Blockchain and crypto were thrown around together for so long that they may be considered one in the minds of many. While blockchain came to fame with Bitcoin, the largest cryptocurrency in the world, its capabilities and features go well beyond the crypto industry.
Blockchain technology acts like an open database for recording data and information that can be shared between members in a secure manner. The technology offers many unique features that when combined, make it an ideal option for various industries in the ongoing digital revolution.
Blockchain’s immutability and transparency make distributed ledger technology (DLT) a suitable option for trustless collaborations while its flexibility in terms of privacy helps different companies to adopt and customize it based on their setups and needs.
Blockchain is Tamper-proof and Secure
Unfortunately, data is not as secure as you think. According to the Federal Trade Commission (FTC):
Consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70 percent over the previous year.
For Imposter Scams, 2,331 million reported loss which means about 1 in 5 people lost money, with the average loss per victim sitting at $1000.
With the help of blockchain technology, all business data from the supply chain to medical records, identity information, and transactions can be stored on a shared ledger which is safe from deletion and tampering.
The concept of decentralized identity, for instance, was built on blockchain technology which can help with identity verification to prevent identity theft and imposter scams. This feature makes blockchain very suitable for handling sensitive data in industries such as healthcare, logistics, cybersecurity, government operations, real estate, and e-commerce, to name but a few.
Blockchain is Distributed and Comes with Different Privacy Modes
Blockchain is distributed; it simply means that all authorized members of the system can have access to the ledger. One of the main benefits of blockchain, which can easily get overlooked, is its different privacy modes; A public blockchain, for example, is accessible by all members while a consortium blockchain allows different private institutions to share their own private ledger with other selected companies.
The healthcare sector can benefit from this feature greatly; Hospitals and medical clinics always face challenges when it comes to sharing patients’ medical documents and information. Medical information is considered confidential and has to be transferred with the patient’s privacy in mind. The current centralized and isolated systems used in hospitals make the whole process a huge headache while a consortium blockchain can easily address the needs and issues quite smoothly.
With Blockchain, Payments Will Be Transparent
Blockchain can solve some of the most pressing socio-economic challenges such as corruption. Governments and educational institutions can utilize blockchain in their record-keeping with respect to student loans, adding to governments’ efforts to shift to a transparent and accessible system.
The charity is another sector utilizing blockchain technology as its open nature can be of great use in making the payments, their source, and their destination transparent to everyone. The technology can be incorporated into philanthropic organizations and NGOs to increase levels of transparency and authenticity.
Blockchain Has A Long Way Ahead
Even with these emerging use cases, we need to understand that blockchain hasn’t shown its full potential yet. We are still in the early stages of adoption, with a long road ahead of us involving much-needed education and in-depth understanding. Slowly, organizations, economies, and people will realize the value, inclusion, and solutions blockchain provides to the masses.
Till then, it is all a matter of time and patience for the world to start unlocking blockchain.