In our previous blogpost on Blockchain, we gave you a basic introduction of Blockchain. Now, in this second part of the Blockchain blog series, we will discuss the use cases of blockchain and how it is impacting our society.
Uses cases of Blockchain
The following are the real use cases in which blockchain is acting positively.
Our current healthcare model is old and outdated and is facing various problems. Medical practitioners lack a complete and clear picture of a patient’s medical history due to data segmentation and management issues. Data is scattered all over the systems, and there is no way to get right data at the right time.. Supply chain and drug counterfeiting along with healthcare data storage, and security are the major issues we face right now.
- Increased security: - Patient’s healthcare data can be stored securely on blockchain platforms as it utilizes data encryption using private keys. Due to blockchain’s immutability, data corruption should not be of any concern.
- Interoperability: - Blockchain systems will improve interoperability among different healthcare providers, clinics, hospitals, and supply chains by allowing authorized users to access a unified database of medical records.
- Accessibility and transparency: - Blockchain systems will provide increased accessibility and transparency to users over the health records.
- Reliable supply chain management: - Blockchain will solve the drug counterfeiting issue by providing a reliable method for tracking pharmaceuticals throughout the whole process.
- Clinical trials recruiting: - Blockchain will also facilitate clinical trials by ensuring the data integrity as fraud happens in the form of data manipulation.
Real-world use cases
- Gem – They are working with the Centre for Disease Control to put disease outbreak data onto a blockchain, which will increase disaster relief and response effectiveness.
- SimplyVital Health – This has two blockchain products. One tracks the patients’ progress after they leave the hospital, and the second provides decentralized blockchain patient records.
The public sector can address various issues by employing blockchain technology such as outdated document storage practices, securing the election process, and granting public insight into how the budgeting process works.
- Voting: - Using Blockchain for voting would eliminate voter fraud and will insulate the process from foreign intervention. Due to immutable records and assigning unique identifiers to everyone, flagging redundancies would be easy and ensuring voter’s’ identities. It would also result in greater participation as it is convenient to vote on the internet from home.
- Transparent Budgeting: - Blockchain will replace many of the intermediaries involved in the budgeting process that would decrease the cost and increase efficiency. Records can be cited as a frame of reference for holding public servants accountable.
- Combating corruption: - Blockchain can be used to combat corruption by allowing citizens to oversee government spending data records, complaints of corruption that cannot be altered or whitewashed, thereby creating a system of transparent government.
- Replacing paper-based system: - Digitizing most of the paperwork associated with local and government processes that are rarely used, such as marriage licenses, arrest records, onto blockchain would be highly efficient.
Real-world use cases
- Votem – It is a Mobile voting system that is secured on the blockchain.
- FollowMyVote – is an Online voting system that takes citizen feedback and is recorded on the blockchain.
Supply chain Management
The Current supply chain management model makes it inefficient and inconsistent and is plagued by a lack of transparency and efficiency. It is difficult to integrate data across all parties (suppliers of raw materials, manufacturers, logistics, and retailers) involved in the network. Furthermore, consumer goods such as pharmaceuticals, and electronics are susceptible to counterfeiting and fraud. Ideally, the whole process, including materials, money, and data, should move effortlessly throughout the supply chain's various stages.
Most issues of supply chain management can be addressed using blockchain.
- Transparency and immutability: Blockchain system captures key data points such as location and ownership of the material and products. It also provides open access to this data that is updated and validated in real-time to any supply chain member. And since the data records are immutable, there will not be any question regarding who is responsible if something goes wrong.
- Cutting costs: Blockchain system streamlines workflows for all parties and would prevent much waste due to inefficiencies in the current supply chain model. It also reduces cost by eliminating the fees associated with going into and out of bank accounts.
- Interoperable data: With blockchain, each party involved in the network can add and verify data. This data is accessible to everyone in the network. They can also verify which party has broadcasted the specific information.
- Replacing EDI: Most companies rely on Electronic Data Interchange that sends data to each other in the network in batches. With blockchain data is updated in real time, so updated information is available to everyone.
Real-world use cases
- DHL: - one of the largest shipping companies, is at the forefront of blockchain-backed logistics. It uses blockchain to keep a digital ledger of shipments, thus maintaining the integrity of transactions.
The current real estate model has several pain areas. Many real estate transactions due to conditional clauses need a long time to execute safely. There is a lack of transparency among the contractors resulting in corruption, fraud, and money laundering.
Another problem is improper record keeping.
Following are the benefits that blockchain technology will bring to the real estate industry.
- Real estate tokenization: Tokens will make the property sales process much faster, and properties can be traded like a stock on exchanges, and it will make overseas investment more manageable.
- Smart Contracts: Smart contracts will enable a property transaction to take place digitally instead of involving tedious and endless paperwork between the buyer and seller. All these property transactions are automated without any human involvement.
- Security and control over transaction: With blockchain in place, property transactions no longer need to go through some third party. Elimination of intermediaries would result in fast, inexpensive transactions.
- Property Management automation: By eliminating the manual paperwork and using decentralized application with smart contracts, the whole process will be effective and efficient.
- Transparent data tracking and analysis: Due to a distributed ledger running all the time with real-time updates, data can be analyzed accurately.
Real-world use cases
- Ubiquity – They have a blockchain-driven system for tracking the whole legal process, which usually creates complications and expenses in the real estate transfer.
Charitable organizations face a constant challenge of maintaining transparency in the fund's allocation. Donors want visibility into internal processes and distribution of the funds. These challenges are mainly due to a lack of tools for maintaining transparency and accountability.
Facilitating charitable contributions through Crypto-philanthropy (use of blockchain with decentralization and direct transactions) would help organizations make the process of receiving donations and raising funds much more efficient. Crypto-philanthropy will provide the following benefits.
- Transparency: Blockchain transactions can be easily tracked because of their uniqueness. As explained Blockchain networks provide, high level of accountability and transparency. This can encourage donors to donate more.
- Decentralized and global: It is highly suitable for international transactions due to its decentralized nature.
- Minimized expenses: Blockchain simplifies the process of charity by automating the process and requiring few intermediaries, thus reducing overall cost.
- Digital agreements: Sharing and storing digital data is quite easy with blockchain.
Real-world use cases
- Blockchain Charity Foundation (BCF) is an example of crypto-philanthropy. It is a not-for-profit organization with a vision of transforming philanthropy through a decentralized charity platform.
- Bitgive – They aims to provide greater transparency to charity donations.
Blockchain with its usefulness and practicality in the modern world has a huge role to play in improving societies. It holds a huge potential for the society in general and it can make the world a much better place to live.