When was the first time you heard the blockchain definition and in what context? Probably it was that time when Bitcoin stocks went up and there were excessive talks on how much you could earn if you had learned about the Bitcoin earlier. The majority of people nowadays link blockchain to cryptocurrency, cryptocurrency to Bitcoin, and Bitcoin to money. But actually, there are way more options for blockchain technology to be helpful. More than that, it is fair to say that the implementation of blockchain into some areas of life will solve long-standing issues and completely change the game. There is much more for blockchain applications to contribute to our personal lives, business, and society as a whole.
So, what does blockchain technology also suit for?
To secure a supply chain: blockchain supply chain management
For example, it takes a lot of effort to make raw material into an end-product. A supply chain is, basically, teamwork with numerous parties involved. A complex process where it is too easy to slip (because of a wide range of elements) and too tempting to miscount (because of obscured operations). One single flaw can sabotage the whole thing and the result will be incurred costs. No one wants to pay extra for someone else’s mistakes.
Blockchain in supply chains helps track and verify all actions taken. It is easy to keep records and access information required anytime. Since now, a supply chain in any industry can be secured from corruption and human errors.
To take clean-eating to a new level: blockchain for food safety
Other than just helping vendors to play it safe blockchain can assure you that the product you consume is actually good. Blockchain technology is also applicable to agriculture and livestock. Eating healthy is a trend, and this is how we can actually follow it. An RFID (Radio Frequency Identification) tag is needed to create a block and then monitor all the way through farms and greenhouses. In such a way, food products can be detected through tag scans or sensors throughout the process of cultivation. A great way to prevent getting toxic or contaminated food into your plate.
To refine contracts: blockchain notary
Now as we are getting more and more crystal clear, here is another case. A smart contract is a new approach to exchange money or property, manage legal processes and financial services. Another advantage of this technology is that no intermediaries are needed for such operations. Any agreement can be made into code with a set of predefined rules. When these rules are met, the code executes and the agreement is enforced, as simple as that. This could be a great foundation for social changes.
To facilitate voting procedure: blockchain voting
What could smart contracts also serve? Voting system. No lining up, no paper ballots. Just you and your PC or smartphone voting for a brighter future. And the future does seem brighter when you are sure that elections cannot be rigged.
Although the votes are secured and anonymous they can be verified anytime. It can be organized like that: an individual giving a specially produced cryptocurrency to the wallet of a preferred candidate. This traceable transaction prevents electoral fraud. However revolutionary, for now it is just a concept but it has a great potential to improve political involvement especially among young people.
To combat fake news: blockchain in social media
And the last issue to mention here is the problem of fake news. There were multiple vivid cases that have undermined media credibility. What seems to be the most challenging now is to check the authenticity of emerging information. And that is where blockchain is able to come to the assistance. And once again, it is about verification. Authorized news agencies, journalists and publishers can be a part of a blockchain-based platform where all of them can create their own profiles and upload content. Once an article, image or video is published, it cannot be altered or edited and go unnoticed. All the changes will be recorded and visible on the blockchain network. The technology allows tracking the data back to its source exposing legitimacy and credibility.
So, wherever it is applied, blockchain technology makes it work because of transparency, decentralization and irreversibility. If blockchain became an integral part of our lives, our society could benefit greatly. Although we cannot ignore the significant changes that come with that.
Life generally gets better when we can decrease or diminish the risks of something going wrong. And even if something indeed went that way, we are aware of what happened and who to hold accountable.
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