Application Of Blockchain In Various Industries

If you've ever thought Blockchain is synonymous with Finance, welcome! You're not alone!😁

Blockchain to many, has been a technology used only in the Finance Industry to describe digital transactions. This isn't far from the truth though as it was originally created to power digital currencies (Bitcoin Precisely).

Over the years however, the technology has grown tremendously, and has created possibilities across various industries to eliminate intermediaries, enhance transperancy and improve security. In this article, we are going to explore industries (other than finance) where Blockchain can be adopted to solve problems.

Food

The problems of Food industries have been majorly around Food safety, Food waste, Product Traceability and Supply chain.

Adoption of blockchain in this industry, can aid:

Guarantee the origin and sustainability of products: Data about food products can be recorded and traced on the blockchain.
Reduce food frauds: Blockchain verification and security, can help elimate food frauds as compared to traditional verificaiton processes.
Identify food waste: Blockchain enhances traceability which can help eliminate food waste
Enhance Food Safety: Data about food items can be recorded and validated through the blockchain.
Build customer trust: Product users can easily trace product origin and validity on the blockchain using a product code.

Food industries already adopting Blockchain Technology include; Walmart, Nestle and Bumble B

Healthcare

The Healthcare sector often have to deal with problems of numerous Record-keeping/transfer, Medical Errors, Lack of Transparency, High Costs of Care and Lack of Insurance Coverage.

How blockchain can be used to solve these problems?

Smart contracts can be used as consensus for health insurance.
Supply chain of medical products can be managed through the blockchain.
Blockchain can be used to verify Staff credentials
Improve Medical Record Keeping.
Improve Patient-Doctor Interactions.
Enhance the Security and Control of Healthcare Transactions
Used to make Electronic Health Records More Accessible.

Healthcare industries using Blockchain include: Health Nexus, MTBC, Hashed Health etc.

Government

Major problems of Government Include Identity Verification, Data Recording, Transparency, Accountability, Fraud etc.

A digitized Government using blockchain Technology, can:

Reduce labor-intensive processes.
Secure storage of government, citizen, and business data.
Reduce excessive costs associated with managing accountability.
Reduce potential for corruption and abuse.
Increase trust in government and online civil systems.
Proof of ownership and transfers.

Entertainment

Problems of Entertainment Industry include: Infringement of intellectual property, Copyright and Piracy, Legal Compliance etc.

Blockchain allows creators to:

Upload and track thier contents directly without an intermediary
Create new monetization opportunities
Increase Transperency
Preserve Legal contract using smart contract
Eliminate infringement of copyright and piracy.

Education

Problems of education include: Administrative Records, Cheating, Fraud, and Fake Certifications

Blockchain can be used in Education to:

Eliminate cheating and fraud through Decentralization.
Digitize Certifications, by tokenizing them and making them easily accessible to students.
Improve Identity verification
Reduce manual labour
Equal access to course materials.
Easy management of students record.

Forward Protocol is an example of Decentralized Education.

Ecommerce

Problem of E-commerce include: Supplychain management, Payment Processes, Trust, Centralization etc.

Blockchain for E-commerce can help to:

Verify Products
Monitor Supply Chain
Reduce Risks
Easily access Receipts and Warranties
Generate Genuine Revenues
Improve payment processes and control over transactions.

Features such as Decentralization, Tansparency, Immutability and Security are common in every Blockchain application, but can be used differently to improve various industries.

This isn't a comprehensive list of industries where blockchain can be applied, but it does give an overview of how useful this technology can be beyond finance.