Role of Blockchain Technology in Different Industries
The financial services industry is a pioneer in exploring the uses of blockchain technology for crypto-currency transactions. Clearly, blockchain has the ability to increase secure data exchange in other industries as well. Many industries are finding new ways to use blockchain technology. We developed a list of some interesting use-cases across multiple industries being disrupted by the blockchain technology
Healthcare: For healthcare industry, blockchain technology can secure digital assets. A community of people, including hospitals, doctors, patients, and insurance companies, could be part of the overall blockchain, reducing fraud in healthcare payments.
- The Factom Hera: It is a blockchain-based record-keeping service. Blockchain-secured health records could make it easier for patients to share records with numerous providers while keeping control of the records.
Supply chain management: One of the sectors that blockchain technology is believed to aid is improvements in supply chain and logistics. Blockchains can make supply chain and logistics documentation more efficient, by streamlining processes on a single shared ledger
- IBM’s new service lets supply chain customers build and test blockchains in a secure cloud using a version of the company’s LinuxOne system. The service is aimed at companies that need to track high-value items through complex supply chains.
- Fluent streamlines supply chain finance with a custom-built blockchain based on bitcoin’s architecture. Invoices can be tokenized once a buyer approves them, avoiding duplicate and fraudulent invoices across the network.
Data Storage: All current cloud services are centralized, but with Blockchain they can become decentralized. Users no longer have to place their trust in a single storage provider.
- Tierion:has built a platform for data storage and verification using the Bitcoin blockchain.
- XT: a decentralized data storage system where you can confidently own your data
Voting: Blockchain can serve as the medium for tracking and counting votes so that there is never a question of voter-fraud or miscounting. By casting votes as transactions within the block chain, voters can agree on the final count because they can count the votes themselves
- Follow My Vote is an example for verifiable online voting system based on block chain technology.
Real Estate : Problem associated with buying and selling property includes lack of transparency during and after transactions. Real estate block chain applications can help record, track, and transfer land titles and helps ensure the documents are accurate and verifiable
- Ubitquity offers a platform for financial institutions, title, and mortgage companies and aims to secure documents, while enhancing transparency and reducing costs.
With such wide-ranging possibilities in different industries, it is evident that blockchain certainly has the potential to enhance the quality and security of different services being offered through technology. It is increasingly likely that over time other industries which are still untouched by blockchain will experience its impact as well.