Blockchain is a state-of-the-art system that has revolutionized the way in which data are recorded and stored in such a way that ensures its security, transparency and rigidity to modifications. Unlike the traditional system of storing data where data are kept and managed by a single entity, blockchain operates on a decentralized network of computers. These decentralized networks collectively maintain and verify data managed on the system.

In recent times, blockchain technology has been synonymous with cryptocurrencies. However, the broadness of the blockchain spurred innovation in other walks of life besides the finance industry.

Let us dive right into exploring the real-life application of blockchain technology and how it has transformed (and yet, transforming) various sectors:

a) Cross Border Payments

The financial industry is the most renowned industry in which blockchain technology is applied. It has seen the evolution of currencies, from fiat currency to international digital currency.

This cutting-edge technology has transformed the finance industry by enabling super-fast and efficient cross-border payments while reducing the need for intermediaries as applicable in the conventional banking system.

b) Intellectual Property

Creators of intellectual assets such as still-life artists, musicians, and content creators can protect their intellectual property rights using blockchain technology. It facilitates easy and secure copyright registration, the tracking of royalties and ensuring intellectual asset creators receive fair compensation for their work.

c) National and International Security

Blockchain technology when integrated with the Internet of Things (IoT) enhances national and international security by securing data transmission, verifying identities, protecting supply chains and enabling smart security contracts. This important technology can also help in strengthening border security, enhancing quick disaster aversion, and ensuring tight cybersecurity and continental collaboration.

d) Supply Chain Management

Blockchain technology is used to enhance traceability and transparency in supply chains. An immutable ledger of transactions created for transactions helps in tracking the movement of goods from their origin to the end consumer. It is also instrumental in verifying the authenticity of merchandise and ensuring fair transactions.

e) Healthcare

Healthcare facilities keep confidential records of their patients. However, these records require a very secure and robust security system against data scavengers.

Using blockchain technology ensures that these confidential data are securely stored and shared without impugning their confidentiality. Also, this ensures that patients have more control over their health data by granting permission to healthcare providers on a need-to-know basis.

f) Academic Credential Verification

Employers and educational institutions can now easily verify the originality of academic certificates and credentials of their prospective employers. Credentials verified on blockchains reduce the risk of fraudulent claims.

g) Electoral Systems

Blockchain technology can be used to set up a very secure and transparent digital voting system. Interestingly, these digital voting system helps extinguish electoral fraud and diminish electoral malpractice thereby ensuring the integrity of the electronic electoral process and enhancing the democratic process.

h) International Aid and Humanitarian Efforts

Blockchain technology has made it possible for individuals around the world to contribute to charity and help distressed persons with a view of strengthening the bond of humanity whilst ensuring that donations are transparently distributed. Donors can also track their contributions and this would help organizations reduce administrative costs.

i) Automated Actions (Smart Contracts)

Smart contracts are self-executing contracts triggered when predefined conditions are met. Several industries including real estate, finance, etc use this technology to automate and streamline processes with the terms of agreement directly written into code.

Then what?

It is quite obvious that beyond its financial dominance, blockchain technology has impacted several real-life industries in solving real-life problems. This is due to its ability to provide transparency, and security of transactions and identity, leading to its wide adoption in various sensitive sectors, from healthcare to education.

Frankly, the world is yet to see (expect!) more innovative applications of blockchain technology in ways that could change the way we interact with data, conduct businesses, and enjoy great living.