The main and obvious area of application of blockchain technology is, of course, the crypto industry. However, due to its innovativeness and high commercial potential, the technology finds itself more and more widely used in a wide variety of sectors of the economy.
Somewhere it endows the established conservative designs with new properties and capabilities, and somewhere, due to the non-obvious advantages of decentralization, it helps to make a technological revolution.
The situation is developing so rapidly that rarely a week goes by without news that the blockchain has found another justified field of application. In this article, we have selected 10 of the most striking examples of blockchain use outside the cryptocurrency community.
This area is the second most frequently used blockchain technology after the crypto industry. Despite the official rejection of crypto rivals by the fiat financial system, banks and other large financial institutions are actively using blockchain technology, which allows them to reduce costs, eliminate paperwork, more effectively protect data and increase the speed of transactions.
Moreover, the Central Banks of a number of countries are actively working to create the so-called national cryptocurrencies CBDC ( digital rubles , dollars , francs ), which represent an attempt to establish control of financial regulators over the alternative financial community, extending the practice of seigniorage to it, then is, making a profit from the issue of the state currency.
Blockchain is used more and more in the energy sector every year. The analytical company INFOHOLIC Research LLP has made a forecast that, in value terms, the total volume of blockchain products used in the industry will exceed $ 3.5 billion by 2024.
The forecast of Zion Market Research is even more optimistic: according to the specialists of this company, in 2024 the blockchain in the energy sector will «cost» $ 12 billion. The main areas of application of technology in the industry are: enterprise automation, reducing operating costs and improving the efficiency of business processes.
Voice of the people
Over the past few years, blockchain technology has repeatedly proven its effectiveness in matters related to electoral processes. Moreover, the more voters participated in certain elections, the more distinct were the advantages of the blockchain, since it provided extremely simple, but at the same time absolutely reliable mechanics of the process.
For each specific vote, a special token was issued and an impartial smart contract was created , in which the conditions for the victory of candidates were rigidly prescribed, which excluded the very possibility of any fraud, stuffing and data manipulation.
Digitalization of logistics
At first glance, transport logistics and logistics center management are the last economic activity in which distributed data storage could be useful.
Nevertheless, blockchain is actively used in this area as well. The use of digital identifiers makes it possible to more efficiently manage the movement of goods, distribute the load on transport more evenly and more efficiently use the capabilities of warehouse complexes.
In the past few years, the gaming industry has become one of the fastest growing industries in the world economy. In the acute phase of the coronavirus pandemic, only pharmaceuticals grew better than the shares of gaming companies.
This is largely a consequence of the fact that games, among other things, have become a business environment, with their own market, currencies, supply and demand. And if we are talking about an economy, albeit a virtual one, in which, moreover, there is a need for a constant transit of assets from the world of fiat money to the game world and vice versa, then the blockchain also came in handy here, reducing the time of transactions, as well as making them cheaper and more accessible to players.
Everything on the map
For the world of gambling, blockchain has become a lifesaver, making it possible to automate and scale routine business processes associated with taking into account numerous coefficients when determining winnings in various kinds of sports betting.
These tasks are perfectly handled by smart contracts, in which you can prescribe all possible nuances and subtleties, and which will be guaranteed to be executed, regardless of whether it will bring a profit to the bookmaker or not.
The simplest and most obvious use case for distributed data storage technology in healthcare is tracking the supply chain of medicines and medical supplies. Moreover, we are talking not only about the control of the logistics of medicines from production to a specific pharmacy, which makes it possible to more effectively combat counterfeiting and counterfeiting, but also about obtaining real-time information on compliance with the storage conditions of goods, which is especially important when transporting the same vaccines from covid, many of which are stable only at very low temperatures.
The second direction is the translation of patient histories into electronic form and the creation of national and supranational digital medical databases, which will significantly simplify the workflow and achieve almost instant access to patients or medical organizations to the data they are interested in. In addition, distributed storage guarantees the safety and immutability of records in patient records, excluding the possibility of additions and other illegal manipulations.
The third major area of work is the use of smart contracts in the work of insurance companies, which will be beneficial to both patients and businesses. The first, upon the occurrence of an insured event, will get rid of the exhausting collection of certificates and supporting documents, and when all the requirements laid down in the smart contract are fulfilled, they will receive the payments due to them much faster. The second – by creating a more transparent and understandable business environment, will increase the audience of clients loyal to insurance products.
The use of blockchain technology is 100 percent justified even with the allocation of a limited amount of resources.
At the same time, there is absolutely no difference what exactly we are talking about: places in the theatrical parterre, apartments in a new building or land plots on the river bank – the emission and further use of limited tokens will both avoid double sales and give full control over the movement of money funds.
The use of blockchain technology in loyalty programs is limited only by the challenges facing the business.
With its help, you can accrue bonus points and tokens for the purchase of goods or participation in promotions. You can even launch a separate application in which the company’s goods and services would be purchased at very competitive prices, but exclusively for their own cryptocurrency, which could be obtained by actively participating in loyalty programs.
The work of any charitable foundation is associated with a complex of various problems associated with both collection and distribution of funds. Blockchain technology can provide invaluable assistance in both the first and second cases.
The ability to attract cryptocurrencies as donations makes contributions not only convenient, but also anonymous, and, if necessary, also targeted.
Denis TSVAIG, scientist, technology entrepreneur, co-owner of the DeHealth Foundation:
“The interest in the development of digital technologies in healthcare today is very high. Promising projects in this area were actively developing before the coronavirus pandemic, but Covid accelerated all these processes.
For example, our project will use both artificial intelligence and blockchain technology. The use of AI in the analysis of large volumes of medical data will help improve the quality of diagnosis and treatment of patients, and the blockchain will enable them to earn money for their health, receiving money from the sale of their own medical data to interested research organizations and pharmaceutical companies.
Payments are made in the internal cryptocurrency of the project. These tokens can then be used to purchase medicines or pay for medical services. Thus, «DeHealth» neither more nor less creates the foundation for the further development of socially oriented personal decentralized health care, the main beneficiary of which will be the patient, and not business, doctors or high-ranking officials from medicine. This approach is guaranteed to improve the availability of health care (including high-tech) for the population, while removing the quality of medical care from direct dependence on the financial well-being of citizens. «