When people think of blockchain, their first instinct is to think about Bitcoin. Usually, they are researching things like how to create a free bitcoin wallet or want to understand how to trade it.
What many people don’t realize is how many uses the blockchain has that can help in everyday life. It is an amazing technology that goes way beyond just cryptocurrency and offering a way to avoid using traditional banking.
The more people understand the technology and its uses, the more mainstream the technology can become and bring in the next generation of the internet. Which will usher in some major improvements?
In this article, I will go over some of the most interesting uses for blockchain that you may not know about.
1 – Less data breaches
Every year millions of people have their credit card information and personal data stolen by hackers. They find a bank or retailer’s server and then hack into it to get the stored data on their users. They then sell this information and the users find themselves at risk of having their identity stolen.
This is made easier by the fact that this data is stored in a server that is vulnerable. On the blockchain, transactions and data are stored in nodes on the ledger that is essentially hacker-proof. The reason is the chain itself is not on a single server but located on thousands, if not millions of computers.
No changes can be made to any of the nodes as they have to be verified by multiple sources to be registered. No hacker could do this as the original node is on other computers and the changes would be spotted immediately.
2 – Streamline healthcare
Privacy is a major concern when it comes to healthcare and a patient’s health history. The information that doctor’s offices store on a patient could easily be exploited. But, the last section details how privacy is guaranteed by the blockchain.
In addition to that, these records can be instantly accessed by the proper authorities in cases where the patient has to be seen by multiple doctors. This ensures accuracy in the treatment of patients as their progress is easily tracked.
3 – Copyright
Pirating and stealing of intellectual property is rampant and creators stand to lose a lot of money as a result. By making a permanent and transparent ledger on the blockchain, copyright is more easily protected.
There is a trail of ownership that everybody can see. It makes it easier for courts to determine ownership and make claims more equitably and quickly.
4 – Streamlines supply chains
The biggest barrier to supply chains and logistics is the fact that information across the process is not easily pieced together. When information is stored in different places, and paper records are still relied on, it makes it difficult to track.
The blockchain streamlines the entire process and is transparent for everybody who needs to find relevant information. Anybody at any point in the chain can see every transaction immediately by accessing the same database.