Blockchain. For sure, is considered to be one of the most major innovations of this century – more and more people get familiar with it and start understanding the value that blockchain is bringing to this world. So today, ChangeNOW, a leading non-custodial cryptocurrency exchange, would like to ponder on some of the ways blockchain can be applied in our daily lives (in some of the cases, is already applied – probably you just haven’t noticed)!
What is blockchain?
Before we start discussing the matters of the blockchain application, it is important to understand what are we talking about at all.
So, the blockchain is basically a chain of blocks (oh, wow). Each of these blocks contains data. All the data stored on these blocks is secured with special cryptography. Pointers (variables) and Lists (the sequence of blocks) are the two most important structures in the blockchain.
The major features of blockchains are decentralisation and the inability to change the information once put there.
Decentralisation and transparency of the blockchain are key features that make it attractive to various industries, institutions and commerce platforms. Now, let’s see where it is possible to apply the blockchain technology and what profits would it bring:
How can blockchain help the government?
Blockchain can be an essential addition to forming a truly democratic government. Think about the voting process – paper ballots are most definitely outdated. First of all, it is hard and tedious to count the votes as the system is not automated. Also, the process is not safe from being accessed by some third-party member, willing to influence the results.
As a result, the process is expensive (all the people, all the papers, all the venues), not transparent, an individual ballot cannot be traced, sometimes papers go missing and so on.
You can see now that there are really more disadvantages in this system than anything else.
At this point, blockchain voting has an opportunity to do lots of good to this outdated system. Also, digital voting systems are not something sci-fi – the government of Estonia, for instance, has already made a decision to implement technologies in voting in 2005.
Blockchain implementation in healthcare
The demand for blockchain developers does not limit itself by the needs of the government. The healthcare industry could also make some use of technology implementation – this would help with keeping the patient records and monitoring the supplies.
Putting the data from hospitals to the blockchain is not a new idea, too. Actually, in September 2018, IBM shared their plans for making the app that uses a special private blockchain. Having such an application would allow users to have control of their healthcare data.
Blockchain in gaming
Possibly you have already heard of blockchain-based games – all CryptoKitties, Etheremon and other kinds of blockchain-related entertainment means are waiting out there. However, even traditional gaming can benefit from the blockchain utilisation – gamers could use the ledger to store the purchased items in security and safety, far away from any harm brought by hackers.
Blockchain storming into the insurance industry
Not an obvious choice, but actually blockchain is already being used in the insurance industry to prevent fraud and track the relevant data. The whole insurance industry, just as well as the governmental systems that we have already mentioned before, is generally quite outdated. Sure, now there are computers and everything, but the customers still often prefer to contact their insurance brokers in person or by phone. The policies are released on paper, so there also is quite a room for errors. All these factors lead to unnecessary risks both for companies and for their customers.
Blockchain can solve the majority of the problems occurring on the way of insurance companies – eliminate the possibility of fraud by placing the claims on the ledger, bringing order and efficiency to the process and securing the information. Insurance frauds, for instance, cost more than $40 BILLION a year. Isn’t is the right time to change something?
There are many more use cases for blockchain out there – blockchain-based accounting software, blockchain in cybersecurity (obviously), blockchain applications in banking and others. The main thing needed for wider acceptance, in ChangeNOW’s opinion, is education. The more companies and industries get acquainted with blockchain, with the technology itself and stop thinking of it as something scary and hard to make sense of, the more acceptance we will be able to see.
As for now, it is important to share the information and get the people in power to understand the actual magic of blockchain and how can it be implemented in real life.