Blockchain technology seems to be a term that is being thrown around more and more in recent years. Although there are an array of businesses that are turning to blockchain technology for use within their company, many people still don’t understand how it can be used to benefit them. Statistics have shown that Europe has become one of the biggest blockchain technology users and it looks like many other countries are following suit.
(Image Source: Statista)
Modernising the financial sector has become a primary way that blockchain technology has been utilised and during the course of the pandemic more and more people are having to access their finances in a remote way. The development of cryptocurrencies and investment portfolios means that the use of blockchain technology is becoming more and more needed.
What is Blockchain Technology?
Blockchain technology is basically described as the most accurate and defined way to store transactional records. It is a specific kind of database that stores blocks of data together in chronological order. These records can also be referred to as a block and other blocks are added onto it to form a data chain. Every transaction within the blockchain is digitally authorised by the user,which is why it’s so commonly used with cryptocurrency. These transactions can be seen but not corrupted or altered, providing a secure and accurate way of data storage. It is a database that can be recognised as a traditional database, and is typically found in a table format which, in turn, results in easier searching and labelling features.
Blockchain technology is predominantly seen as running parallel to the banking industry because of the nature of the traceable transactions, but there are a range of underutilised ways that this kind of technology can be used.
Digital Voting is a way that voter fraud could be reduced by using block chain technology. The blockchain offers the option to vote digitally and is more effective than other standard methods of digital voting because it holds more transparency and would be truly accurate because of its unchangerbale nature. Regulators would be able to see any changes that were made if any type of fraud had been attempted.
Food safety is another way that blockchain technology might be being underutilised. The use of the blockchain would be able to detect and trace your food right back to the source. This would include how the food and produce was being transported to any preparation areas that may have been used to create a product that you may be consuming. This would be an excellent method and way to track and trace any food borne illnesses or a particular contaminate. This would make the food production industry streamline any issues they could be having with a certain product line and rectify them quickly.
Wills and Inheritance
Blockchain technology may be a way for any assets or wealth to be managed in a secure way. Rather than creating a paper will, people can store and organise their assets in blocks. This could then be used as a basis to split what is needed at a certain time rather than being fought over or ownership given to someone that wasn’t explicitly outlined in the will. To reduce any misguidance of any assets or money, the blockchain network can be home to all the demands to be actions before death and ensure they are done properly. For example, if you leave a portion of wealth to a grandchild and they can only access it when they are 22 years old then the legally binding nature of the blockchain will ensure that they will get it when they are 22 and not be withdrawn early. This will leave very little questions and confusion after death for the recipients or anyone receiving inheritance.
Tracking Prescription Drugs and Medical Recordkeeping
Using blockchain to track prescription drugs and keeping the delivery of them transparent can mean that authentication of drugs will reduce the risk of any counterfeit goods being used. From batch numbers to keeping track of the ingredients used in certain medications, by using blockchain, issues can be identified with a particular bath of drugs that may hold some inconsistency with other drugs in that batch. Merck is currently trialling the use of blockchain in a pharmaceutical sense.
Copyright and Royalty Protection
Another way that block chain technology may be underutilised is through copyright and royalty protection. As people’s access to the internet is getting more and more easy, the ownership of certain content has gone through the wringer. With blockchain technology the true identification of who pens a certain piece of content can be established. It would ensure that an artist gets what they drive from a piece of content that they created and are not discredited because ownership could not be proved. Blockchain technology would remove all ambiguity regarding this matter.
Blockchain technology is on the rise of being integrated into varying parts of modern day life and these are just some of the ways it may serve us in the future. Considering this database, would remove ambiguity and establish transparency which is why so many companies are turning to it as a way of storing data.