4 real-world technologies that Blockchain is used for
Created in 1991 by Satoshi Nakamoto, blockchain is a system of complex code that allows for the building of trust without the involvement of the middleman. Who wouldn’t want to incorporate that into their company?
Blockchain technology is helping to change digital relationships, which means that data is being disclosed, secured and recorded in a different way than ever before. For a company to reap the benefits of blockchain technology, they need to answer ‘yes’ to the following questions:
- First and foremost, is the company transaction-based?
- Does the company benefit from public critical observation?
- Does the decentralisation of the company benefit the customer?
Whilst technology and supporting platforms around the blockchain ecosystem keep on evolving, there are plenty of businesses benefitting from its implementation. But blockchain isn’t just for the tech industry. From your weekly shop to your all-important Government vote, blockchain is all around, and we’re here to prove it.
Here are four real-world applications that show the importance of Blockchain is everywhere and an exciting, future-proof skillset to have.
1. More transparent money transfers
One of the most logical applications making use of blockchain is the transfer of funds. Take your bank, for example. When you make a transfer, you set the amount, enter the recipient’s details and the bank swoops on in, acting as the go-between for your transfer. They get access to your information, and before you know it, pick up on your spending habits.
Want to cut out the invasive middleman? Take a look at a money transfer process that takes place through blockchain technology.
- You have a friend called Bob who lives in America
- You want to send money to Bob
- Using your blockchain wallet, you set up a transaction to Bob
- This brand transaction is then configured into a block
- The block is sent to everyone (Miners) in the network
- The Miners in this network validate the accuracy of your transaction
- Your block then gets added to a chain of recorded transactions within a public database (also known as a ledger)
- The block is added to the chain, producing a transparent record
- Your money reaches Bob
- Bob is happy
- You are happy
- Everybody is happy
Also eliminating the pricey process of typical money transfers, blockchain technology is being adopted by various companies in the real world.
2. Retail loyalty rewards programs
Love customer loyalty schemes but hate the waste they produce? Enter the clever brain of blockchain, as it addresses a number of issues that can keep customers from signing up to traditional loyalty schemes. From helping customers cash in those all-important points before they’re out of time, to keeping on top of which loyalty programme lies where, blockchain can create more efficient store loyalty programmes for shop owners and customers.
How does it work? By creating a clever little token-based system that not only rewards customers but stores them within the blockchain, it allows a customer to keep all of their reward points in one place, creating the perfect area for big data analysis to come into play. What’s more is that due to the nature of this secure-kept data, it helps to eliminate the fraud and waste that paper-based loyalty programmes typically entail, whilst also keeping company costs down.
If a customer signs up to a blockchain loyalty program, not only could they skip the long queue of redemption and be awarded points to redeem in real time, but it could help to keep a customer going back to the same shop over and over again. See you later old school loyalty schemes, hello brand new shiny blockchain system.
3. Advancements in healthcare
The world of healthcare is vast, and so is the use of blockchain technology within it. Let’s take a look at various ways in which advancements are being made.
This pioneering healthcare company uses blockchain technology to store patient medical records in a secure, transparent and effective way. From your GP through to your health insurer, permission to access said secure record can be quickly and easily granted.
Doc.ai “puts the power of your health data where it belongs – in your hands.” And it does so by using a platform to gather data through blockchain technology. In this regard, it can as a way to gain medical data insights. By launching a ‘data trial’, this platform works by collecting data such as lab results and genetic tests to give a more complete picture of your health.
This company “see the world at the nanoscale”, and through the use of blockchain technology, it hopes that we can too.
How so? Nano Vision works by taking the handy skills of blockchain and mixing it with artificial intelligence (AI). Why? To deliver molecular-level data to ‘Nano Tokens’. AI then works its magic by analysing said data and hoping to find trends that could lead to medical breakthroughs.
4. Digital voting
Worried about potential voter fraud? Thanks to the benefits of blockchain technology, that anxiety can be eased with a digital voting platform.
By using a digital blockchain platform to store all votes made in government elections, for example, all votes must be validated to be added to the blockchain. There are no opportunities to lose, change, or mislabel votes, as there are in an in-person, paper-based system.
Digital voting is also more accessible for some who find it difficult to vote in person e.g. due to a disability, it’s private and secure, and it’s quicker and more cost-effective.
As Don & Alex Tapscott, authors of Blockchain Revolution, describe it: “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
There’s no better way to make your important vote meaningful.
Connecting the dots with blockchain
Fancy diving into one of these exciting industries? First, we recommend signing up to the CBP | Certified Blockchain Professional course with us.
Created by the IIB Council, this course provides you with the technical insight, hands-on experience and fundamentals of blockchain, giving you the tools to go out into the real world and implement those skills.
Get in touch with us today and immerse yourself within the world of blockchain technology, getting ready to tackle real-world applications within a variety of different and exciting industries.