Blockchain technologies are usually used in connection with cryptocurrencies and anything crypto-related. It is not surprising since this type of technology was developed exclusively to be used for cryptocurrencies.
However, as crypto-related topics gain more traction and limelight, several possible uses for blockchain technology have emerged, both in theory and in practice. These are the main possible but somewhat unexpected opportunities for blockchain technologies that go beyond crypto.
Supply chain management
In business, supply chain management (SCM) is the management of the flow of goods and services from the point of origin to the point of consumption. The goal of SCM is to increase efficiency and profitability by reducing waste and unnecessary costs.
Traditionally, SCM, a market valued at a few billion dollars, has been done with a centralized database. This system is vulnerable to hacking and data breaches. In addition, it is difficult to trace the origin of goods when they are spread over several places.
Blockchain technology can be used to create a decentralized SCM system. With blockchain, it is possible to track the movement of goods through a supply chain in real time. This allows businesses to identify issues and problems quickly and resolve them before they cause significant damage.
In addition, blockchain can be used to create a secure record of transactions. This eliminates the need for third-party verification and reduces the risk of fraud. Blockchain also allows companies to trace the origins of their products, ensuring they are sourced ethically and responsibly.
Overall, blockchain has the potential to revolutionize SCM. With its security and transparency, it offers a more efficient and secure alternative to traditional methods.
Identity management
The distributed ledger technology that is blockchain is being explored for many different applications beyond just cryptocurrencies. One such application is in identity management. There are a number of ways blockchain can be used for identity management.
One way blockchain can be used for identity management is by using it to store digital identities. A digital identity is an electronic representation of a person, organization or thing. Digital identities can be used for a variety of purposes, such as logging onto websites, registering for services or making purchases. Blockchain can be used to store digital identities in a secure and transparent way. This will allow people to access their digital identities from anywhere in the world without having to worry about the security of their information.
Another way blockchain can be used for identity management is by using it to store biometric data. Biometric data is data that captures physical or behavioral characteristics that can uniquely identify a person. Blockchain can be used to store biometric data in a secure and transparent way. This will allow organizations to securely store biometric data and use it for identification purposes.
Another way blockchain can be used for identity management is by using it to store documents. Blockchain can be used to store documents in a secure and transparent way. This will allow organizations to store documents securely and access them from anywhere in the world.
Improve voting systems
Blockchain is a distributed database that enables secure, transparent and tamper-proof record keeping. This makes it well suited for voting systems, where it is crucial to maintain the privacy and security of the votes.
One potential use of blockchain for voting is to create a secure, tamper-proof ledger of votes that can be used to verify the outcome of an election. This will allow election officials to audit the results of an election quickly and easily, and will help ensure that the results of an election are accurate.
Another potential use of blockchain for voting is to allow voters to cast their votes online. This will allow voters to cast their votes from anywhere in the world and will reduce the time it takes to count votes.
Blockchain can also be used to prevent electoral fraud. By creating a secure, tamper-proof ledger of votes, blockchain can help ensure that only eligible voters can vote and that their votes are counted accurately.
Finally, blockchain can help improve voter confidence by providing a secure and transparent voting system. By allowing voters to verify the outcome of an election and ensure that the voting process is fair and accurate, blockchain can help build trust in the voting system.
Changing the gig economy
With smart contracts at hand, blockchain technology can revolutionize the understanding and use of the gig economy market. The gig economy market is valued at hundreds of billions of dollars and this trend is still growing.
Knowing the use of sites that get paid to and the possible fraudulent activities associated with them, the use of blockchain technologies can actually solve this since the payments that gig workers receive will be provided on publicly available databases.
An early player in this market is JumpTask, a gig economy platform that allows companies to outsource their specific jobs to a worldwide workforce of gig workers. In simpler terms, companies can offer such jobs as translations to this platform, the document itself would be divided into many small portions, and gig workers would be able to translate each part, eventually creating a fully translated text.
Since the payments for this work are made using a cryptocurrency that was created by the platform owners themselves, this creates a sense of security for gig workers since they are sure that the payments will be made and that they can be verified on any public blockchain explorer.
Seeing that payments are not being made from a specific wallet associated with the business in question will mean that this gig economy employer is not trustworthy. Using blockchain technology will make things much more transparent and reliable.
All in all, the traditional notion that blockchain is strictly a cryptocurrency-related affair should be forgotten as there are far more applications for it besides tracking transactions. Unmatched security measures and cryptographic approaches can make our everyday life better.
