Bitcoin and cryptocurrencies get most of the plaudits for being innovative technologies that are disrupting everything from finance to gaming and supply chains. However, blockchain underlies cryptocurrency and even has its own uses outside that of being a base layer for crypto.
A blockchain is like a database or ledger that records information collaboratively. However, it has the one supreme advantage that it is far more secure than a typical database. Nobody gets to change or view any data without their own cryptographic keys.
Bloomberg published a recent article on how certain sectors benefit hugely from blockchain implementation. This article seeks to outline and explore these cases.
Personal medical information is one such case. Here blockchain is pushing the boundaries much further than traditional databases can. Medical data has a history of being hacked and misused. To add to this, it is often fragmented across many interested parties that include insurance companies, pharmacies, and public health agencies to name just a few.
A blockchain solution enables any entity with an interest in medical data to communicate easily and securely with any other, all the time adding updates to the blockchain which can only be viewed by those authorised to do so.
With such chequered histories and a resulting huge lack of trust, elections are another area ripe for blockchain. A public blockchain allows all participants in a vote to check how their personal vote was recorded, without anyone else knowing.
No recounts would be necessary and the public would know the result as soon as the vote closed. The key word here is ‘trustless’, as there would be no trust needed for a blockchain solution, given that everything is recorded transparently on a public ledger – a far cry from paper systems with human counters that are currently used.
Media and supply chain
blockchains are also being used in the media sector. A blockchain solution here can pay creators and editors, while collecting fees from users and advertisers. All without the need for a third-party media company to take its cut from everything.
Finally, supply chain is a hot sector for being disrupted by blockchain. The ledger here can track and manage products from all over the world during every phase of their journey from producer to retailer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.