Benefits of Blockchain beyond the cryptocurrency industry

Of late, the blockchain technology has become one of the hottest topics on the internet. While that is largely due to its role in cryptocurrencies. The blockchain technology has a whole variety of applications in various other segments. In this article, we will see possible blockchain implementation scenarios beyond the cryptocurrency industry, and the benefits that it might provide to other industries in the future.

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Governmental frauds

Ever since the advent of democracies, innumerable voter frauds and controversial elections have taken place. Even today, we have hundreds of incidents where voter fraud has been alleged against parties that have eventually come to power, most notably in the Putin administration of Russia and the Trump administration in the US. Needless to say, voter fraud has emerged as one of the biggest threats to democracy around the world, and the blockchain technology has the potential of solving it. In its most basic form, a blockchain is a digital ledger that has the ability to verify, process and store transactions in the form of records that exists on ‘chains’ supported by millions of nodes across the network. Currently, voter technology around the world revolves around paper-based and electronic machine based ballots that require a lot of manpower for the transportation and verification. Attempts have been made to make the system online, but gaps in security and lack of an efficient system have made it difficult to implement. If blockchain technology is to be used, voter information will be stored on the blockchain and a voter key and id will be generated. The voter will have to show up at the booth with his information, and his vote can thus be recorded in the blockchain. The system will be easier and more secure, with all the information being stored in the form of the blockchain, thereby making it impossible to edit or delete it. Such a blockchain based system has the potential to single-handedly combat electoral frauds, and in the future, we might see the technology used in elections around the world.

Accounting

Blockchain technology can be used to track the movement of goods, creating an effective system to trace issues in the entire network, at the same time having the capability of leading to its point of origin. We have also talked about how the blockchain based smart contracts have the potential to transform the way contracts are made and executed. Recording transactions on blockchain virtually erase the possibility of human errors and protect the data from all kinds of tampering. Moreover, each and every transaction gets recorded across the entire network, leaving behind a traceable audit trail. Businesses in the future might be able to benefit from not having to keep separate records, instead of keeping a single joint record which does not threaten the integrity or the security of the information.

Ownership and verification

Various web-based applications that run on blockchain technology, such as Ascribe, Stampery, and Verisart currently allow authors and artists to spread their artwork around the world and provides an easy and efficient method for the verification and transfer of such items. Blockchain technology can thus be used for verification of intellectual property and providing identification numbers to the same. In simple terms, all verification and ownership based tasks can be performed by creating one single database which can be accessed by prospective buyers who might be interested in the artwork. The same technology can be used for the verification and registration of vehicles by governments and motor companies, by small businesses and companies to keep track of their goods, and countless other applications.

Unemployment

Blockchain technology has the potential to eliminate the problem of unemployment by completely transforming the way the job market functions. Currently, there is a non-uniform division of supply and demand for jobs, with the supply failing to coexist with the demand. Blockchain technology can be used to create a single database for the entire world, where employers can put the information and the requirements about the jobs that they have to offer. Prospective employees from all over the world can put their credentials in the database, which will then provide them with a list of jobs that they might qualify for, keeping in mind the educational qualifications and the geographical location. Various blockchain based job services already exist on the internet, such as Appii, Santoshi Talent and Coinality. Thus, blockchain technology not only has the potential to create jobs but also to create a better way to find them.

Supply chain certification

Various industries can benefit from the ability to create transparent supply chains for products, such as the jewelry industry, or the food industry. If each step of the supply chain is carved into a blockchain, it will allow businesses to create an easy way of securely auditing and keeping track of the goods right from the start to its destination. Currently, businesses employ a lot of manpower to manage their processing and verification of goods. Blockchain technology has the ability to create an uninterrupted chain of custody throughout the working of the business.

Stock exchange

The notion of the blockchain technology being used for the sale and transfer of goods and services is not a new one. With the increasing quantity of bulk data that businesses generate, blockchain technology offers an easier method to store information. The stock exchange market might also undergo blockchain related changes. The Australian stock market, run by the company Digital Assets, recently unveiled plans of shifting to a blockchain powered system for their operations. With various other industries looking at the blockchain technology as a good method of storing information and keeping track of real-time information, the stock market appears to be the one market which can potentially benefit the most out of it. Therefore, it might be that cryptocurrencies are a short-term phenomenon that might lose its value in a short period of time, blockchain technology appears to be a big part of our future.

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What's your opinion? Will blockchain-based applications find their way into mainstream usage in various industries? Let us know in the comments below.





By Rishabh Bhatnagar:
Rishabh is a law student with a passion for Blockchain / Cryptocurrency, Internet of Things (IoT), Cloud Computing, Artificial Intelligence, and Startups. He is an avid reader with a taste for writing. He likes learning about new things and is a writer at TechSutram.Opinions expressed by techsutram contributors and partners are their own.