Blockchain is one of the more exciting disruptive technologies changing many industries worldwide. In an earlier blog, we covered 9 Uses for Blockchain in the Real World, but there are a host of other useful applications of the disruptive technology.
To get an idea of Blockchain could change our world, let’s examine 9 more real world uses of this technology.
- Food Safety
The food processing and food production industry can make use of Blockchain to trace the source of raw food products. This ability should empower these industries to enhance food authenticity and safety, by quickly tracing food products to their source. This resonates well with modern consumers who want to know the various sources of food on their lunch and dinner plates. In addition, Blockchain technologies should help regulators and food manufacturers to trace the origins of any food-borne illnesses before they extract a price on human health and happiness.
- Tracking Medication
Prescription returns and counterfeit medication are harsh realities that exist in the healthcare space. Blockchain technologies can help pharmaceutical makers to track their products by targeting the batch numbers of such products. Experts note that the reference numbers on medication packaging are scanned and stored on Blockchain. Once uploaded, this triggers a smart contract that assigns authentication codes to packages. These actions ensure that traceability of a medicinal product from the producer of raw materials to the end-user is irrefutable, thanks to the immutability aspect of the Blockchain network.
- Commodities Trading
Trading in the commodities markets attracts risk that arise from market inefficiencies. Pricing inefficiencies, erratic elements in the physical delivery of goods, dates pertaining to transactions and settlements, the role of clearing houses, etc. represent some of risks associated with modern commodities markets. In response, some Blockchain-based developers are working to create platforms that address industry pain points and issues with transaction trust and complexity that often involve multiple parties. In addition, the use of Blockchain may significantly improve regulatory reporting and streamline compliance reports.
- Data Backup
Blockchain technologies may offer failsafe and permanent solutions that help create non-volatile data backups. This stems from the immutability of data logged into a Blockchain. The cryptographic hash function in Blockchains is the foundation of said attribute. In line with this, organizations that implement Blockchain can use this technology platform as a backup for cloud data centers, for instance.
Paper-based wills may not survive the onset of the digital revolution. Blockchain will likely provide people the option to store a digital will on a decentralized, trustworthy and irrefutable network. Smart contracts could help allocate inheritances in accordance with criteria specified in the will. They will leave no questions over the inheritance of assets in a will.
- Workers’ Rights
Blockchain technologies can bolster the rights of workers by creating a digital registry based on smart contracts. These include protocols that verify, facilitate, or enforce a contract and make employers honor digital contracts with their workers. Policy makers agree that this could be the key to curbing and possibly even ending forced labor, as well as improving work rights globally.
- Tracking Weapons
Gun control continues to rouse severe debate in many parts of the civilized world. The illegal proliferation of firearms and lethal weapons creates a range of social, economic, and law enforcement problems around the world. Blockchain technologies could be used to create a transparent and tamper-proof registry network. This would enable clear tracking of weapon ownership and provide a record of weapons that are sold privately.
- Title Transfers
The use of paper trails often creates complications in title transfers pertaining to real estate, land, and automobiles. Blockchain offers the alternative of storing immutable information on its network. This helps all parties to gain a transparent view of various transfers for a clear picture of legal ownership. In line with this, several crypto-technology startups are working to create Blockchain-enabled title transfer management solutions.
- Physical Access Control
Consumers can leverage the use of Blockchain-powered platforms to grant access to service technicians that wish to enter a private home. The Blockchain essentially creates a secure digital key that allows technicians access to private property such as homes, cars, in-house gadgets, etc. The evolution of such Blockchain technologies with private-key permissions will provide safer business and home environments, so both individuals and organizations have peace of mind.
Clearly Blockchain is set to impact many real-world scenarios and industries are scrambling to ride the wave of change this disruptive technology is driving. If you’d like to explore Blockchain solutions for your organization, please contact us. At Triassic, we have extensive experience leveraging breakthrough technology such as AI, IoT, RPA and Blockchain, to digitally transform organizations for greater success.