Blockchain-based Use Cases for Traditional Industries, Beyond Bitcoin

In this era, most people believe that cryptocurrency and blockchain are synonymous. It only makes sense because the world first heard of Bitcoin and then of Blockchain. And the cyclone of hourly news covering the price fluctuations in the most volatile market only added to the confusion. The world was busy in speculating the prices and filling their wallets that the underlying technology hazed into the shadows.

Over the course of 10 years, Bitcoin and blockchain have become a part of our everyday vernacular. Many of us still make the mistake of using them interchangeably as if they were one and the same. But many of us have managed to understand, if not master, the distinction.

“A blockchain is a chain of public transactions that are processed across multiple computers. Every time a new transaction is processed, a new ‘block’ is added to the chain. In lieu of processing a transaction, a computer is rewarded with the blockchain’s corresponding cryptocurrency.”

That said, cryptocurrency is a use case developed on the blockchain technology. But is it the only use case this technology has?

The media hype that has surrounded this digital currency has led to the underlying, brilliant, most revolutionary technology being overshadowed. Bitcoin essentially came into the limelight for its use on Silk Road as payment for borderline, illegal criminal activities. The subsequent media sensations of the two and their eventual takedown ensured the idea that most individuals, businesses, and traditional financial institutions would accept Bitcoin as a legit means of payment would not be entertained.

Post the event, it became practically impossible to talk about blockchain without the mention of Bitcoin and Silk Road. And in that process, people forgot that decentralized technology is disruptive and can be deployed in several industries.

Blockchain Beyond Cryptocurrencies

Many people believe that blockchain can change the world. And yet, after ten years, a majority of the ideas on this technology exist on landing pages and white papers. The truly disruptive applications of the blockchain technology, beyond cryptocurrency, are still in the ideation phases. But the good news is that many enterprises all over the world are experimenting with the technology.

While some high-tech start-ups are trying to build solutions by leveraging the technology, some enterprises are increasingly using it to store their company data and curtailing their dependence on centralized databases.

It is the popular opinion that everyone would like to see the technology come to the fore above its typically perceived role as a mere means for generating cryptocurrency. It can be used in absolutely every industry to solve problems that have existed for a long time. The applicable use cases of blockchain are not only diversified but are also strengthed through the adoption of it in our daily lives.

Science

The technology is displaying strong promises in the form of creating a unified, transparent database that can track every single stage of a scientific process. This makes it impossible to falsify data and easier to replicate results. Because of the blockchain, the world would have access to a data-trail on the blockchain recording everything from the beginning to the end.

Cybersecurity

The decentralized aspect of the blockchain can help eliminate the lack of trust in cybersecurity. The blocks on a blockchain provide an un-hackable data storage unit providing much better security than the present structures that are driven by databases.

In order to manipulate data on the chain, a cybercriminal will have to alter the transactions on every preceding block before it. This is an almost impossible task and therefore, one application within cybersecurity can be where users can maintain their data on their computers in the decentralized network.

Farming

Wouldn’t it be great if we could check the origin, quality, or certification of our food products? With blockchain, we can. A blockchain database of a farm can not only help in its certification but also allow us to scan the barcode of their product and view the entire supply chain associated with it. This can make the food supply chain transparent and more efficient.

Supply Chain

As the food supply chain implements blockchain, it can similarly bring efficiency and transparency in other supply chains too. For instance, in the pharmaceutical industry, blockchain can help bring transparency to problems with drug traceability, data security in clinical trials, and patient data management. Potentially with a blockchain database, we can track the journey of any item (clothing, water, furniture, etc.) and know where it is coming from.

Blockchain technology also demonstrates similar use cases in finance, governance, polling, education, real estate, healthcare, documentation, and even identity management.

Cryptocurrency is just the visible tip of the blockchain application iceberg. It’s potential, apart from cryptocurrency, is huge, and in its own time, it will bring its revolution.