Possible Uses for the Blockchain Technology
January 21, 2021
Blockchain technology goes way beyond bitcoin and decentralized cryptography. Utilizing this technology, distributed organizations can achieve greater efficiency and accountability while also reducing costs and increasing integrity at the same time. The blockchain technology is quickly impacting a number of industries in regards to how business transactions are enforced, how government action is monitored, and even how social media privacy is protected. Let’s explore these impactful industry topics through an industry case study.
The first impact of the ecosystem is in how business contracts are enforced. A clear example of this occurs when an organization is contracted to purchase certain items from a vendor, but a majority of the funds need to be raised before the contract can be finalized. As previously mentioned, this contract may only be enforceable once the total amount has been reached. By using the Blockchain as a ledger, however, this contract can be enforced as early as the formation of the sale. This is important for two reasons. One, the speed of execution of this sale dramatically reduces overhead for the business and another is that due to its unique feature, this type of transaction is completely secure.
Another impact of the Blockchain technology comes from, how it increases accountability. In the traditional monetary system, it is nearly impossible to trace where any money comes from or how it is spent. This lack of accountability causes wasteful spending, increases risk of fraud, and hinders a company from effectively managing its resources. With decentralized ledgers, however, such issues are nonexistent as each transaction is paired with a unique public key which is visible to all users.
Another impact of the Blockchain technology comes from, how it is rapidly becoming a widely used solution in the Healthcare industry. The primary use case of this technology centers on how it is used to maintain patient healthcare records. Rather than needing to manually keep these records, the Blockchain provides an efficient and fully transparent means of doing so by ensuring that each transaction is paired with a unique digital identity. In fact, it is not uncommon for hospitals and other such organizations to use the Blockchain to keep their records entirely separate from the other databases they maintain in order to prevent hacking and data loss.
For even more useful uses of the Blockchain, it is also starting to be used to protect the private medical records of patients. This is critical for the safety and security of medical records. Many people worry about the privacy of their own medical data, especially as more health information is stored outside of the healthcare industry itself. However, the use of the Blockchain makes it possible to conduct secure backups of this data using only the secure offline storage networks recommended by the HIPAA.
This leads onto the next use case for the Blockchain. The Blockchains themselves are not just useful for conducting secure and private data sharing. They are also commonly used for managing the flow of digital information in the healthcare industry itself. With this in mind, it is now possible to use the Blockchain to monitor the progress and development of any healthcare application. This is done by creating an application called the “chain dashboard” which allows real time monitoring of key areas of any healthcare project including product development, clinical documentation, reimbursement, quality improvement, etc…
One of the next potential uses for the Blockchain comes in the form of Supply Chain Management. As supply chain management is a key component of any healthcare organisation, it is no surprise that many hospitals have already started using the Blockchain as a means of managing their own supply chains. Distributed ledger technology allows any hospital to easily create and manage its own supply chain using a simple web-based interface. Transactions can be monitored and controlled by the simple act of making a single online payment. This simple benefit is a huge draw for many hospitals considering how cost effective and efficient supply chain management can be. Even though many people still doubt the efficiency of distributed ledger technology due to the worries over security, there is no doubting the power of this technology when it comes to simplifying existing processes and reducing costs.
One of the final potential uses for the Blockchain comes in the form of identity management. Using a distributed ledger technology, data can be protected from unauthorized outside parties with the use of smart contracts. Such contracts can be established between users of the ledger, who want to establish certain criteria related to their privacy as well as the access to their personal data. The main motivation for this concept is to provide healthcare institutions with more control and visibility over the health of their patient population. As such, it is quite conceivable that in the future, Blockchain use cases could be extended to other aspects of human activity, such as ensuring secure data transfers during crucial moments of emergency.
- Hurify operates the IoT Blockchain marketplace as Hurify Digital Markets, Inc with its H.Q. in the United States.
- Hurify platform is a marketplace for IoT products and project management.
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