Bitcoin and crypto are the initial thoughts of anyone that hears the word blockchain. But actually, blockchain technology has a wider range of applications outside of finance and currency. Functions that utilize the secure and immutable nature of blockchain technology itself. Let’s learn more about what they are :
- Personal Identity Registry
The blockchain could make record-keeping more reliable by encrypting these personal identification IDs and allowing citizens to access this information. With blockchain technology, individuals can be in control of their digital data and the way in which it is utilized by different parties. Governments can also use blockchain to combat ID fraud by setting up a national public blockchain with immutable property, making it harder for ID thieves to create fake IDs or stolen IDs. Some blockchain projects are on their way to addressing this vertical, namely Civic Pass.
2. Supply Chain Transparency
By setting up a public blockchain, all parties can view the information contained on the block. This is particularly useful for food and the medical industry can enhance their item safety by connecting their supply chain to the blockchain, enabling them to track and trace items from source to end-user. Major corporations such as Oracle have already offered such services.
3. Voting
Blockchain technology can decentralize the voting process so that elections can happen securely with transparency. In a decentralized system, there is no single point of weakness. This creates a system that is more robust. Combine with a Personal ID system, the government can create an accurate, transparent, and fast voting system with blockchain. FollowMyVote is a start-up that uses blockchain technology to ensure a transparent online voting platform. Individuals who are eligible, receive a token that allows them to vote only once and each vote is stored as a node in the blockchain.
4. Intellectual Property Protection
With blockchain, inventors, artists, creators, and everyone can register their work, art, music, and invention on the blockchain to prove their ownership. Although admissibility in court still varies from country to country, having solid proof of when, where and who has an IP over a creation stored in an immutable system that is open for the public to see is a useful tool for law enforcement to use it as secondary or even primary evidence of ownership.
Those are 4 other applications of blockchain technology outside of finance and currency. Have more ideas about another application of blockchain tech?Let us know on ENEDEX community on :
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