What can blockchain be used for?

Note: This article is not financial advice and should not be considered a substitute for professional advice. 

Blockchain began in 2008 with the creation of Bitcoin, the first cryptocurrency.

Blockchain is a system that record information and transactions made with cryptocurrency is a way that makes it difficult or impossible to change or hack the data.

But can blockchain technology be integrated and used in industries other than transferring values with the use of digital currency? The answer is YES! With the help of smart contracts, you can revolutionize almost every industry that store data. Smart contracts are programs stored on a blockchain that run when predetermined conditions are met. The following will be examples of industries that will change in the future due to blockchain.

Government

The government can use the blockchain in many profitable ways. For example, the corruption in governments will vanish since every transaction will be visible allowing every citizen see where every asset went. The voting system can be built on top of the blockchain, giving it transparency. Citizens will no longer call out cheat in the electoral vote because every vote will be duplicated and distributed across the blockchain, and it will be visible. The government can also use blockchain to store data such as birth and death certificates. This will save up space and ensure it is kept and safe regardless of happens to the physical copy.

Finance

In the financial world blockchain is already used, but can it be used for more? The blockchain can increase the transparency and speed of transactions and is an excellent way of saving all the data. But Blockchain also lets the poorest people in the world send capital globally with the most nominal fees possible. The blockchain also reduces the fraud and errors made by humans. Many banks and Fintech (financial technology) companies worldwide have quickly picked up on this new technology. Banks like Banco Santander and fintech SPENN technology use blockchain to provide safe and fast services to their customers and let them get the benefits of this new technology.

Real estate

Real estate worldwide will also be able to use blockchain to their advantage by safe and fast transactions, reducing paperwork, and increasing transparency. Smart contracts will also let homeowners transfer proof of ownership fast and securely.

Healthcare

Healthcare is one of the great industries where blockchain technology can be used outside the cryptocurrency market. Blockchain can help hospitals save and store data of their patients that can easily be transferred to another hospital safe, secure and private. The blockchain will also be able to keep medical records to decrease the struggle with paperwork since the timing and accuracy in this industry can be vital.

Media and entertainment

Media companies worldwide are already using blockchain to eliminate fraud, reduce costs, and protect their intellectual property with the help of smart contracts on the blockchain. Artists in all industries can prove ownership of their creations. Concert tickets can be transferred easily and fast without any fraud and the risk of the ticket being used twice vanishes. This will result in more flexibility and a better customer experience. This will also help organizers get the customers data when the ticket is transferred back and forth.

Supply chain

Over the last couple of years, we have all heard about the supply chain issues threatening the global economy. Blockchain may be able to help, not to get the supply from A to B, but to manage and transfer data about the supply. BenQu is a company that has fast integrated blockchain technology for its customers. They let the end users know where and how the product was transferred and produced. It enables the detailing industry to know how the manufactory produces the product and in what quality. This could be huge for the customers that like to know the CO2s used for the product before they buy, and it decreases the paperwork and human errors.

If you believe in the future of blockchain, why not invest in it? Or study and educate yourself in the crypto and blockchain industry? Sign up to receive the JengaX newsletter to keep yourself updated.