Since its inception, Blockchain technology has been mostly associated with cryptocurrencies. However, this technology is not only applicable in the crypto ecosystem. There is much more, many are the utilities that Blockchain technology is capable of transforming.
Blockchain’s main advantage is its ability to enable a secure and reliable transaction certification system, without the need for third parties or intermediaries, decentralizing management.
Uses of Blockchain Technology
Blockchain technology in health care
One of the most critical use cases where technology can make is in the health sector, given that the health sector needs reforms. Currently, the healthcare sector suffers from a centralized approach, leading to an inefficient way of treating patients. So, health care fits into those utilities that Blockchain technology has.
Patients have to carry their medical data from one doctor to another, which can lead to problems. Not to mention, the data stored in legacy silos is primarily logged in different standards and formats, creating problems when it comes to data recovery and change.
Blockchain technology can simplify all health issues by providing a decentralized registration approach. In the DLT approach, all data subjects can access vital patient data with the proper permission. All data will also remain secure and only authorized personnel will be able to access it.
Transactions can also stay on the chain and can therefore be tracked when needed – an improved general healthcare process.
The patient will have full access to their healthcare data until, unless they voluntarily give it to a third party. Finally, health data stored in one place can help improve the research effort of scientists looking to solve the next epidemic or find a cure.
Last but not least, the use of Blockchain technology in distribution to completely eliminate drug counterfeiting can save lives and also improve the business of pharmaceutical entities.
Blockchain technology in the fight against Coronavirus
Adding more advantages to this sector, recently it could be seen how a series of international solutions based on Blockchain technology have taken on the challenge of preventing new outbreaks in the midst of the COVID-19 pandemic, also known as the Coronavirus. The United Arab Emirates (UAE) is the country that has recently proposed solutions that rely on a distributed database.
The UAE Community Development Ministry (MOCD) announced that it has started using digital channels to provide government services.
The MOCD would depend on the use of digital identity through systems based on Blockchain technology and chat systems for the digital authentication of official certificates and other documents. This eliminates the need for users to leave their homes.
So far, according to local media, the implemented Blockchain system is capable of processing 2,919 types of documents, which would allow the ministry to regulate the flow of clients.
Other utilities that Blockchain technology has is in logistics management. The interest it raises for supply chains focuses, above all, on the possibility of an improvement in the supervision of food chains or in the monitoring of production. That is why countries such as the United Kingdom already use 22% of such applications.
Another important area where Blockchain technology can make a big positive impact is the voting system.
Regarding this topic, there have been
many controversies about vote manipulation in different countries between
the ruling parties. Also, false votes and other activities can
be a concern for any state’s voting process.
With Blockchain technology, there can be a fair and transparent way for the voting process. After all, it is safe, fast, and innovative.
The voter can log in or download the voting booth on their computer or electronic device. Once this is done, they can use their unique identity to cast a vote. It is the Blockchain technology that ensures that everything runs smoothly.
The security system guarantees that
the information presented is protected against any modification. Also,
the data is verified before the voter qualifies for the
vote. Once qualified, the voter can simply cast their vote.
Blockchain acts as decentralized storage to store votes. As we all know, once the data is written, it cannot be modified or changed in any way. It is also transparent, which means that each vote can be tracked if necessary.
Among the benefits of the use cases of the Blockchain voting technology, the following stand out: Elimination of electoral fraud, remote voting is possible, verifiable and immutable votes, a secure way to store votes, improved trust and transparency.
The possibility that Blockchain technology is applied to other aspects that lie beyond the economy has increased the interest that this technological revolution arouses.
To all this must be added the transparency that these new methodologies provide, which deviate from the opacity represented by the usual methods that banking entities implement.