Although blockchain is most commonly associated with Bitcoin, the range of its applications goes well beyond cryptocurrencies. Blockchain is fundamentally a decentralized, unalterable register system that provides data integrity, transparency and security. The properties render it usable in many applications.
A potential application is in supply chain management. When companies write down every stage of a product on a blockchain, starting with raw materials and finishing with the consumer, traceability can be enhanced, fraud can be decreased, and effectiveness can be raised. It is particularly useful in such sectors as food, pharmaceuticals and luxury products. Another industry where blockchain is helpful is healthcare.
A blockchain that stores patient records can securely share the information between various providers with privacy and minimized data breaches. It also eases the data handling procedures, minimizes misdiagnoses, and accelerates the diagnosis process. Financially, blockchain has been applied in smart contracts which are self-executable upon the fulfillment of conditions. These contracts decrease the number of intermediaries required lowering costs and increasing the speed of the transaction.
Blockchain also makes cross-border payments swift and safe. Blockchain can also improve voting systems and make votes verifiable and tamper-proof. This has the ability to make electoral processes more open and increase confidence in these processes. Even digital identity management, intellectual property rights, and energy trading are investigating the blockchain because of its capability to decentralize and safe-keep essential data. All in all, blockchain has a potential in any sector where trust, transparency, and record safety are of utmost importance, which is why it may be considered a ground-breaking technology not just in the world of digital currencies.
