Blockchain technology nurtures innovation and development by providing an efficient alternative to traditional systems like cloud or banking. Although there are many types of blockchains, the underlying technology relies on decentralization, immutability and security, which have the potential to solve problems of centralization, data alteration and vulnerability.
Currently, Bitcoin and Ethereum blockchains rule the industry since they’ve provided useful elements in numerous sectors, such as finance, healthcare, and supply chains. Therefore, reputable companies like IBM, Mastercard, and Amazon started leveraging blockchain to adapt to fast-changing trends and appeal to a new customer audience.
The distributed ledger technology helps record transaction data across the network, which can be accessed publicly but not modified. Hence, transparency is provided towards consumer trust, and security is at its best. However, many more features of blockchain technology can serve as innovations to the world.
Blockchain in NFT
Blockchain was the underlying network system for creating and distributing NFTs, and their value made trading profitable. The beginning of NFTs started on the Ethereum blockchain, which had all the tools and materials for developers to get creative and contribute to creating authentic and ownership-owned assets.
But as the technology evolved, NFTs were able to adapt to the Bitcoin blockchain through the form of magiceden.io/ordinals. These assets use the Satoshi serial number inscribed on content like texts or images that give them value, so they can be exchanged just like regular NFTs. Ordinals are beneficial for the blockchain because they’re an eco-friendly way to make Bitcoin more sustainable.
Ordinals are also considered a better alternative to NFTs due to their decentralization and censorship-resistant features. Moreover, their newness makes trading easier on markets like Magic Eden because investors loyal to Bitcoin or interested in more Bitcoin-related assets will seek environments that promote them.
Blockchain in supply chain
Internal and external factors considerably challenge the supply chain industry despite being one of the most important domains in the world, sourcing global businesses. Increased costs, port congestion and the lack of digitalization weigh on the sector’s productivity and reliability, and blockchain can improve that.
The technology could provide the supply chain with much-needed transparency and traceability since aspects of the shipment process and the package are introduced on the ledger and cannot be altered or deleted, ensuring companies’ full trust in the cycle of their products. Blockchain could reduce counterfeiting practices and improve customer trust with secure product movement systems, allowing the pharmaceuticals and food industries to verify the authenticity and origin of their products easily.
Using blockchain in supply chains can also promote ethical sourcing practices since anyone can check if the product was made in consideration of human rights, fair working conditions, and sustainability. Hence, it will be easier for customers to choose companies that align with their interests, so unethical sourcing will slowly disappear.
Blockchain in real estate
The real estate sector underwent several changes in the past years due to cryptocurrency, NFTs, and blockchain contributions. Not long ago, investors would sell land parcels using NFTs, while paying rent has become possible with crypto in some areas.
But when it comes to blockchain, real estate has the potential to become more organized and efficient with the help of smart contracts. This technology allows contracts to be achieved through pre-determined conditions that must be met by the parties involved. Once everyone has cleared their part of the agreement, the contract automatically operates, and the transaction is done.
Smart contracts can automatize property transfers and escrow agreements without compromising the transaction’s processing time or security since blockchains are backed by cryptographic technology. Moreover, smart contracts provide a tamper-proof system that ensures transactions are executed properly and safely.
Blockchain in Voting
As with 2024’s voting elections, we might encounter several challenges of corruption and manipulation since there’s always a risk of altering the voting results, whether provided online or offline. Luckily, blockchain technology has already been tested in voting systems within decentralized ecosystems, and it can also be used in real life.
Votes can be recorded on the blockchain, so no one can alter them, offering enhanced transparency and security to the electoral process. Blockchain-based voting can also be used to solve the problem of voter turnout since it’ll be more accessible for the majority of users.
Voting is pretty simple within blockchains and is used in decentralized autonomous applications, where numerous voting mechanisms are leveraged, such as token-based quorum, quadratic voting and conviction voting.
Blockchain in healthcare
Despite being important to citizens, healthcare is one of the most targeted industries by hackers since it’s underwhelmingly secured with poor safety seals. Many health companies have been attacked by hackers in the past years through malware and phishing, exposing millions of customer databases to risks.
To counteract these effects and improve the system, blockchain could be used to safely maintain patients’ electronic health records, providing an accurate history of everyone’s medical condition. This would ensure a single source of patient records for healthcare providers, so there would be no confusion about maintaining it.
At the same time, smart contracts can be leveraged for insurance and supply chain settlements
since they better connect contracts between manufacturers and healthcare organizations. This can also help staff track the provenance of a medical product, ensuring fast credentialing and reassurance for partners and patients.
Finally, blockchain can contribute to IoT security for remote monitoring by recording data on the ledger and offering access only to permitted healthcare staff. Therefore, the data systems will be protected from DDoS attacks, and maintenance will be more efficient than ever.
Final considerations
Blockchain is an innovative technology with multiple use cases due to its numerous features that can adapt to any industry. Decentralization, immutability, and security are only a few aspects that could improve traditional systems and safeguard data more efficiently. Emerging industries like NFT and renowned sectors like real estate and healthcare can significantly benefit from this technology integration.
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