Most people know blockchain technology as the technology that underpins cryptocurrencies like Bitcoin, but there’s a lot more to the technology than that. Although the first blockchain was created by Satoshi Nakamoto, the creator of Bitcoin, the use of the technology doesn’t stop there.
Blockchain technology is now used in almost every aspect of human endeavor as the design brings transparency and decentralization. Since there’s no central authority, the use of blockchain gives all participating members of a platform a stake.
This is something that is becoming more popular as the world realizes that decentralized systems are far more efficient than the legacy centralized ones. In this guide, we describe five of the most common use cases for blockchain technology in 2023.
Healthcare
Probably the last thing you expected to hear but yes, blockchain is now used in healthcare. But how? For keeping records. Before now, medical records were kept in paper files and folders, and finding them can be a daunting task when needed.
Hospitals have therefore leveraged blockchain’s infallibility to store permanent records that cannot be altered. This makes information access and sharing easier and more effective to ensure faster healthcare delivery.
Pharmaceutical companies also use the technology to track their supply chain, as well as for drug verification to prevent drug counterfeits.
Banking is experiencing a dramatic change with the advent of blockchain technology. You may have heard of central bank digital currencies, they are based on blockchain technology just like any other cryptocurrency.
Even though the technology is modified slightly to make it more centralized, it still retains the attribute of infallibility, allowing the government to keep permanent records of transactions and track the use of money. Many countries are already using this, and more are developing theirs.
Banks also use blockchain technology now to facilitate instant cross-border payments. For example, many banks use Ripple’s payment technology to make cross-border payment easier, faster and cheaper for their customers.
Agriculture
Agriculture is another aspect of human endeavor that is enjoying the use of blockchain technology. Like in the pharmaceutical industry, blockchain is used for agricultural supply chain management, ensuring transparency and quick, efficient delivery.
Companies such as Walmart use the technology to trace and protect their food supply. The entire food supply chain can be traced from the ocean to the consumer for sea foods for instance, making it possible to reduce wastage, cost, and improve delivery time.
This can be very useful for farmers producing perishable crops which go bad before they are ever transported to the consumer. By reducing the amount of time required to move the products, they can reduce wastage as much as possible, thus maximizing profit from the sale of their products.
Media and Entertainment
Blockchain technology can also be used in the media and entertainment industry. By leveraging the transparency, speed and scalability of blockchain, entertainment companies can improve speed, transparency and scale for the delivery and consumption of content while reducing instances of fraud and copyright infringement.
Blockchain technology also makes it possible for consumers to make micropayments for products. Through the use of smart contracts, the companies can reduce the hassle in paying creators for their content and increase content access for consumers.
Conclusion
Blockchain technology has come a long way, and is now being applied in many ways to improve efficiency. As the world tends more towards digital life, more use cases for this technology will probably be discovered, but these ones listed are already in use and have proven that blockchain technology can be applied to anything.
This is why even cryptocurrency projects focus on different things and their blockchains can be used for specific things, with the crypto assets serving as tokens for the blockchain. In 2023 and beyond, it is expected that many more central banks will employ the use of the technology in banking since the world seems to be developing interest in crypto assets more than in legacy banking.
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