Published Aug, 13 2021

Uses & Applications of Blockchain Technology

The noise surrounding Bitcoin means that some observers often forget about the incredible technology that supports it.
Blockchain Stock Image

The noise surrounding Bitcoin means that some observers often forget about the incredible technology that supports it. According to a report from CoinTelegraph, Blockchain is one of the most vital inventions in the modern age. That's why we want to tell you about some innovative uses for blockchain technology.

What Is Blockchain Technology?

Blockchain technology is the backbone of many current cryptocurrency transactions. It was first outlined by two researchers in 1991 to allow for document timestamps that cannot be tampered with but have since been used as a way to create immutable records and track digital currency spending without the need for a central authority.

Blockchain technology can help businesses save money on auditing fees and compliance costs because it provides an accurate record of every transaction made between parties - thereby lessening the need for costly audits or third-party verification services. Blockchain also helps ensure accountability by providing reliable data about what each party contributed when they agreed to the terms. This ensures there's no confusion over each person’s role during these interactions. The information recorded on the blockchain can't be altered or hacked.

Applications of Blockchain Technology

Blockchain is rapidly evolving to have an application in nearly every industry. Here are some exciting new uses of the technology outside of cryptocurrency and finance:

Food Supply Tracking

Despite the popularity of online grocery shopping, we still need to send food over long distances. This is why it's important that large produce and packaged goods are also shipped for safety purposes. Fortunately, IBM Food Trust has found a way to trace all these items from farm to store using blockchain technology, which makes tracking contaminated food items faster when recalls happen!

Renewable Energy Exchange

For a while, solar panels and other sources of renewable energy were in great demand. This was because several home and business owners became more conscious of the environment and searched for cheaper and greener energy.

However, the trend hit a stumbling block as property owners were generating more energy than they needed. So, in came Brooklyn Microgrid to provide a solution to the problem.

The Brooklyn Microgrid operates on a blockchain platform known as Exergy. Through the platform, participants have been able to transact energy with others autonomously. This has played a vital role in the creation of a greener and more connected future.

Foreign Aid Delivery

While foreign aid has always been a great idea, getting it to the right people hasn’t always been an easy task. Because it has to pass through various middlemen, tracking it is nearly impossible.

Since blockchain technology makes it easier to trace funds, it can be used to transform how aid is delivered to the developing parts of the world.

Additionally, an increased level of transparency will enable donors to keep track of how their donations are used. As a result, they become more interested in giving out donations in the future.

A good example of this is how the World Food Program is using both blockchain and biometric technology to oversee the distribution of foreign aid in a refugee camp in Jordan.

Digital Democracy

Voting is an essential aspect of any democracy. However, protecting ballot boxes from illegal activities and errors can be very difficult.

Technology may have its flaws but the blockchain was developed to provide a high level of security and transparency. If it is used correctly, blockchain technology can play a vital role in the conduction of free and fair elections.

Real Estate

Blockchain is basically a safe and easily accessible ledger. It is highly secure because it is decentralized, operated virtually, and updated through general agreements.

Since one transaction builds over another, fraud is more or less impossible. Should real estate titles be transferred to a blockchain, the chances of illegal activities and errors will be virtually eliminated. Once the title is moved to a blockchain, the proof of it on the platform will eliminate the chances of fraud as it will become secure and unchangeable.

Workers' Rights 

Organizations around the world require labor to function. However, many workers across the globe aren’t protected due to inadequate laws.

In 2018, Coca-Cola stated that it was compiling information on the condition of its workers by utilizing its supply chain in about 30 countries. The global brand gathered information on workers' contracts with the aid of blockchain.

With the help of the US State Dept, Coca-Cola was able to start a blockchain-powered fight against forced labor.

Blockchain Technology is The Future

From the use of blockchain in healthcare, to vote tracking and even environment protection there are many innovative uses for this technology.

Blockchain technology is becoming increasingly widespread outside of its original niche as a currency-related tool, which boasts applications that range from ending voter fraud to preserving natural resources such as wildlife migration patterns; however, they all have one thing in common: solving problems with less red tape and bureaucracy than currently exist through traditional means!