Most people erroneously see 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 blockchain is changing the world and economies.
• Voting
Blockchain 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.
• Supply Chain
With blockchain, 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.
• Energy sector
Blockchain is improving the energy sector with the concept of trading energy. 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.
• Healthcare
Blockchain technology is known to improve healthcare. 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.
