Blockchain technology is a digital and decentralized ledger that logs transactions without the need for an intermediary, such as banks. The usefulness of blockchain goes far beyond those who use digital currencies. Here are six surprising ideas that can make use of this innovative platform.
Processing Payments
Money transfers will never be the same again. Blockchain has made it possible to make transactions between people in a matter of seconds, not days. This is all because banks are no longer needed when transferring funds from one person to another. Instead, we can complete these peer-to-peer transactions, 24 hours a day, 7 days per week and settle them in an instant.
Loyalty Rewards Programs
Blockchain technology could revolutionize the retail experience. A token-based system could be created and blockchain would allow consumers to be rewarded with tokens that can then go into their loyalty reward program account and provide them rewards for purchases they make at participating stores.
Additionally, these tokens cannot be duplicated or forged which eliminates fraud in the process, as well as reduces waste of resources from paper cards or cash offers being exchanged by customers when making purchase transactions.
Digital IDs
Microsoft is forging ahead in the changing world of digital identity with its new app, which provides users a way to control their identities. This could help one billion worldwide with their identity challenges, and allow them access financial services or to enable them to start some form of business in impoverished regions that are underserved by banks and other institutions.
Voting
With the use of blockchain tech, voting can occur in a highly secure way. There is no need to worry about voter fraud or changing digital votes because each vote will be securely recorded on an immutable and unhackable ledger that cannot be modified without leaving a trace. This would eliminate any chance for tampering with election results which could only cause more distrust among voters who simply want their voice to count at the polls.
Food Safety
Blockchains can be used for tracing food from its origin to the grocery store in order to ensure safe and accurate transport.
The data inside blockchain is immutable, so you’d have no problem tracking products on their journey through different stops along the supply chain. If there was ever an outbreak related with tainted food or contaminated water then it’s easy for authorities to pinpoint where this happened since blockchain can track down these problems much quicker than our current methods allow us to do.
Medical Recordkeeping
The use of digital records and blockchain technology have improved the convenience, security, and efficiency in which medical data can be accessed. For example, with a patient’s permission, they could control who has access to their files by giving certain people varying levels or permissions (e.g., some doctors might see everything while other nurses only get limited information).
Not only is this better for patients but it also helps hospitals cut down on paper waste as well since all documentation will live online rather than fill up file cabinets across the hospital campus.
Blockchain is still in its infancy and has many challenges to overcome before it becomes the next internet. However, there are plenty of real-world applications with potential for long-term viability. For now, we’re likely going to see a lot more companies experimenting with this technology as they try to figure out where it fits into their business strategy.