The technology realm is dynamic, constantly sprouting changes and advancements. One of these evolutions is blockchain technology.
It refers to a decentralized ledger system that captures transactions across several computers.
While its application is prominent regarding cryptocurrencies, blockchain technology has other uses.
This article will review some fields in which this technology is employed. Read on to gain more insights.
Voting Systems
Blockchain technology displays significant potential in the voting field. Considering that these systems are already being used to protect our personal information, they can just as quickly be used in voting.
It will offer numerous benefits to the voters, the greatest being transparency.
With every participant having precise results, there will be increased trust in the electoral system, which will help eliminate fraud conspiracy theories like those witnessed in 2022 Australia’s Federal Elections.
Moreover, this technology eliminates occurrences of discrepancies. Common malpractices like double voting will become history.
Blockchain technology will additionally help people who can’t access traditional polling stations. Voters will be able to make their choice from their comfort.
Introducing blockchain to voting will also eliminate the need for intermediaries. Most of the processes will be self-executing, thereby phasing them out.
This element subsequently leads to a reduction in the cost of the whole process.
Identity Verification
Traditionally, cases of identity theft and fraud were common. However, blockchain technology has brought new solutions to this.
Initially, we would depend on third parties like the government or a bank to store our personal information. Blockchains advocate for the opposite.
Since they are decentralized, you become responsible for storing your information in digital wallets.
Through this wallet, you can access or deny authorization to your information. This feature is essential, primarily when online gaming.
When playing games like online casinos, it is essential to ensure that players safeguard their details.
Australian enthusiasts can find credible wagering sites on casino sites — click here to check it out. Once your information is stored in a digital wallet, a cryptographic key keeps it secure.
Supply Chain Management (SCM)
In life, generally, supply chain management plays a significant role. It determines how materials move across the value chain to provide utility to the final customer. In this sector, blockchains have several appliances.
For instance, when integrated with SCM, blockchain technology proves helpful in creating immutable ledgers.
Recording and providing transparent records of all activities during the process allows every party involved to know what’s going on.
Moreover, you can easily trace the merchandise in transit through blockchain technology.
When integrated with blockchain technology, Internet of Things (IoT) devices like intelligent trackers and Radiofrequency Identification (RFID) help aid this process.
Generally, operating using such technology offers convenience and reduces the occurrence of errors.
Smart Contracts
The concept of smart contracts has begun revolutionizing specific sectors like finance. Smart contracts refer to self-executing agreements with the specifications and terms of the contract written into code.
This feature proves helpful in situations that require automation. These contracts can go off on their own and execute the task. Doing so improves punctuality and eliminates the possibility of error.
Once these contracts are effected, they can not be tampered with. This security feature prevents unauthorized persons from accessing this information. Additionally, these smart contracts are cost-effective because they eliminate intermediaries.
These come in handy, particularly when facing repetitive situations. Currently, a smart contract is legally binding in Australia as long as it follows the principles of a traditional contract.
Intellectual Property Protection
The evolution of blockchain technology brought a new way to safeguard intellectual assets.
These are intangible assets resulting from human creativity, knowledge, and innovation. They include patents, copyrights, and trademarks.
Blockchain technology is used to secure ownership of these creative pieces. For instance, if an artist registers their creation on the blockchain, a digital ledger containing several details is generated. This information includes the date and author.
This feature prevents anyone from tampering with your work. Additionally, it can simplify work.
Smart contracts can help automate royalty payments and licensing fees. The smart contract will send you royalties immediately if someone wants to use your content.
Healthcare Data Management
The healthcare department is crucial to our survival as humans. Under this category, however, multiple information flows through user departments. Blockchain technology has helped to properly collect, store, and organize all this information.
In some instances, this data is preserved in varying formats. Others are written down, while others are electronically stored.
Using this old system poses an issue with interoperability. However, a blockchain holds all this information in the same format, making it easier to access during retrieval.
Additionally, blockchain technology provides tight security to your records. This information can be encrypted and stored online.
Patients having more control of their diagnosed data is also an added advantage. They can authorize or deny anybody from accessing your information.
Energy Trading
When we talk about innovations in the energy field, we’re talking about a better future for our planet — and also about blockchain technology!
Emergen Research even stated that the sector is anticipated to reach $8,761.4 million by 2027.
While it is surely revolutionizing energy trading by enabling transactions between energy generators and consumers, this also creates the perfect environment for decentralization in energy distribution.
Take Siemens Energy, for example, the company already offers an Automated Pay-Per-Use service and clients can exclusively pay for what they used.
On the other hand, the giant WePower enables a direct link between providers of renewable energy and consumers.
On its way to even more innovation, the Iberdrola group has also launched a pilot project that aims to validate the green energy source, that is, their product is able to make sure the energy is clean end-to-end.
The idea is that more and more people have access to it and energy consumption is democratized.
Conclusion
When dealing with technology, dormancy is never an option. Constant evolution and betterment have led to the creation of blockchain.
This technology has showcased potential applicability in several areas, from healthcare to legal issues.
Besides its wide application in cryptos, blockchain technology also helps protect intellectual property and manage healthcare data — and this is only the beginning. More advancements are yet to come in this field!
