Bitcoin popularized the blockchain technology with its large peer-to-peer network and immutability feature. The decentralization and immutability attribute of the technology offers the blockchain industry a slew of opportunities to overcome some pressing challenges in spheres other than finance. And industry stalwarts have been innovative in their approache. They are taking all possibilities to build effective using solutions based on blockchain.
1. Tracking supply chain with blockchain
Food supply chain faces a lot of problems. The possibility of adulteration to theft and loss of food, supply chain is filled with problems. Application of block chain to supply chain will ensure that food is authentic and has been brought straight to plate. This is especially true for processed foods that are prone to more contamination and delicacy.
Walmart has setup a blockchain network to secure its supply chain based on IBM’s Hyperledger.
2. Reliable real estate
Real estate deals require a great deal of paperwork. Thus, being more susceptible to fraud and scam. Transfer of property is a physical affair but most part of it requires a great amount of paperwork. With the involvement of blockchain technology, this will be reduced to a great extent. Once the ownership of a property has been transferred, it would be hard to erase or change it. This will also create more transparency in the system as it will be easier to see how a property has been transferred and if it had been embroiled in any disputes.
Not to mention, property fraud will be eliminated.
- Fair elections
Most countries have relied on paper ballots for a long time to conduct voting in their countries. Even after using digital ballots, there have been cases of rigged ballots, manipulating results of voting. Blockchain-based ballots will eliminate malicious activity and keep voting fairer.
Sierra Leone, a West African country, conducted its presidential election in 2018 on a blockchain-based system. The country wanted to earn the trust of its citizen and reduce cost associated with paper ballot.
- Preserve royalty in music & arts
Music & arts industry in known for its inefficiency in preserving rights of its creators. Now with surge in use of internet and with it amount of creative content it’s tremendously difficult to maintain copyrights. Blockchain helps to preserve rights of the original content creator and receive their fair share of remuneration.
Blockchain technology allows content creators to see real-time royalty distribution and get paid for it.
5. Eliminate fraud in advertising
Blockchain technology can have a significant impact on advertising.
Marketers spend thousands of dollars on digital advertising and return with bots click their ads. With blockchain involved, marketers can follow their customers and ensure that their ads are delivered at places where real customers are available by validating and analyzing customers’ behavior and verified ad delivery as per specifics of contract.
Similarly, marketers will be able to control their asset delivery by monitoring where is ad placed and not served to bots. This will reduce ad fraud. Overall, it will minimize ad spend and increase effectiveness of digital advertising.
Further, there’s growing skepticism among customers when it comes to sharing their data. They are uncertain how will their data be used. Blockchain technology will allay this fear and build more trust between marketers and customers, and increase their openness to share their data. This will further improve ad strategy and effectiveness.
Blockchain technology has come a long way since 2008, when Bitcoin was introduced. Its superior features create trust between parties. As trust is the foundation of all successful endeavors, the adoption of blockchain will democratize various spheres of industry and find further use.