Revolutionary use of blockchain technology

The end of 2022 and the beginning of 2023 was an obvious disaster for the cryptocurrency industry. The collapse of FTX, billions of dollars in liquidity evaporated into the ether, and several businesses ended services permanently. Despite the recent crypto turmoil, one fact remains true. Blockchain technology, the driving force behind digital currency, is versatile, secure and has several practical applications. Here are some of the revolutionary uses of blockchain technology.

Use of blockchain technology in education

Blockchain technology is amazing for a few reasons, but it is particularly good at chronologically storing and securing data. The US Department of Education launched a program in 2020 to explore how technology can help our school systems. It is an excellent method for safe storage of student and teacher records.

According to the University of Maryville, blockchain technology can reduce education costs by streamlining administrative teaching processes. It can also help professors with lesson planning and make the process more seamless through smart contracts.

Medicine

The use of blockchain technology in the medical field is already well under way for similar reasons as education. As previously mentioned, safe storage of information goes hand in hand with technology. Therefore, it is the perfect method for keeping patient information safe and easily accessible.

The distributed ledger the blockchain uses allows doctors around the world to access a patient’s information efficiently and securely. For example, if a patient goes to a hospital while on vacation halfway across the world. Doctors there will usually have a hard time accessing medical records. But if it’s a life-threatening emergency, every second counts. Blockchain will immediately let doctors know if the patient has special medical needs.

Supply chain tracking

Safe and concise tracking of large amounts of data is invaluable across multiple industries. However, blockchain is particularly useful in the supply chain. According to Cointelegraph, the technology is perfect for streamlining the entire process. Blockchain can help keep track of goods from manufacturers all the way to store shelves. It will also help to reduce losses and increase transparency for all parties involved. Through impeccable information tracking, “blockchain has the potential to enable frictionless movement between suppliers and manufacturers.”

Property

No, not like how companies spent millions of dollars for virtual land in the various metaverses that emerged last year. Blockchain has several practical applications to streamline the purchase or sale of property. For example, it can help cut out the middleman, saving buyers and sellers considerable money. In addition, storing property deeds as an NFT can keep them safe and easily accessible during a sale. According to Investopedia, companies are already using blockchain as a platform to help safely rent, buy and sell real estate.

Personal and consumer economics

But you’re thinking, isn’t the cryptocurrency industry already in the toilet? In reality, the answer is not that simple. Yes, there are more regulatory issues and other kinks to work out. However, a universal, global currency that anyone can access anywhere at any time is one of the invaluable uses of blockchain technology.

For example, transferring funds across national borders can take days. And you have to take into account exchange rates. With blockchain, you can access your money globally, almost instantly. And the value will not change from country to country.