Where Can Blockchain Be Used? Alternative Spheres
Blockchain is usually being referred to as a base for all cryptocurrencies. It is an alternative to traditional ways of conducting transactions and to the centralized banking system. However, Blockchain’s use is not only limited to the financial sphere. The technology is integrated into the work processes of many various sectors. Let’s discover where we can meet Blockchain in our daily life.
Checking the medicines’ origin
DLT can be used for regulations of pharmaceuticals supply. Both medicine providers and regulators can use the platforms based on blockchain to establish transparent relations without fraud.
Also, as all American firms have to start providing free access to any medicine supply information by 2023, blockchain technology is the most convenient one for establishment of such a system. Its integration into the distribution process at the pharmaceuticals market can lead to increase of safety and decrease of costs of regulations compliance.
Data storage and management
Blockchain technology provides a possibility to store, transfer and manage data in the most secure way. The security of information is especially important in the healthcare industry: the access to data and processing standards development can be best achieved with DLT.
For example, one of the most popular blockchain data systems is Healthchain which has the complete information about the patient’s health and all medical recommendations. The platform can be accessed and used by patients themselves, medical service providers, pharmaceutical companies, health insurance companies and research organizations.
Telemedicine and diagnosis making
Via platforms working in this field, patients have a possibility to get medical advice. Video conferences are made available and the personal data stays secured.
Transportation and logistics
Blockchain integration into the sphere may change the supply chain management and alter the way goods come to consumers at the end. It increases efficiency and makes supply chains transparent as records on the blockchain will not disappear.
The creation of one united database seems to be a good solution in the sphere and blockchain easily enables that. There is also lower possibility for potential mistakes being made if logistics is based on DLT.
Blockchain-based platforms can be used by both providers and consumers to track the orders in real time.
Also, documentation issues get easier with decentralized technology. During the transportation process, companies being responsible for the good’s safety are changing. With blockchain, this information can be recorded in a transparent system accessible to everyone. If some problems or delays emerge, it is easy to determine their origin’s exact time and place. Also, the consumer does not get a delayed notification anymore – you can see any difficulties recorded in blockchain.
DLT also helps to track the food production and make sure that the products you buy were produced the right way. Consumers can stop worrying about the quality of food and their safety. For instance, it is possible to find out where you get the milk you buy from: you can look up cow’s health, conditions it lived in and certification.
Platforms created for that can be helpful for governments as well: in case of some epidemy spread, it is easy to track the origin to prevent further problems.
There is also no way for producers and delivery companies to unreasonably raise prices as everything is recorded and kept on blockchain.
Small farms have a chance to develop by getting investments via ICOs, so consumers will get different options and a big variety of products they can choose from.
DLT can even be used for sport. If you tokenize sport, the interaction between players, fans and advertisers becomes easier and more effective.
For example, TokenStars is the first platform which tokenized sport. TokenStars investors can follow sportsmen careers and also influence such key moments as professional or commercial contracts signing.
DLT can mostly be used in sport for investing in potentially winning projects and giving promising players a possibility to develop without barriers.
Sports betting is another area for blockchain use in sports. With DLT, betting platforms are secure, safe and fair, ensuring that there is no fraud taking place.
Decentralized technology can be used for content making as well. For example, the news platform Steemit utilizes DLT for giving people the opportunity to share their opinions and interesting facts. Participants can vote for this or that content, and votes transform into Steem tokens for content-makers. With Blockchain it is possible to build some capital by posting interesting information and voting for favourable content.
Blockchain is a revolutionary technology which is transforming every possible sphere of our life. From finance to shopping, from healthcare to sports and travelling – decentralized technology has completely altered the way businesses work and continues doing so. Blockchain’s potential is not fully unlocked yet and there are still many more things to discover.
Blockchain, its features and other alternative uses will be discussed by leading experts at the Blockchain & Bitcoin Conference Stockholm. Meet with speakers and open the world of decentralized technology!