What is blockchain used for? Real-world technologies that utilise blockchain

Created in 1991 by Satoshi Nakamoto, Blockchain is a system for transferring data and information within a business network. Who wouldn’t want to incorporate that into their company? 

Blockchain technology is helping to change digital relationships, which means that data is being disclosed, secured, and recorded differently than ever before. For a company to reap the benefits of Blockchain technology, they need to answer ‘yes’ to the following questions:

1. First and foremost, is the company transaction-based?
2. Does the company benefit from public critical observation?
3. Does the decentralisation of the company aid the customer?

Whilst technology and supporting platforms around the Blockchain ecosystem keep on evolving, there are plenty of businesses benefitting from its implementation. But Blockchain isn’t just for the tech industry. From your weekly shop to your all-important electoral vote, Blockchain is all around, and we’re here to prove it.  

Want to better understand what Blockchain is used for?

Here are four real-world applications that show the importance of Blockchain is everywhere and an exciting, futureproof skillset to have.

1. More transparent money transfers

One of the most logical applications making use of Blockchain is the transfer of funds. Take your bank, for example. When you make a transfer, you set the amount, enter the recipient’s details, and the bank swoops in, acting as the go-between for your transfer. They get access to your information and, before you know it, pick up on your spending habits.

Want to cut out the invasive middleman? Take a look at a money transfer process that takes place through Blockchain technology.

1. You have a friend called Bob who lives in America
2. You want to send money to Bob
3. Using your Blockchain wallet, you set up a transaction to Bob
4. This brand transaction is then configured into a block
5. The block is sent to everyone (Miners) in the network
6. The Miners in this network validate the accuracy of your transaction
7. Your block then gets added to a chain of recorded transactions within a public database (also known as a ledger)
8. The block is added to the chain, producing a transparent record
9. Your money reaches Bob
10. Bob is happy

By eliminating the costly process of typical money transfers, Blockchain technology is being adopted by various companies in the real world.

 

2. Retail loyalty rewards programmes

Love customer loyalty schemes but hate the waste they produce? Enter the clever brain of Blockchain, as it addresses several issues that can keep customers from signing up for traditional loyalty schemes.

How does it work? By creating a clever little token-based system that not only rewards customers but stores them within the Blockchain, it allows a customer to keep all their reward points in one place, creating the perfect area for big data analysis to come into play. What’s more is that due to the nature of this secure-kept data, it helps to eliminate the fraud and waste that paper-based loyalty programmes typically entail, whilst also keeping company costs down.

If a customer signs up for a Blockchain loyalty programme, not only could they skip the long queue of redemption and be awarded points to redeem in real-time, but could help keep a customer going back to the same shop repeatedly. See you later old school loyalty schemes, hello brand new shiny Blockchain system.

 

3. Advancements in healthcare

The world of healthcare is vast, and so is the use of Blockchain technology within it. Let’s look at a couple of ways in which advancements are being made.

MedicalChain

This healthcare company uses Blockchain technology to store patient medical records securely, transparently, and effectively. From your GP through to your health insurer, permission to access said secure record can be quickly and easily granted.

Nano Vision

This company “sees the world at the nanoscale”, and using Blockchain technology, it hopes that we can too. 

How so? Nano Vision works by taking the handy skills of Blockchain and mixing it with artificial intelligence (AI). Why? To deliver molecular-level data to ‘Nano Tokens, of course!’ AI then works its magic by analysing said data and hoping to find trends that could lead to medical breakthroughs.

 

4. Digital voting

Are you worried about potential voter fraud? Thanks to the benefits of Blockchain technology, that anxiety can be eased with a digital voting platform.

By using a digital Blockchain platform to store all votes made in government elections, for example, all votes must be validated to be added to the Blockchain. There are no opportunities to lose, change, or mislabel votes, as there are in an in-person, paper-based system.

Digital voting is also more accessible for some who find it difficult to vote in person, e.g. due to a disability, it’s private and secure, quicker and more cost-effective.

Some other uses of real-world technologies using blockchain include:

Charity and non-profit sector

Blockchain can enhance transparency and accountability in charitable donations. It ensures that funds are used as intended by providing transparent records of donations, tracking their utilisation, and enabling direct peer-to-peer giving.

Insurance - Blockchain enables efficient and secure insurance processes, such as claims management and fraud prevention. It facilitates automated smart contracts, streamlines verification processes, and reduces administrative costs in the insurance industry.

Gaming and digital assets - Blockchain technology provides ownership, security, and tradability for in-game assets and digital collectibles. It enables players to prove ownership, trade virtual assets peer-to-peer, and create scarcity for unique digital items.

Agriculture and food safety - Blockchain technology helps track and trace the entire journey of agricultural products, ensuring food safety and quality. It enables farmers, distributors, and retailers to maintain transparent records, reducing the risk of contamination or counterfeit products.

Intellectual property rights - Blockchain can establish a decentralised system for registering and protecting intellectual property rights. It provides proof of creation, timestamps, and immutable records, helping creators assert their ownership and protect their ideas.

Connecting the dots with Blockchain

So now you understand what blockchain is used for, the only question is whether you fancy diving into one of these exciting industries? If the answer is yes, we recommend signing up for the CBP | Certified Blockchain Professional course with us.

Created by the IIB Council, this course provides you with the technical insight, hands-on experience and fundamentals of Blockchain, giving you the tools to go out into the real world and implement those skills.

Get in touch with us today and immerse yourself within the world of Blockchain technology, getting ready to tackle real-world applications within a variety of different and exciting industries.