When we hear the word ‘blockchain’, we immediately relate it to bitcoins. However, the security & transparency involved in blockchain technologies has encouraged various industries to apply it for real-life usage.

Food Industry Safety

Food producers and suppliers using blockchain technology provide safer & fresher products due to blockchain being an open system that can easily retrace the providers of spoiled or unsafe foods. 

Additionally, blockchain can also reduce food fraud and waste for the same reason.

Decentralised Social Media

Most social media platforms are centralised, which means that your data and information can still be breached, stolen or censored.

 Decentralised social media, on the other hand, mitigate any information censorship for transparency.

Any transactions involved on these platforms will most likely utilise blockchain-supported currencies as well, adding on to the overall security.

Enhanced Cybersecurity

Blockchain systems store and secure data with digital signatures and hashtags. Once this data is created, it can no longer be tampered with or modified through any means.

As such, cybersecurity companies using this system have a much lower chance of getting a security breach. No more worrying about the loss of backup data or stolen information.

Proof of Ownership

When a buyer purchases a property, a unique ID is assigned for the buyer, and this ID is matched with that of the acquired property.

This ID-matching prevents property fraud and sales of stolen goods, which could reduce crime rates in the long run.

Digital IDs

Identity fraud and authentication could be less of an issue than it is today with the development of decentralised, digital identifications. 

These IDs can also be provided to populations in impoverished areas, which could then help them to get financial aid, register for education and much more.

Anonymous, Secure Voting

Traditional voting has been followed by digital voting, yet this latter system is still not as secure and anonymous as the blockchain system-supported voting. 

Asymmetric cryptography in blockchain technologies allows voters to confirm their identity and track their votes with two separate key pairs.

Weapons Tracking

Where gun control or accountability for possession of weapons is concerned, blockchain can aid in tracking who owns what as well as storing a record for any guns sold privately. 

Blockchain systems’ immutability & transparent properties would encourage weapon owners and sellers to be more responsible for their business and actions.

Medical Record Privacy

When medical institutions utilise blockchain, they are providing their patients with complete control over individuals with access to their medical records.

Blockchain stores these patients’ records and the patients hold the key to it, opening access to any party they wish.

Immediate Financial Transactions

With cryptocurrency being the first few applications of the blockchain system, it makes sense that this system can be used to expedite financial transactions for instant processing at any time of the day. 

This fact is especially true since banks are taken out of the transactions’ processing.

Law & Tax Compliance

Businesses with blockchain record every single sales and transaction. This fully transparent and non-modifiable record makes it easy for the company to prove its laws and regulation compliance, especially when it comes to paying their share of taxes.

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