A recent report published by PwC, one of the Big Four auditors of the world, stated that 84% of surveyed executives admit that their companies are “actively involved” with blockchain technology through implementation or research.
You see, the world is looking forward to exploiting Blockchain, almost incessantly.
Innovation-led businesses are assessing the possibilities of deploying this futuristic tech in every booming industry and unveil how it can help in building a more efficient, secure, and promising ecosystem. While crypto assets, banking, supply chain, identity management, smart contracts, and healthcare are the most popular Blockchain use cases, there are several more where decentralisation can be put in place to eliminate the need of third parties and create a transformative impact on multiple facets of business operations.
Let’s discuss 5 lesser-talked but significant Blockchain use cases-
Authenticating people without any physical contact– the thing that seemed impossible a few years ago is materialising now with digital signature systems.
Today, several nations are on an ambitious journey to create their own Blockchain-based identity systems where citizens can use their ID-card, Mobile-ID or Smart-ID to safely identify themselves and use any e-service. Such systems are geared to create advanced e-societies, amplify citizen satisfaction, reduce the profuse bureaucratic hassle, and induce a sense of trust between the government and people.
You might not know, but Estonia is the first country to use blockchain at the national level with its E-Citizenship program. They have successfully employed Distributed Ledger Technology to build their own identity system called ID-kaarts or ID-cards. This mandatory national card is a lot more than a legal photo identification document; it acts as the key to get digital access to all of Estonia’s secure e-services.
Voting and Elections
TechRadar has identified voting as one of the “10 sectors that blockchain will disrupt forever.”
Election tampering is a real thing. Electoral frauds affect the integrity of the voting process and impact the political stability & economic growth of the nation.
To combat voter fraud, a Blockchain-based app can be rightly used to incorporate new layers of security and transparency. It can provide a clear, tamper-proof records of votes that are cast, thus preventing the possibilities of a rigged election.
Considering the security and fraud-prevention potential of Blockchain, South Korea is testing E-Voting on the Blockchain. Moreover, Japan is also leading the Blockchain-voting revolution with its city Tsukuba that completed the test of a Blockchain voting system for social development programs.
That’s one news that clearly reflects that Blockchain has made its way into the food industry.
The supply chain of food today is becoming more and more complex. Lack of transparency, inaccurate capturing of data, and delays further affects the food production and distribution, leading to a surge in the concerns of food safety. Enterprises dealing with pharma products are the most affected of all, as they have the regulatory pressure of tracing every stage of the supply chain to ascertain that the quality specs and safety of products aren’t compromised.
Howbeit, Blockchain technology can come across as a real savior. Crucial farm origination details such as batch numbers, factory & processing information, storage temperatures, expiry date, and more can be stored in the distributed ledger to simplify tracking the history and status of food. Similarly, pharmaceutical supply chains can be made more efficient via Blockchain- it can enable drug traceability and provide enhanced visibility. Such end-to-end traceability expands supply chain efficiency and makes authenticity verification of goods easier.
Real estate is an ever-flourishing domain, and now technological innovations like Blockchain apps are majorly contributing to shaping its future. The technology can be strategically adapted and embraced to transform the core functions of the commercial real estate sphere. Property transactions like purchase and sale of lands, homes, apartments, and offices, financing, leasing, and more can be managed efficiently via a Blockchain-powered solution. Here’s why you should consider Blockchain and real estate together-
Recently, NASA decided to implement Blockchain technology to boost cybersecurity and prevent Denial of Service (DoS) and other attacks on air traffic services.
Blockchain can play a glorious role in preventing major cybersecurity threats. It is emerging as a viable technology that can protect digital properties of businesses from cyber attack and safeguard the integrity of sensitive information. Blockchain covers a vast scope of keeping the data safe from the nightmares like identity theft, data breaches, foul play in transactions and other cybercrimes. Many organisations are aligning Blockchain systems within their technical infrastructure to expand the credibility of their workspace while keeping the hackers at bay.
This post was originally published on Studio Fintech, an extended arm of Systango that offers the highest-quality Blockchain development services. Our team of Blockchain developers and FinTech experts know how to leverage the power of new technologies and bring the dawn of next-level innovation. To get further details or to hire our experts, connect with our team here.