For the longest time after its development, cryptocurrencies and crypto transactions used blockchain technology to store data. But as it turns out, the application of blockchain technology far transcends a single field or purpose. Today, companies like Walmart, IBM, Pfizer, AIG, Siemens, Unilever, and many others use blockchain technology to store information securely. For example, IBM introduced the Food Trust blockchain, which stores information about food’s journey from the farm to the consumer’s table.
The main reason for this is to make it easier to spot the origin of possible outbreaks and food hazards. This is just one example of how blockchain can be used for something other than crypto. When played to its strengths, blockchain technology can help industries and businesses store sensitive information and keep them safe from prying eyes.
Incorporating Blockchain Technology in Different Industries
Banking and Finance:
The banking and finance industries stand to gain the most from the blockchain. The technology can be used to store customer information, financial data, and records. In addition, blockchain will also drastically reduce the amount it takes for a bank process a single transaction. Since banks depend on manual labor, they only operate five days a week and during fixed business hours. On the other hand, blockchain never sleeps or needs a break. Therefore, a transaction can be finished in as little as 10 minutes, which is the time it takes to add a new block to the blockchain. This also opens up new avenues for banks to initiate secure lending and borrowing between financial institutions and improve clearing efficiency in the stock market.
In healthcare, blockchain can be used to store medical records. This will help provide a secure and efficient method of conducting transactions between different hospitals or clinics. The technology can also improve research by providing a more secure form of data storage. World-leading pharmaceutical companies like Pfizer have employed blockchain technology to store information about their clinical trials.
Supply Chain Management:
Blockchain can even be leveraged in supply chain management as it provides maximum security against hackers. Businesses can track their products as they go through each production process stage until it reaches the end consumer. This helps businesses increase production speed and reduce wastage and find possible sources of friction in the production process.
Records of properties:
Real estate is another industry that can benefit from blockchain. With so many people buying and selling houses, it is crucial to maintain detailed records of these transactions. These records will come in handy if there are disputes about ownership or payments in the future. But all of these records will have to be maintained with absolute secrecy. This is where blockchain comes in. It can help real estate companies safeguard information about real estate transactions. And since a block in the blockchain cannot be edited once it’s added, it eliminates any chance of internal sabotage.
In voting, blockchain can be used to verify information from citizens and maintain a record of their votes. This eliminates any chances of fraud and external influence in national elections. The technology was used in the November 2018 midterm elections in West Virginia. Blockchain technology would also guarantee transparency in the electoral process, saving time and money for election officials. This would prevent the need for recounts or any real worry that fraud jeopardized the election.
The United Nations (UN) is currently experimenting with how blockchain can address humanitarian crises like child trafficking, food scarcity, and labor exploitation, amongst others. The UN has also gone beyond humanitarian issues to research blockchain. It has created a platform with the help of blockchain company Ripple called “Cross-Border Interbank Payments for Development” (CIPD). This initiative aims to provide financial services like liquidity support and cross-border payments to developing countries that suffer from capital constraints.
The Government has access to all kinds of information, most of which needs to be kept under lock and key. In addition to using blockchain for storing sensitive data, the government can use it for a host of different things. Singapore has been using blockchain for waste management, and the results have far exceeded expectations.
The population of Singapore produces 1 million tons of trash per year. That means every person creates 600 kg or 2/3 pounds each day! The large volume of waste made it difficult for the city to keep track of waste management practices. In response, Singapore decided to transfer the entire waste management system onto the blockchain. They could monitor each step in the recycling process and ensure maximum efficiency.
The system has built-in sensors that collect data about trash transportation, recycling centers, energy production stations, and landfills. Thanks to real-time information, they can focus their resources where they are most needed. Singapore is just an example of how blockchain can be used in everyday government operations. The possibilities are limitless.
Blockchain can be used in different industries with varying degrees of efficiency. Blockchain increases transparency, reduces costs, and minimizes risks while increasing efficiency throughout business processes. Blockchain technology can help companies overcome trust issues because it provides proper security that hackers or fraudsters cannot breach. In the long run, blockchain helps minimize costs and increase organizational efficiency. This makes blockchain an excellent choice to increase productivity levels within an organization. However, the blockchain technology of today is not there yet. Significant improvements will have to be made on both sides before they can be used to improve organizational efficiency. This calls for further research into blockchain and its application.