Most people think since blockchain technology was solely created for just cryptocurrencies, then it is solely limited to only cryptocurrency affairs. Interestingly, it is not so as this technology has other abilities that can help the improvement of other sectors.
In this article, we would be looking at sectors that should consider inculcating the blockchain service for better results and an improved working efficiency or outcome.
But just before that, let’s know what blockchain technology is exactly.
Briefly, blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems. Blockchain is sometimes referred to as Distributed Ledger Technology (DLT), that makes the history of digital assets unalterable and transparent through the use of decentralization and cryptographic hashing.
Having known that, let’s move to see the recommended sectors for this new technological move.
Blockchain in Medicine
This is one sector that ultimately needs a turn around with the help of this technology. It has been proven that the blockchain technology could help this sector in a number of ways such as;
Blockchain offers a high level of safety and convenience as regards record keeping – both within and outside the medical sphere. Aside from storing patient records, the patient possesses the key to access these digital records and is in control of who gains access to that data. Hence strengthening the Health Insurance Portability and Accountability Act of 1996 (HIPAA) laws that have been designed to protect patients’ privacy.
Also, blockchain could be a means of tracking prescription medicines. In a world where counterfeit medications are a real thing, blockchain has a potential of offering drugmakers the ability to track their products based on serial and/or batch numbers. This helps to ensure that consumers get only authentic medicine in cases of purchase.
Blockchain in Government
This is one large sector that is filled with activities and needs an up to date system to help it’s affairs. To this effect, the blockchain technology can help in;
Citizen Data Protection
The case of Equifax database breach in the year 2017 is an example of how much this technology is needed where information about people were exposed in that breach and we have heard of records of past and present government employees that have been stolen from companies databases.
Situations like this can be avoided or limited through the responsible deployment of blockchain data structures. These data structures harden network security by reducing single-point-of-failure risk and can make attempting a breach prohibitively challenging.
Cost Reduction & Improving Efficiency
Government agencies must fulfill their mission while responsibly managing scarce resources. Blockchain solutions can help reduce redundancy, streamline processes, decrease audit burden, increase security, and ensure data integrity.
Blockchain technology can also increase efficiency through reconciling intra-governmental transfers. There are always lots of unreconciled funds that need reconciliation and this process can be very time consuming, expensive, and can create budget uncertainty. A payment and accounting system that used blockchain could provide a permanent audit trail and facilitate faster reconciliation.
Blockchain in Finance
As expected. This sector needs this technology too in;
Faster Transactions and Cost Effective
Blockchain’s high ability for record keeping makes the current clearing and settlement procedures obsolete. The adoption of this ledger technology would definitely result in faster transactions and reduced costs for financial institutions.
Banks and other financial institutions are inculcating the blockchain technology to help identify individuals using blockchain-enabled IDs. When customer identifying information is secured using blockchain, banks can increase public trust while protecting against fraud and verification process can be significantly sped up.
Blockchain in Media
A recent report from Saxo Bank, as part of an “Outrageous Predictions” series, said that “Distributed Ledger Technology (DLT) may play a large role in the fight against fake news in 2021”.
A lot of technologies have arisen so far that makes it very difficult to differentiate the real from the unreal. Social media especially, is a platform for so many unreal stories. For this reason, Saxo Bank has disclosed that companies like Twitter and Facebook are actively investing large amounts of capital into blockchain technology to help combat this challenge.
Blockchain could actually play this role in the fight against fake or unreal news by overseeing content and confirming the authenticity of trustworthy sources.
Due to this distributed ledger, any change in a database of trustworthy articles can automatically be noted by all participants in the network.
Blockchain in the Legal Sector
With the build up of this technology, the era of paper seems to be phasing out. In the legal sector, it can be used to;
Elimination of Errors
The era of manual documentation made it vulnerable to human errors. Blockchain could bring this to an end by making the legal documentations more accessible and transparent. By creating a contract which can automatically execute when specific requirements are met, the cost and friction of generating and securing legal agreements are reduced.
Law firms are interested in blockchain technology because of its ability to record events for a long duration. This might include irrefutable intellectual property claims or even criminal charges relating to a certain case or criminal procedure.
Blockchain in Security
Little wonder why it is needed here. A strong feature of blockchain technology is it’s immutability. Below are two ways it can be practically applied in this sector.
Immutable Data Backup
Blockchain is also the perfect way to back up data. Though cloud storage systems are designed for data safekeeping, they are not immune to hackers, or even technical problems. But with the blockchain as a backup source for cloud data centers — or for any data, this problem can be resolved.
Protection Against Theft
Through the use of smart contracts, blockchain networks can be customized to a businesses or consumers’ needs. One could use blockchain as a means to grant access to his house for service technicians, allow a mechanic access to your car to perform repairs, or any other household service. Since you are the only possessor of this digital key, security is assured as they can’t be an access to your belongings.
Blockchain could create a transparent and unchanging registry network that allows law enforcement and the federal government to track gun or weapon ownership, as well as keep a record of weapons sold privately.
It Is What It Is
As the days roll by, more and more technological innovations keep coming up. It is only wise that those that would be beneficial to our systems are embraced and used in others that work efficacy and optimal satisfaction be actualised. And yes, blockchain technology is extensively one of these kinds of innovations.
Duru Joselyn is a content creator, writer, self development coach and news analyst. She specifically enjoys writing on anything pertaining to cryptocurrency and the blockchain industry. Joselyn is a fun loving Nigerian who not only has a flair for giving information updates; she also enjoys a variety of outdoor activities especially traveling and photography.