Eyes of the whole crypto world are pointed at Mark Zuckerberg’s new invention right now. Beside of all hopes and fears which we can have about Libra, many of us will agree that never before cryptocurrencies were so close to being readily available for casual people on such scale.
However, we shouldn’t forget that blockchain technology is already influencing our lives on many different levels – both directly and indirectly. Let’s think about some of such implementations.
Not only “crypto” currencies
For many people, blockchain is inseparably chained with the financial sector of the economy, thanks to the indisputable popularity of cryptocurrencies. However, besides them, this technology is also very attractive for potential usage in the banking sector. Benefits of such implementation are huge: distributed ledgers might improve processes inside the corporation, speeding up the flow of information and shorten the time of it.
But what does it mean for the banking system itself? By creating an “interior” currency, designated only for usage in the bank environment and backed by cash, it makes all transactions much faster. Without it, every transaction has to be managed manually, which costs both time and funds. As many implementations of blockchain technology, this one is still considered “experimental”, but banks, like UBS, are already working on it.
Everything in right place
Supply-chain management is a very complicated process demanding the involvement of many separate institutions on various levels. It all adds up to an intricate system of mutual connections between different subjects, and all of this under human supervision. It creates a chance for potential mistakes, misuses, and frauds – not to mention about costs which the whole system managed that way generates.
Thanks to its security and transparency, blockchain technology might make supply-chains much more efficient. Let’s explain this on the example of the food industry. The complete history of a specific product – for instance, a potato crisps – is trackable thanks to the registration of its production. From the very beginning on the potato field till the final packet of crisps on the shelf of a convenience shop, every step is clearly visible for all participants of supply-chain.
Transparency of the whole process ensures us, the final customers, that delicious snack, which we’re eating right now, was made from the freshest ingredients, without any delay in the production process. Probably the most prominent of such projects is Food Trust, developed by IBM, which is already used by important players in the food industry, like Nestle or Unilever.
Your health is in blockchain hands
Security of medical data is a crucial aspect in modern healthcare. The amount of records created in this sector is enormous, and all of them are scattered among many participants of this system. It leads to possible problems with the availability of specific data. And when it comes to human life, every minute might be decisive.
Unfortunately, despite many breakthroughs in medical science, the healthcare system itself is still inefficient. Application of blockchain ensures that every piece of data is readily available for people responsible for a patient’s health – and only for them, thanks to better standards of security provided by this technology.
Because of its complexity and sensitivity of data gathered there, integrating blockchain into the healthcare industry is a tough task. We still have to wait until this solution will be a common thing, but some steps have already been taken toward this bright future, like IBM’s cooperation with Aetna, American health insurance company.
Blockchain for charity
In the modern world, charity is one of the main tools for improving global living standards and making human life better. This vital part of our society has a place for blockchain technology, too. On the one side, we already have crypto philanthropy, which allows you to donate with Bitcoin or any other available cryptocurrency. It is still a new trend, but more and more charity institutions decide to give a chance to crypto.
On the other hand, the transparency provided by blockchain technology might be very helpful in the proper work of charity organizations. It allows donors to trace their money and ensure them that all funds go precisely where they should be. Such guaranty is crucial for efficient functioning of charity.
Besides newly founded blockchain charities (like Binance Charity or BitGave Foundation), well established non-profit organizations are also interested in possibilities of blockchain, with Red Cross at the top.
The number of successful blockchain implementations is growing with every year, the same as the popularity of this technology itself. Some of them are fascinating cases, which might not be known to a broader audience. That’s why we are preparing a new series of articles which will show you some lesser known examples of interesting use of blockchain. Stay tuned!
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