Most people erroneously see the application of blockchain as mere cryptocurrencies. They feel that the only use for this innovative technology is a cryptocurrency like Bitcoin, but that is far from reality.
Below are some ways that this technology is changing the world and powering economies.
Voting on Blockchain
Distributed ledger technology allows decentralization and transparency, allowing users to seamlessly cast their votes without being scared that the election process will be rigged.
The technology allows everyone to see what’s ongoing in the ecosystem, and since it is immutable, users can’t change the decisions made by the community.
Recently in India, Government of Telangana tried to conduct a local body election using blockchain technology.
Supply Chain Management
With distributed technology, it is easier for people and brands to track different items from the source to the shelf. People are becoming more involved in what they consume, and want to know their supply chain. Blockchain makes it easier for people to track the movement of their items.
Apart from those above, different participants in the supply chain can seamlessly exchange data with one another, which was once difficult.
Blockchain is improving the energy sector with the concept of carbon trading and energy trading. People that produce surplus energy can seamlessly sell it to others and earn returns. Instead of energy-wasting, people can sell their surplus energy. The value of the energy will be priced based on the forces of demand and supply, thereby catering to the needs of everyone involved.
Most hospitals and medical facilities cannot share information concerning their patients. This technology permits the easy sharing of patient information with one another, thereby reducing the risks that are attached to a lack of appropriate information. This can be done with the patient’s permission.
Secondly, it is difficult for the average human to sell their health data to research facilities for money. Blockchain makes this possible.