SURPRISE! Blockchain Isn’t Just About Cryptocurrency!
Blockchain is a digital, decentralized ledger that, yes, underlines most cryptocurrencies. However, it goes far beyond this in scope and also deals with everything from shipping to commerce and more. here are just a few examples of how Blockchain is used beyond cryptocurrency.
Blockchain as a payment system
One of the most used aspects of blockchain technology is to expedite the transfer of funds. Due to its setup, banks are removed from the equation, allowing a peer-to-peer transfer within seconds with very low fees. An action that can be repeated easily 24/7, saving an incredible amount of time and cost.
Blockchain tech can make loyalty reward programs better in two ways. First, it would help to eliminate the fraud and waste that is associated with these types of programs. Second, it could create a token-based system that rewards consumers and stores their tokens in the blockchain, which could give more incentive to the consumer to return more often to the store in order to get better deals and rewards for their shopping.
IDs Going Digital
Microsoft is already looking at ways to create digital IDs with their Authenticator App. Users will then be able to control their digital identity and secure them against theft, as well as help those in impoverished countries to gain access to financial services and perhaps even start their own businesses.
Countries using Blockchain tech could create the ability for their citizens to vote digitally, with enough transparency that regulators could quickly identify anything suspicious activity within the network almost immediately. Your vote would count, every time, without the threat of fraud.
Food Safety For All
Blockchain would allow the tracing of foods from production to plate, allowing food-borne illnesses to be tracked to its source much quicker than today. It is the immutable nature of Blockchain that would make this possible.
Making Sense Of Medical Records
The medical sector has already begun moving away from paper to digital, as with most business models in today’s world. However, Blockchain will make their records safer and more convenient. Also, patients with a key to their info will be able to access their records easily, as well as, control who gets to see them. A new direction for an old system.
Blockchain tech has a long way to go, but the use of the technology is now starting to be seriously looked at by industries world wide. A change in tech as ground breaking as the internet itself.
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