Here, we’re going to be covering some of the real-world uses of blockchain tech.
You may have already heard of Bitcoin or Ethereum as they are the most high-profile uses of blockchain today. Both Bitcoin and Ethereum are cryptocurrencies, but Ethereum is also a programming platform for making apps. They are just some of the ways you can use blockchain tech. Much like how sending an email or surfing social media are ways of using the internet, Bitcoin and Ethereum are examples of how you can use blockchain. These examples include but are certainly not limited to food supply chains, the protection of copyright and healthcare.
Food supply chains have the potential to be revolutionized by blockchain. For example, the wine industry can use it as a tamper-proof way of recording all production and transit information. Based on the recorded information, consumers can easily check the origin of both the wine and its ingredients, transition points and so on. In short, a blockchain would be able to record the complete life-cycle of a bottle of wine, from vineyard to glass.
It can also be used to protect copyright. Once details concerning the ownership of a copyright, the time of registration, and the corresponding product details are verified and added to the blockchain, that information becomes immutable, and can be recognised around the world.
Healthcare is another industry that can utilise the transparent and tamper-proof nature of blockchain technology. Medical professionals will be able to securely record prescriptions, medical records, and other insurance related data, which can then be used to combat insurance fraud, and increase the efficiency of the claims process.
As you can see, wherever information stored, blockchain can play a huge role!