Since the inception of blockchain technology, its adoption has mostly been in the finance industry. The first use of blockchain technology was the creation of Bitcoin, a digital currency for payments and transactions. As a result of this, some people confuse the terms Bitcoin and blockchain. Hence, they use both terminologies interchangeably, although it is wrong.

Blockchain technology is a database technology that facilitates storage through linked blocks. Think of it as a decentralized and distributed ledger technology. This technology is the bedrock that facilitates the creation of Bitcoin and other cryptocurrencies. Aside from enabling digital currencies, blockchain technology also serves as the basis for forming fintech agencies.

These agencies create payment, remittance, and financial solutions. They also strive to achieve seamless cross-border payments and create financial inclusivity, thus closing the gaps in traditional banking systems. Blockchain technology makes this system more secure and accords greater data ownership control.

Due to the vast influence of blockchain in finance, people tend to think that its utility is limited to only the financial realm. But if you share that opinion, you couldn't be more wrong. Blockchain technology is becoming borderless as its use case expands to various industries globally. This technology has practical applications in various industries outside of finance. If you have doubts about this, this article will clear them all.

Industries Where Blockchain Technology Is Applicable

Based on your preconceptions, you might find it hard to believe the widespread usage of blockchain technology. Interestingly, more and more industries are adopting blockchain because of the salient solutions it gives. Blockchain technology can combat issues of trust, insecurity, breach of data privacy, fraud, and corruption, among others.

It introduces transparency, efficiency, security, data management, interoperability, sustainability, and more. Indeed, its application is transformative, leading to positive change in various fields. Are you curious about the fields where blockchain is currently being used? Find out below.

Supply Chain Management

Supply chains involve lengthy paperwork processes that lead to delays and disruptions in service delivery. Aside from that, manual systems often make it difficult to track and trace orders swiftly. It's impossible to trace movement in real time, contributing to the piling traces of fraud. These issues can even affect the prices of items, making it necessary to address these concerns.

Thankfully, blockchain enables the capture of supply chain transactions on distributed database systems. Credible record-keeping makes it easier to track assets and products right from the production process to delivery. Thus, blockchain introduces end-to-end traceability beginning from production, reducing counterfeit goods’ circulation.

Using smart contracts also simplifies the management of agreements and automates payments, leading to greater compliance. By capturing product information, consumers can learn more about the products they purchase. This practice can promote food safety and enable tracking of defective products, leading to faster recalls. Blockchain has also simplified international shipping processes, thus facilitating cross-border trade.

Medical and Healthcare Systems

Healthcare is a vital sector as it involves life and safety. Hundreds of patients troop in and out of hospitals daily, disclosing sensitive information without knowing who gets to handle it. Additionally, the record-keeping processes are inefficient, leading to loss of vital information and medical errors. Sometimes, these inefficiencies make patient transfer difficult and may lead to loss of lives.

However, with blockchain, providers can store information cryptographically, and information can be decentralized, thus improving data-sharing processes. Hospitals can also develop electronic record systems that can be replicated. Therefore, patients' medical history can be accurately stored in a shareable format. Moreover, patients will have to give their consent before healthcare providers can access their information.

This strategy reduces the risk of data leaks and maintains the integrity of patients as it gives them control over their vital details. It also provides accurate and up-to-date medical records, streamlining the treatment administration process. With improved data-sharing efficiency and interoperability, healthcare providers can securely transfer medical records, reducing the risk of medical errors.

Voting

Democracy isn't 100% effective in some nations. There are intense cases of electoral fraud and manipulation leading to ethnic and religious clashes. This situation creates a troubled atmosphere with lots of safety concerns. But once again, blockchain technology can introduce transparency in voting and electoral systems.

Implementing blockchain-based voting systems will enable nationals in the diaspora to participate in voting and election of leaders. It can also lower administrative expenses and lead to more people participating in voting exercises, as being physically present will no longer be a criterion. Biometrics can be used to verify voter identity.

