October 13, 2023
Beyond Cryptocurrencies: Unraveling the Everyday wonders of Blockchain
Akshaya Sridharan
Blockchain: it sure is a buzzword and maybe we’re even outdated by its existence in tech. But for the fact, it’s one of the most transformative technologies of our time and it’s almost there, everywhere. But we’re not here for the jargons and the complicated whitepapers; let’s dive into the real-world applications of blockchain that go beyond cryptocurrencies.
Supply Chain Transparency — Keeping It Real
Recall when you purchased supposedly “organic” tomatoes that didn’t quite live up to the label? Blockchain technology is ushering in an era where such instances become a thing of the past.
Take, for instance Walmart in partnership with IBM, uses blockchain to track the journey of food products. This ensures that customers can trace the origin of products like mangoes back to the farm they were grown on. It enhances trust and transparency in the food supply chain.
Healthcare Records — Your Data, Your Control
Your medical records are a treasure trove of personal information. With blockchain, you can take control of your data. No more lost records or unauthorized access. Just like MedRec, a blockchain-based system that empowers patients to manage their own medical records securely. Patients can grant or revoke access to healthcare providers, ensuring data privacy and accessibility.
Voting — Reinventing Democracy
Remember the West Virginia pilot tested a blockchain-based mobile voting app for military personnel and overseas voters in the 2018 elections. Blockchain is transforming the way we vote. It’s secure, tamper-proof, and can be done from your smartphone. Say goodbye to long lines and hello to a smoother, more inclusive democratic process.
Intellectual Property — Protecting Creators
For artists, writers, and creators — Blockchain is here to protect your work. No more copyright disputes or stolen ideas. Just like Monegraph that uses blockchain to manage and protect digital art and intellectual property. Artists can prove ownership and authenticate their creations using blockchain timestamps
Cross-Border Payments — Breaking Down Barriers
Sending money across borders used to be a headache. With blockchain-based platforms like Ripple’s XRP, it’s easy, fast and low-cost. No more intermediaries or hefty fees. It’s your money, and blockchain puts you in control. Financial institutions and banks use this technology to settle international transactions more efficiently.
Energy Trading — Empowering the Grid
Ever thought about selling your excess solar energy back to the grid? Blockchain makes it possible. Take, for example, the Brooklyn Microgrid project enables neighbours to buy and sell excess solar energy through a blockchain-based platform. This peer-to-peer energy trading helps create a more sustainable and decentralized energy grid.
Digital Identity — You Are You, Anywhere
Digital identity theft is a nightmare we all fear. And do you know there are blockchain-based identity management systems like Serto and Veramo that are working to put an end to it. It allows users to create and control their digital identity, providing a secure and self-sovereign solution for online identity verification. With self-sovereign identities, you control your digital identity, ensuring that you, and only you, have access to your personal information.
Real Estate — Simplifying Transactions
Buying a house is a big deal? Blockchain is simplifying real estate transactions by eliminating the need for intermediaries and reducing fraud. Propy is one among the real estate platforms that uses blockchain to streamline real estate transactions. It allows buyers, sellers, and agents to track the entire process securely, reducing fraud and speeding up property transactions.
Gaming — Owning Virtual Worlds
Gamers are definitely aware of what blockchain can do! Blockchain is changing the way we play. Yes! CryptoKitties is one of the best examples where players can buy, sell, and breed virtual cats. Each CryptoKitty is a unique blockchain asset, and players have ownership and control over their in-game items. It’s not just a game; it’s an investment.
So, there you have it, blockchain’s everyday magic. It’s not just about cryptocurrencies — the term that most of us fear or are skeptical about; it’s about transforming industries, making our lives more efficient, secure, and transparent. It’s about putting the power back into your hands. Blockchain is definitely the technology of the future, and the future is now.