Blockchain News

Applications of Blockchain

Apr 2020

Read Time: 4 minutes

Blockchain technology has grabbed the attention of governments, and use cases are constantly being explored, while the ramifications are keenly being investigated. 


Healthcare


The U.S. Food and Drug Administration (FDA) in 2017 made an announcement of its agreement with IBM Watson to explore Blockchain’s use in secure data sharing in healthcare systems. 


Voting


Liberal Alliance, Denmark’s political party, became the first political party to make use of blockchain technology to carry out e-voting in 2014. The e-voting with blockchain was seen as a tamper-proof, transparent and reliable system as compared to the existing voting mechanisms. 


Dubai is looking to completely shift over to blockchain by 2020 for license renewals, visa payments and bill payments. Moving to blockchain would save the country $1.1 billion per year, according to expert estimates.


Many countries across the globe have also started blockchain trials in different areas given its transparency, compliance, efficiency and cost benefits. 


Legal contracts


In the legal sector, documentation is critical but cumbersome, while being time inefficient. Secure storage of critical contracts and documents poses a challenge given the possibilities of human error. Smart contracts enabled by blockchain technology can solve such problems and eliminate the requirement for lawyer involvement in contract creation. Arizona acknowledges signatures that are secured on blockchain while blockchain-based records are allowed to be admitted by Vermont courts as evidence. 


Retail and supply chain


The retail sector, as well, has numerous applications for blockchain. Reducing fraud, protection of consumer data, loyalty programs tokenisation, micropayments, prevention of counterfeiting and facilitating cooperative purchase are just some of the myriad applications in the retail segment.

With real-time tracking abilities, blockchain technology is particularly appealing to retail and supply chains.

Well-known retail giant Walmart has joined hands with IBM for the Hyperledger Fabric blockchain. This enables Walmart to track food staples right from the supplier all the way to the shelf.

Similarly, pharmaceutical companies that are required to ensure chain of custody could also benefit greatly by implementing the ledger.

Blockchain can effectively capture data across different levels in the supply chain and present the total volume with no need for data sharing.

Stay updated with the latest on MoneyQ