blockchain can benefit governments around
the world in three ways:
Digital Voting Blockchain technology can help us ensure that
the voting processes for elections can happen securely with transparently.
Each vote would be attributed to one ID, and with the ability to create a fake ID being
near impossible, government officials could count votes immediately as they are submitted.
That means, you can find out who won an important election in as soon as an hour or two after
polls close instead of a few days in some cases.
FollowMyVote is a great example of a start-up that uses blockchain technology to enable
a transparent online voting platform.
But no matter how secure and transparent an election is, some people are bound to be unsatisfied
with the process.
Transparent Budgeting According to the Corruption Perceptions Index
provided by transparency.org, two-thirds of countries are considered highly corrupt. Blockchain
technology can make budgeting decisions highly transparent in a government to reduce corruption
and waste.
Record Management National, state, and local governments are
responsible for maintaining individuals' records such as birth and death dates, marital statuses,
property transfers, and passports. Blockchain technology could dramatically simplify this
recordkeeping and make the data far more secure.
2. Healthcare A major problem in the healthcare industry
is that medical practitioners such as doctors and nurses lack a clear and complete understanding
of each patient’s medical history. That’s because medical records are placed in company
databases that are separated from each other. This hinders their ability to provide effective
healthcare solutions.
We can share medical records on a blockchain that would allow multiple healthcare companies
to access that data in real time. Those medical records can include prescriptions, past doctor
visits, past surgeries, medical conditions, and so on. Not only that, but this data would
be secured.
In theory, none of this stored information would be able to specifically identify any
particular patient. A patient would need to grant permission to a medical practitioner
to have their full medical history or part of that medical history temporarily viewable
for a specific reason.
3. Media and Entertainment There are three major applications I’ll
cover.
General Media Media companies are already using blockchain
technology to eliminate fraud, reduce costs, and protect their Intellectual property. According
to MarketWatch, the global market for blockchain in media and entertainment is estimated to
reach $1.5 billion by 2024.
Fan-to-artist direct payments If music streaming companies like Spotify
connect their apps to blockchains, they can ensure that when songs are streamed, artists
are compensated immediately and transparently.
Ticketing Show organizers often have the problem of
not having access to their customers’ data. Blockchains can provide complete visibility
of ticket information to all involved parties, which would result in more customized and
relevant experiences for customers.
4. Real Estate The average homeowner sells his or her home
every five to seven years, and the average person will move nearly 12 times during their
lifetime. Blockchain would expedite home sales by quickly verifying finances, reducing paperwork,
reducing fraud thanks to its encryption, and offering transparency throughout the entire
selling and purchasing process.
5. Supply Chain Management Blockchain technology can provide real-time
tracking of products as they move through each stage and location of a supply chain.
It also enables multiple parties including retailers, suppliers, and customers to access
this data as needed from one decentralized database that isn’t controlled by only one
company.
6. Finance Here are a couple of blockchain applications
under Finance.
When it comes to investment and trade, the blockchain can aid with:
a. Increasing transparent governance b. Increasing the speed of transfers
c. Lowering capital requirements d. And reduced the risk of fraud and human
error
And when it comes to international transfer, the blockchain can decrease the cost of those
transfers by reducing the need for banks to manually settle transactions.
For example, a financial services company called Banco Santander uses blockchain technology
to reduce the number of banks in its pipelines so that organizations or individuals can transfer
money across borders faster, more securely and more efficiently.
7. Energy According to PWC, Blockchain technology could
be used to execute energy supply transactions, and enable metering, billing, and clearing
processes. Other potential applications include documenting ownership, asset management, origin
verifications, emission allowances, and renewable energy certificates.
Thanks for watching. Make sure to watch this next video to the right about NFT use cases.