When Bitcoin was first introduced to the world, it brought a new kind of technology with it— blockchain. With this new and revolutionary technology, a seemingly infinite number of uses was revealed to mankind.
At this point in time, people are already familiar with the use of blockchain in terms of buying bitcoins and using it as a means of tracking their investment. In most cases, traditional trade processes are expensive and risky due to people within the party managing the assets themselves. Having blockchain-instilled bitcoin wallet allow people to reduce risks when it comes to processing trades and settlements. It simplifies the entire process and cancels the need for any type of middlemen. This also makes it much easier when cross-border transactions come into play.
Blockchain, an Emerging Technology
Aside from that, there are tons of other uses that are currently being developed, some of which include:
Healthcare
By decentralizing the healthcare industry’s operations, blockchain can optimize business and service delivery to a new level.
As it stands, current models are becoming obsolete as shown by their inefficiency when it comes to delivering quality and affordable healthcare to people that need it. First of all, the current models are slow. Despite the opening of online portals on some system (which has alleviated some of the pressure), the existing healthcare framework is still a waiting game for most patients and providers. This is mainly because the system still relies on paper-pushing and numerous third parties. Second of all, the current framework is expensive. There is a long list of fees that patients need to pay (i.e. administrative fees, etc.). On top of that, there is the possibility of testing being overpriced, duplicate treatments, low-quality methods, and fraud. Lastly, information on current models is centralized. This makes it more vulnerable as hackers can obtain everything all at once.
Due to these problems found in the current healthcare system, Distributed Ledger Technology (DLT) is very much a viable solution. Not only can the quality and efficiency of healthcare be improved, but prescription compliance and healthcare insurance models can be refined as well. With this new technology, data can be stored, analyzed, and updated in real-time. People will be able to control their own data on a blockchain that is permissioned. It can also provide people with more privacy as removing the identity of a person does not jeopardize the quality of real-time and tamper-proof analytics. Not only that, but the data will remain transparent and accurate due to its immutability.
In essence, blockchain technology will automate the whole process, allowing the system to streamline its processes. Features of the technology such as smart contracts will allow the system to operate on its own without the need for third-party verification. It will also cut the waiting game in half as most of the bureaucratic hoops that patients and providers have to jump through will be removed completely from the system.
Government
Until now, governments are—at best—on the fence when it comes to the legality of cryptocurrencies. Despite them questioning the token and alternative-money aspect of it, some governments have shown an intrigue for the technology aspect—blockchain. Although it may be rare to find a government that fully embraces this technology, blockchain has the power to mend some of the biggest problems that the public sector currently faces.
Here are some of the biggest problems that come along with the current models of the public sector:
- It’s slow and inefficient – The current processes of the government are a waiting game. It can sometimes take several months to get the most basic benefits.
- The issue of privacy – Depending on where you’re coming from, there can sometimes be a lack of transparency when it comes to dealing with your government. Where do taxes really go after people pay them? What is the government doing with the money and what good can will it do for the community? Even if they’re using it to help the community, is it the right way to spend the money? If there was an alternative way to collect all the needed information, they would not need to infringe on citizens’ privacy.
- Corruption – Corruption within a government is not uncommon. Falsified data, identity theft, and tax fraud are all things that exist in public sectors, especially those in developing countries. Sometimes, corruption goes all the way to the top—to the head of the country.
DLT can do wonders to prevent issues like these and a lot of governments, especially those in developing countries, can significantly benefit from blockchain technology. The old school pen-and-paper method is starting to become obsolete as well as expensive and time-consuming. The implementation of blockchain technology has the ability to create a trustworthy environment—one that will sidestep the slow and expensive multi-step processes of the current model.
Music
On a lighter note, blockchain also has the ability to improve several other industries. One good example is the music industry. Right now, the many problems that plague the music industry include transparency and royalty distributions. With companies like Spotify and Apple bringing online music sharing to the scene, the industry has been trying to figure out how to monetize digital music files. Back in the day, music was scarce as people had to buy physical CDs or records. Now that music is an abundant digital good, the lines have been blurred and the details in regards to the song (who wrote, performed, produced, etc.) are more important. That credit is how artists get paid for their work.
This is where blockchain technology and smart contracts come in. This new wave of technological advancements will allow the music industry to keep a comprehensive database of music rights. It will also give artists the ability to receive all their royalties in the most transparent way possible—all in real-time. This will allow them to distribute the money to their collaborators—co-writers, producers, and even labels.
A System of the Future
As you can see, there are real benefits to implementing blockchain technology. As technology advances, the rest of the world will need to keep up. A lot of systems are starting to become counter-productive and with the introduction of new technology like blockchain, the possibilities are endless.
