Basics of blockchain - applications of technology

Applications of blockchain

Blockchain technology is designed to be beneficial and useful for many industries. The use of blockchain is not limited to any specific sector, but there are certain ones for which blockchain implementation will result in significant benefits. The most significant benefits from wider adoption of this technology will be experienced by the financial services, healthcare, and real estate sectors.

Let's start with financial services. This industry is facing fierce challenges, with digital transactions being a major area where blockchain aims to improve and enhance. Specifically, payments and money transfers will greatly benefit from blockchain technology. Cross-border transactions will particularly gain from the technology, bringing speed, security, and cost efficiency. The key to achieving these wonders lies in one word: decentralization. Blockchain eliminates the need for intermediaries, making transactions faster and less complicated, which in turn reduces their costs. Moreover, it enhances security by eliminating the potential "bad actors" that could be intermediaries in traditional systems, a feature that is particularly crucial in managing our funds.

Now, let's move on to another industry that may be even more important than financial services: healthcare. Let's face the truth - many medical facilities in our country are stuck in the paper-based 90s, and any attempts at computerization, while seemingly successful at first, end up in chaos. In other words, medical documentation management systems are flawed. Blockchain can be the remedy to these ailments, as its structure can eliminate issues related to interoperability, compliance with regulations, and healthcare efficiency. Blockchain can revolutionize the management and sharing of medical records, creating a secure, efficient, and controllable infrastructure. It can manage electronic medical records, allowing patients to easily share information with different healthcare facilities and systems without relying on outdated, analog methods. In simpler terms, blockchain will enable all hospitals, clinics, doctors, and nurses to know what is happening without running around and wasting time on paperwork.

The last industry on the list is real estate. Compared to the previous sectors, it may not seem as significant, but it's worth mentioning. Blockchain has the potential to solve all the problems currently faced by the real estate industry, especially concerning transactions and documentation management. Its decentralized nature effectively eliminates unnecessary intermediaries, streamlining various processes. Most importantly, blockchain ensures a remarkably high level of security, trust, and regulatory compliance, thanks to its immutable record of transactions.

Current uses of blockchain

As seen, blockchain technology has enormous potential to become an integral part of our lives. However, until now, we have not presented any specific examples. The truth is that people nowadays can be skeptical and want real-life examples. To convince society of anything, it needs to know that "it's already happening". The same applies to blockchain technology. It turns out that many organizations from different sectors are already implementing blockchain-based infrastructures. In its current form, blockchain positively impacts sustainable development, supply chain systems, and secure data management in the public sector. Let's mention three practical examples of blockchain implementation, each unique to the character of the respective organization.

First, let's talk about environmental protection. Blockchain technology is playing a role in securing the future of our planet. Chia Network has partnered with the World Bank to develop an international carbon dioxide emissions registry database. This is achieved through the use of the Chia blockchain, which drastically simplifies the process of purchasing carbon credits to offset carbon dioxide emissions. Additionally, the technology facilitates access to data, especially for organizations and governments of countries just joining the initiative. This brings us a step closer to a carbon-neutral and sustainable world.

Blockchain has also been implemented in the food supply chain. The potential of blockchain has been recognized by the American retail giant Walmart. By integrating this technology, employees can easily track the origin and current locations of products through a simple scanning system. Blockchain significantly shortens the time needed to trace the origin of food, improving operations and reducing paper waste and food waste. Moreover, automation and increased transparency accelerate the supply chain, benefiting Walmart and its customers by providing faster access to goods and services. It is possible that other retail chains in different countries may join the American giant.

The last use case is quite interesting, as it involves the Estonian government. Looking at how blockchain technology is implemented by the Estonian government, representatives of other countries' ruling parties should take notes. The Estonian government's implementation of the KSI blockchain is a robust system that ensures data integrity and security. It stores all citizen-related information on a distributed public blockchain. Citizens have full access and control over their public sector data, such as medical records and government documents, enabling them to interact with public services while protecting their privacy. KSI also benefits the Estonian government by increasing efficiency, transparency, and trust in data management, facilitating process improvement, reducing bureaucracy, and minimizing the risk of fraud and corruption.

Summary

The above applications prove that blockchain is not limited to cryptocurrencies alone. As a technology, it is capable of much more and is already being used in critical areas, as demonstrated by the Estonian government's KSI blockchain. Awareness of blockchain's existence is growing day by day. Currently, the technology is being implemented by organizations that recognize its benefits. However, it seems that when these benefits are noticed by society, the demand for blockchain adoption will increase. In the era of digital information, people deserve a high level of security and transparency.