Blockchain technology is an incredibly powerful innovation. Many people see it as simply being a vehicle for cryptocurrency, but what is behind those currencies is a platform that has a wide range of useful applications.
Some people believe that the future of the internet is going to be dominated by the technology that made the blockchain possible and maybe even replaces it altogether. The blockchain is a much more secure way to store and send data since it doesn’t rely on one server. The blockchain resides on millions of computers so it is very difficult to manipulate.
In this article, we will go over several of the ways that blockchain can be used besides just to buy USDT instantly or any other cryptocurrency.
Tracking goods is essential to making sure products get to their destination in a timely and efficient manner. It needs to happen in real time and with total accuracy. This is especially true when dealing with things like vaccines, food, and other perishables.
The blockchain is an ideal way to solve many of the issues with supply chain logistics as it employs the Internet of Things much better than the cloud. For starters, there is no downtime with the blockchain. A server can go down and throw the entire process into chaos. This can’t happen with the blockchain.
There is also less chance of any counterfeit material replacing the actual goods during the journey because the documentation can’t be changed at any point without alarm bells ringing when it is attempted.
One of the most visible ways that blockchain helps supply chain management is through communication. Since everybody in the process from the manufacturer to the shipper is on the same blockchain, all of the information is available at every step of the way. There is no miscommunication when things are clearly available for all to see.
One of the biggest expenses that get wasted in healthcare is the administration of healthcare. There is very little sharing of documents so a patient has to sign many repetitive forms.
With the blockchain, there is easy access to the same information from the pharmacy to the clinic where you have things done. This is a huge time saver and doesn’t waste any resources.
Then there is the situation in which mistakes happen since there is no easy way to share information. Imagine a situation in which somebody goes in for emergency medical care in a different network than where their doctor is. If this person has other health issues, the hospital in question may not know and this could have dire consequences. If the database is easily accessible to all parties then this critical information can be shared in seconds.
Voter fraud is almost non-existent when it is done on the blockchain. There is no machine to hack into to change any votes or wipe out a database in one fell swoop.
Not only that but tallying the votes is much faster so the results can be seen in an instant. We’ve seen the chaos that can happen when election results take too long to process.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.