However, blockchain technology has the potential for other real-world applications which can provide added value over existing solutions.
Supply Chain Management: Blockchain can be used to create a tamper-proof, transparent and immutable record of transactions within a supply chain. This can improve traceability and accountability, reducing the risk of fraud and errors.
Healthcare: Blockchain can be used to securely store and share patient health data, ensuring that only authorised parties have access to it. It can also be used to track the movement of drugs and medical equipment throughout the supply chain, reducing the risk of counterfeit products.
Digital Identity: Blockchain can be used to create a secure, decentralised system for storing and verifying personal information, such as identity documents. This can help to prevent identity fraud and improve access to financial and other services.
Smart Contracts: Blockchain technology can be used to create smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This can automate and streamline legal and business processes, reducing the need for intermediaries and increasing efficiency.
Voting: Blockchain can be used to create a secure and transparent system for voting, which can help to increase voter turnout and reduce the risk of voter fraud.
Energy: Blockchain can be used to create a peer-to-peer energy trading system. This can enable individuals and businesses to buy and sell energy directly with each other, increasing competition and reducing costs.
Charity and donation: Blockchain technology can be used to create a transparent and accountable system for tracking donations and aid distribution. This can increase trust and transparency in the charitable sector and help to ensure that donations reach the intended recipients.
Real Estate: Blockchain can be used to digitise ownership of real estate assets, making it possible to buy, sell, and transfer property without intermediaries, and also to create a tamper-proof record of all transactions on the property, making it easier to verify ownership, and reducing the time and costs associated with property transactions.
These are just a few examples of the many potential real-world applications of blockchain technology. As the technology continues to evolve and improve, it is likely that new and innovative uses for blockchain will be developed, far away from today’s hype surrounding cryptocurrencies.
David Tee is a tech junkie, innovation, world traveller expert and author of Startup Ninja.