There are many innovative examples of blockchain, but we are going to focus on the top five. For those that are unaware, blockchain is disrupting the business world. From finance and healthcare to media and government, nearly every industry is affected by blockchain technology. We’re now dealing in assets. Simply put, assets are the most valuable, immediate information that needs to be protected in an encoded form on a blockchain ledger.
The security, immutability, and decentralised structure of blockchain provide limitless possibilities for many industries. And by extension, consumers.
Now that we've covered some of the basics, let's look at 5 innovative ways blockchain is revolutionising business.
Food travels long distances to reach the consumer, especially with bulk produce and packaged goods. Food safety, agricultural worker safety, and environmental protection are important to consumers. They’re also major concerns for the large-scale farming industry.
Blockchain can be used to track the journey of our food from farm to table. This gives consumers peace of mind about where their food came from and how it got to them. Having a transparent journey also helps manufacturers trace contamination. If there’s a recall, they can quickly trace the source and warn the public.
Consumers are becoming more concerned about the environment. And as a result, there is a heightened interest in sustainable, alternative energy sources. Most people want to replace fossil fuels and reduce their impact on the environment. Unfortunately, one of the drawbacks of renewable energy is that homeowners are likely to produce more than they can use.
Blockchain can create a virtual energy marketplace that allows community members to buy, sell, or exchange energy with others. This mitigates some of the costs of switching to green energy. It also has the long-term benefit of contributing to a more sustainable future.
Although foreign aid is important, donors may feel reluctant to provide funding without knowing how it will be used. Blockchain can revolutionise foreign aid delivery by allowing donors and recipients to track the transfer of funds. This ensures clear confirm of the transaction and that the donor's funds aren’t misappropriated or stolen.
The accountability of this aid delivery process may make it easier for non-profits to raise money for their causes. With the transparent process, donors can see the immediate impact of their financial contributions. It provides clarity and ensures that their funds are making a difference.
Voting is essential to an effective democratic system. However, it can be difficult to prevent fraud, human error, technical error, or attacks from impeding the process. Blockchain is secure and transparent; two traits that are vital for voting.
With blockchain, anyone can see the transactions on a public ledger. Records and events can’t be tampered with or erased. So there’s less of a risk of error or fraud. The system is immutable.
One of the biggest challenges in real estate is transfers. Paper and digital documents need interpretation. They also reside in a central database and have a high risk of fraud or loss. Real estate titles on blockchain would show the transaction details, making it more difficult to tamper with the information. Documents are also less likely to become damaged or lost during the transfer process.
At its simplest, blockchain is a technology that promotes security, transparency, and accountability. The technology has potentially endless applications across industries and specific businesses.