Blockchain Applications That Benefit The World – Blockchain News, Opinion, TV & Jobs

By Masha Balanovich, external communications manager at Drofa Comms.

The fintech headlines blur into each other, speculating and predicting the future of blockchain and the crypto industry. In 2021 was fintech leading venture investment sector, with more than $130 billion in startups worldwide. Alas, the global fintech funding of 2022 fell more than 40% year-on-year, and the numbers fell as the year went on. And many do not miss the opportunity to mock crypto-enthusiasts (Gen-Z “Cryptok” included) pending a new collapse story.

Jokes aside, I want to remind myself and others why we are in this boat and what makes us work and believe in this industry by coming back to the bigger picture. While talking about blockchain, most people, including industry professionals, overlook other applications of this technology rather than crypto and financial services. But collapse of FTX reminded us that the most valuable resource in the blockchain is not finance, but technology at its core and how it applies to different areas of life.

Let’s take a look at talking about crypto and dive deep into three spheres. I consider excellent examples of how blockchain can benefit society and is successfully doing so today.

Healthcare without borders

The health service has been one of the best performers industries for global VC funding since the outbreak of covid-19. Indeed it does reaches first in attracting venture investment in Q3 2022, ahead of fintech in second place.

And yet, many countries still struggle to provide secure data processing for healthcare customers, meaning patients and medical providers have an incomplete view of medical histories. It can easily lead to unintended medical errors and, in the worst case, injuries.

Integrating blockchain-based solutions into the medical industry can revolutionize record keeping and improve the performance, security and transparency of medical data sharing.

For example, Taipei Medical University Hospital and Digital Treasury Corporation (DTCO) released the personal Health Records Operating System (phrOS) a few years ago to improve record keeping. phrOS encourages health-related entities to jointly create ecosystem applications that are already demonstrating unprecedented benefits for insurance claims, safety and patient care. In this way, global e-health initiatives will be able to secure health records at the same time as the health systems become more efficient and responsive to patients’ needs and expectations.

Imagine a future where the doctor in your hometown can easily share medical records with a colleague in Italy where you went on vacation and got sick. Imagine being able to control your personal data instead of letting tech companies harvest it for free and sell it to third parties for profit – this is the future of blockchain in healthcare.

Revolutionized relationships with energy

While the blockchain’s carbon footprint and environmental impact may be of concern to many, Ethereum’s recent move to the less energy-intensive proof-of-stake consensus may influence other companies to follow its lead.

Also the last one studies have shown that blockchain solutions for the energy transition have high potential for use as the ‘distributed driving brain’ of an energy society. This concept will revolutionize the energy sector and allow the system to become more intelligent, efficient, transparent and secure in the long run.

As for the customers, energy trading “transactions” can be recorded and settled almost instantly without intermediaries. And one day we will enjoy random P2P energy transactions between users of the decentralized electric system to “share” residential generators and electric car charges. But let’s not get ahead of ourselves.

Transparency in government policy

It won’t hurt to mention a few cases that illustrate government, Big Brother, or what it might look like with blockchain mainstream adoption.

Estonia, for example, has e-services in all areas where a citizen comes into contact with the state: e-health record, e-prescription database, e-law and e-court systems, e-police data, e-banking services, e-Enterprise Register and e-Country Register.

KSI Blockchain, Estonia’s backbone technology, ensures that data is free of compromise while maintaining complete data protection. And the backbone of democracy, i.e. the voting industry, can gain significantly by following this example as we see internationally. Tsukuba became the first Japanese city to introduce blockchain digital voting in 2020. South Korea is active investing millions of dollars in a blockchain voting system, and India is planning to implement a blockchain-based electronic voting before the general election in 2024.

Blockchain integration into voting allows citizens to cast their ballots from any computer anywhere in the world, while providing unprecedented security measures and eliminating outdated voting methods such as paper ballots. It can also increase youth participation.

In Estonia, 16- and 17-year-old citizens have been eligible to vote in local elections since 2017. And historically, no less than 36% – and sometimes almost 64% – of young voters have participate in the i-Voting system. By comparison, 27% of US citizens aged 18-29 cast a ballot in 2022, the second highest youth voter turnout in nearly three decades. Thus, a blockchain-powered system could be a better way to encourage young voters, especially in times of legislative power decision making a series of laws that make it more difficult to vote.

Final thoughts

These are just some of the successful applications of blockchain technology known to the modern world. All the better, let more and more experts water down the agenda, write about fascinating issues and share achieved results.

I just want to emphasize that crypto is neither a goal nor a panacea. The goal of blockchain is decentralization and transparency in all aspects of our everyday lives. It undoubtedly has the potential to change the way we operate as a society in the future. So let’s stick with it and invest in its healthy growth.