This process eliminates the need for electoral commissions, reducing the potential for manipulation. Votes recorded on blockchains are immutable, making it impossible to manipulate the records. So, election results will be devoid of rigging and verifiable, increasing voters' trust in the system.

Intellectual Property Rights Protection

Intellectual property theft is a rampant kind of fraud. People steal patents, trademarks, and copyrights. But the intensity of this process is fuelled by manual documentation, leading to scuffles, debates, and clashes. But with blockchain, intellectuals with remarkable ideas can now have immutable proof of ownership and creatorship, thus eliminating recurring fraud cases.

There are blockchain platforms that enable creators to patent their inventions securely. You can cryptographically hash your works after creation to combat originality claims. Doing so also helps to prevent copyright infringement and guarantees that creators will receive credit for their works. Verisat is an example of one such platform that allows creators to register copyright for research papers, photographs, and all kinds of art.

Furthermore, smart contracts can help creators achieve licensing control and regulate royalties. So, with the adoption of this utility, creators will no longer be disadvantaged. So, with blockchain, intellectual property rights can be digitized, and records or originality can be secure.

Real Estate

Landed property sales involve lots of tedious processes with numerous document signing. When done manually, this is tasking, and the use of papers and files makes it quite difficult to keep proper records. This situation often results in ownership gaps and difficulties in property transfer, thereby creating a challenge in the real estate sector.

However, real estate blockchain solutions can help soothe this ache in the system through secure, digital property purchases and tamper-proof transactional records. Through smart contracts, buyers and sellers can negotiate terms and close deals. Through blockchain, deeds, certificates of occupancy, titles, and other real estate documents can be stored on ledgers as digital assets. With this, the real estate sector has more transparency and trust.

HouseAfrica is one blockchain-based real estate property firm that intensifies system efficiency. HouseAfrica provides satellite maps for inspection and survey of properties. Through NFT and blockchain, this platform helps real estate companies issue verifiable certificates of land allocation and more. Blockchain in real estate simplifies transactions for buyers, agents, and realtors.

Identity Management

Public identity management systems expose individuals to various risks alongside data exposure. But even for this, there is a solution in the form of decentralized identity management, which puts individuals in control and ownership of their data. Users can decide who to share information with and how much to disclose through this self-sovereign identity.

ION, Microsoft's self-sovereign identity system, enables individuals to own and control their data through their devices. With this, users can even sign verification details through cryptography. So, blockchain enables individuals to manage their data and credentials, putting the users' interests first while protecting data.

Energy Management

Due to the centralized infrastructure, some countries do not enjoy a stable electricity supply. However, since decentralization is one of the core values of blockchain technology, an imminent solution lies within. This technology lets consumers, traders, and producers connect directly, decentralizing energy management. An effect of this will be the creation of peer energy channels that can operate without electricity companies as intermediaries.

For example, Brooklyn has a community microgrid project that enables owners of solar panels to sell to their neighbors with a blockchain managing the trade. Meanwhile, a digital meter records the energy distribution, and an app converts production and consumption into tokens. This solution provides low-cost energy and stable supply and can transform the power sector of nations if properly implemented.

Educational Credentials

The streets of Africa are saturated with youth seeking employment. Some may try various methods to make ends meet out of pressure. In this struggle for survival, some may be tempted to forge educational credentials to prove their worth. However, this may have disastrous effects. But luckily, blockchain technology can be used to negate this.

Through blockchain, Universities and other educational institutions can begin to issue digital certificates that are unalterable and unmodifiable. These digital certificates, called BlockCerts, will serve as tamper-proof records. Companies can also verify the authenticity of such certificates by checking the blockchain records. Some Western institutions are already issuing BlockCerts, and so can we.

Having read through this piece, the benefits that various fields can enjoy by adopting blockchain technology are evident. The power of blockchain is immensely captivating and, if embraced, can transform the trajectory of African nations.