When you think of the term ‘blockchain’, it’s easy to automatically associate it with cryptocurrencies. Blockchain technology does provide a crucial function for cryptocurrency transactions to take place. But blockchain technology doesn’t end there. Many people are unaware of the role blockchain has in other applications and the benefits it brings.
Blockchain technology can be used effectively to provide immutable, secure, and accessible databases across a variety of industries. Where there is a need for data to be verified, widely accessed, and stored securely, blockchain can provide a vital function that can solve significant cybersecurity issues.
Explore some of the ways blockchain has been used in real-world applications, showing that blockchain is much more than a cryptocurrency partner.
Tamper-proof voting systems
Electronic voting provides a simple and convenient way for citizens to engage in the democratic process. But electronic voting systems are vulnerable to interference, which means many election systems continue to use offline voting.
Blockchain can support a voting database via millions of nodes along a chain. All voting records are verified instantly, preventing voting fraud, while also ensuring third or malicious parties are unable to bring down the network.
Supply chain management
Blockchain provides a secure and reliable system to help boost supply chain management. Demand for goods continues to increase thanks to eCommerce, but the recent global pandemic has highlighted how easy it is for the supply chain to break.
Using blockchain technology, everyone along the supply chain is able to track the location of a product and see where it is in relation to the end customer. It’s a secure method of handling sensitive data, while also helping all parties involved in the supply chain to reduce their costs and avoid problems caused by delays.
Money transfers outside of crypto
While blockchain is best known for facilitating secure cryptocurrency transactions, it can also be used for other types of money transfers. Blockchain technology can accelerate the payment process through the instant verification of data, operating at a much quicker rate than typical banks, where manual verification of data is still common.
Royalty and copyright protection
The internet has highlighted the need for stronger protection for ownership of data, such as music, art, and video copyright. Blockchain enables copyright data to be stored in a chain, providing verifiable information that highlights ownership that can’t be changed or misused by others. The technology can ensure that artists are paid the correct royalties for the use of their work, even after the content has been exchanged multiple times.
Improving retail reward schemes
Reward programs are vital for retailers looking to maintain customer loyalty. When a customer makes a purchase or other form of interaction, they are rewarded for their loyalty. Blockchain enables reward schemes to process transactions quickly and make the schemes more accessible. Rewards can be provided instantly, improving the customer experience.
Blockchain has the ability to bring improvements to many industries. By making systems more efficient and secure, there are less likely to be errors and inconsistencies. Exploring ways blockchain can enhance systems and processes can help any business improve its transactions and ensure protection against cybersecurity threats.