Where is Blockchain Technology Applicable?
It was a sunny afternoon when my cousin came into my room feeling angry and started ranting about how she had been delayed in the clinic, just because they couldn't get her previous medical records on time.
It was at that moment I realized that most healthcare centers haven't advanced their way of operation and the technology they use.
I needed to calm her down before telling her what I had to say, else it might just turn out to be one of those unproductive conversations we usually have whenever she's angry.
"Jane, I feel this clinic center doesn't know much about what blockchain technology is and how it can be of a great advantage to their day-to-day operations" I started the conversation.
Looking at me with her eyebrow raised, she asked "but I thought blockchain is only related to cryptocurrency?"
Of course, she knew what blockchain technology means, but didn't know its applications can be used in different industries and not only cryptocurrency.
We then decided to learn more about a few sectors, where blockchain technology can be applied.
Blockchain technology- a virtual ledger capable of recording and validating a large number of digital transactions- which originated as the foundation for cryptocurrencies, is now used across a wide range of industries.
The popularity of Bitcoin has served to demonstrate blockchain's application in finance, but as the world is changing, entrepreneurs have begun to realize that the technology has the potential to transform a wide range of industries, including healthcare, government, and insurance.
And, as businesses embrace blockchain to generate greater transparency and integrity across the digital information ecosystem, the technology is gaining adoption in a variety of sectors.
Let's look at a few sectors blockchain technology is affecting.
There are numerous issues with the storage of people's health data, and because it is all stored in centrally placed files, anyone can access it. Furthermore, locating a person's information file when it is requested can take hours, which can result in data breaches, theft, or losses.
Interoperability, privacy, and supply chain tracking have all been major challenges in the healthcare sector.
That's why blockchain technology is very important in this sector.
Blockchain technology has already proven valuable in the healthcare sector by facilitating trust and collaboration in addressing these challenges and some future ones.
Below are a few benefits of blockchain technology in the healthcare sector.
- It helps ensure data security by storing an irreversible, single version of the real information, which can be used to confirm patient and employee health status.
- Pharmaceutical products can be recorded on a blockchain as they move through the supply chain. This means that an item can be traced back to its source or receiver. Which aids in the reduction of counterfeiting.
The management of public services is yet another area where blockchain can help reduce paper-based processes, minimize fraud, and improve accountability between authorities and those they serve.
- When people vote online without exposing their identities, blockchain technology can eliminate voter fraud since officials can count votes with absolute accuracy, knowing that each ID can only be linked to one vote
- Another benefit is in taxes, blockchain technology can make it easier to enable quick tax payments, lower tax fraud rates, and have faster, easier audits.
Banking and finance
Sometimes when you send someone a certain amount of money through a conventional bank. The bank charges you a fee for sending to the other party and also charges the other party too. Overall, the process is time-consuming, expensive, and isn't guaranteed to be 100% secure.
- Bank guarantees and letters of credit can now be monitored and managed in real-time by many parties using blockchain technology.
- It also helps fast settlement, which is the real-time, point-to-point transfer of funds between financial institutions, reducing friction and speeding up the settlement process.
Media and entertainment
Media companies have already started to use blockchain technology to prevent fraud, cut expenses, and preserve content intellectual property rights ( like music records).
The global market for blockchain in media and entertainment is estimated to reach $1.54 billion by 2024, according to MarketWatch.
Some concerns that arise when buying and selling real estate include bureaucracy, lack of transparency, fraud, and errors in public records.
- Using blockchain technology can speed up transactions by reducing the need for paper-based record keeping.
- It can also assist in tracking, verifying ownership, ensuring document accuracy, and transferring deeds of a property
- Ubitquity is a blockchain-secured platform for real estate record-keeping that replaces conventional paper-based solutions.
Remember, the future of blockchain technology is here to stay and its impact on the world will continue to grow as the technology also grows.
Afridex, in a bid to contribute her share of impact within the blockchain industry, has developed a product model that serves as an assembly of blockchain projects in Africa. Recognizing the barriers faced by African blockchain projects in the process of getting listed on major global Exchanges, Afridex Exchange has developed a model that ensures ease and affordability in the listing of African blockchain projects on the Afridex Exchange.
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