The Future of Blockchain: 7 Surprising Use Cases

I am going to explain 7

blockchain

use

cases

by industry that will transform your daily life. And we're starting right now. Although

blockchain

technology emerged with Bitcoin, blockchain has far-reaching potential outside of cryptocurrencies. Basically, blockchain is a shared database that allows multiple parties to access and verify data in real time. It can transform the way we do things in numerous industries, including the following: 1. Government Blockchain can benefit governments around the world in three ways: Digital voting Blockchain technology can help us ensure that voting processes for elections to be held safely and transparently. Each vote would be attributed to an ID, and since the ability to create a fake ID is nearly impossible, government officials could immediately count votes as they are submitted.

That means that, in some

cases

, you can find out who won a major election as soon as an hour or two after the polls close, rather than a few days. FollowMyVote is a great example of a startup using blockchain technology to enable a transparent online voting platform. But no matter how secure and transparent the elections are, some people are likely to feel dissatisfied with the process. Transparent budget According to the Corruption Perceptions Index provided by transparency.org, two-thirds of countries are considered highly corrupt. Blockchain technology can make a government's budget decisions highly transparent to reduce corruption and waste.

Records Management National, state, and local governments are responsible for maintaining people's records, such as birth and death dates, marital statuses, property transfers, and passports. Blockchain technology could dramatically simplify this record-keeping and make data much more secure. 2. Healthcare A major problem in the healthcare industry is that medical professionals, such as doctors and nurses, lack a clear and complete understanding of each patient's medical history. This is because medical records are placed in company databases that are separate from each other. This hampers their ability to provide effective healthcare solutions. We can share medical records on a blockchain that would allow multiple healthcare companies to access that data in real time.

Those medical records may include prescriptions, past doctor visits, past surgeries, medical conditions, etc. Not only that, but this data would be protected. In theory, none of this stored information could specifically identify any particular patient. A patient would need to grant permission to a doctor to make her entire medical record or part of that medical record temporarily available for a specific reason. 3. Media and Entertainment There are three main applications that I will cover. General Media Media companies are already using blockchain technology to eliminate fraud, reduce costs and protect their intellectual property. According to MarketWatch, the global blockchain market in media and entertainment is estimated to reach $1.5 billion by 2024.

Direct fan-to-artist payments If music streaming companies like Spotify connect their apps to blockchains, they can ensure that when stream songs, artists receive immediate and transparent compensation. Show organizers often have the problem of not having access to their clients' data. Blockchains can provide complete visibility of ticket information to all parties involved, resulting in more personalized and relevant experiences for customers. 4. Real Estate The average homeowner sells his or her home every five to seven years, and the average person will move almost 12 times during his or her lifetime. Blockchain would streamline home sales by quickly verifying finances, reducing paperwork, reducing fraud thanks to its encryption, and offering transparency throughout the entire buying and selling process. 5.

Supply Chain Management Blockchain technology can provide real-time tracking of products as they move through each stage and location of a supply chain. It also allows multiple parties, including retailers, suppliers, and customers, to access this data as needed from a decentralized database that is not controlled by a single company. 6. Finance Here are a couple of blockchain applications in Finance. When it comes to investing and trading, blockchain can help with: a. Increase transparent governance b. Increase the speed of transfers c. Reduce capital requirements d. And it reduced the risk of fraud and human error. And when it comes to international transfers, blockchain can lower the cost of those transfers by reducing the need for banks to settle transactions manually.

For example, a financial services company called Banco Santander uses blockchain technology to reduce the number of banks in its channels, so that organizations or individuals can transfer money across borders more quickly, securely, and efficiently. 7. Energy According to PWC, Blockchain technology could be used to execute energy supply transactions and enable metering, billing and compensation processes. Other potential applications include ownership documentation, asset management, origin verifications, emissions rights and renewable energy certificates. Thanks for watching. Be sure to watch the video below on the right about NFT use cases.