Blockchain is a digital ledger that records transactions or other data over time. The most common use of Blockchain which has gained recognition is, of course, cryptocurrency such as Bitcoins. But this developing technology has more to offer and we might have just scraped the surface of its potential. With features such as decentralization ensure that no single entity controls the system or its data and allows people to trust each other. Here are some of the real world applications of Blockchain.

Patientoryinc – Healthcare

Patientory, an Atlanta-based company has developed a Blockchain-based platform for securing medical data for patients, providers and medical institutions. It has an advanced healthcare app which lets users create a patient profile to keep track of their health history. Their software helps patients in tracking their medical bills, doctor visits, insurance, personal medical information, immunizations, and pharmacy medications.

The app was developed at the time of ransomware attack against the NHS and Patientory founder and CEO Chrissa McFarlane requested the UK government to adopt a Blockchain-enabled IT health system and remove legal obstacles in the movement of data amongst providers.

Blockchain Technology can make significant improvements in how we maintain medical records. It can be used by hospitals to store patient records and share it with other hospitals on the Blockchain network. For example- A person is traveling to a foreign country and forgot their prescription. They need to refill their medications but the pharmacy won’t give the medications without the prescription.

With Blockchain technology, one can easily access their medical records and prescription and refill their medications. Live data from wearable smart devices can be used to predict any medical condition that one may be primed for.

Ethereum – Data Storage

Blockchain technology platform, Ethereum, stores information shared among thousands of data centers and does not require farms or any one particular location to save information. Furthermore, the information is cryptographically encrypted, hence providing an extra layer of protection, keeping the hackers out. If any change in the code is detected in any location, it will raise a red flag, making it impossible for hackers to get in. The data will not just be safe, it will also transfer around quickly.

Concern for data security has been on the rise since the development of social media platforms and the use of digital transactions. After the Facebook data leak incident and reports of other data leaks, it is something that must not be ignored.

Tech companies like Google, Microsoft, Facebook etc. keep all their user data at server farms where hundreds of servers work together and save information. All the information is concentrated in one place which makes it vulnerable to hackers.

Blockchain technology platform, Ethereum, stores information shared among thousands of data centers and does not require farms or any one particular location to save information. Furthermore, the information is cryptographically encrypted, hence providing an extra layer of protection, keeping the hackers out. If any change in the code is detected in any location, it will raise a red flag, making it impossible for hackers to get in. The data will not just be safe, it will also transfer around quickly.

Hyperledger Fabric – Supply Chain Management

Maersk, world’s largest shipping company uses Blockchain technology from IBM to track shipping containers. The Blockchain is built on the Hyperledger Fabric to manage the supply chain for container shipping. Maersk conducted a proof of concept with IBM in September. IBM tracked a container of flowers from Mombasa, Kenya to Rotterdam in the Netherlands. All the documents for containers were fully digitalized ad the containers could be tracked. The overall shipping cost could be reduced by 15 per cent of the cargo’s value using digital records and a Blockchain can sharply reduce costs.

Logistics business runs on trust, transparency, and traceability. These are the foundation of logistics which are necessary to develop trading relationships among businesses. Blockchain helps optimize business transactions with secure business networks on the blockchain.

Using the shared ledger of the Blockchain technology, every network participant can view the updated and validated ledger in real time. This monitoring system is beneficial not only to the business but to consumers as well as they will be able to view how products performed from a quality-control perspective as they traveled the place of origin to the retailer.

Maersk, world’s largest shipping company uses Blockchain technology from IBM to track shipping containers. Walmart also uses Blockchain to track 1.1M items make their way from manufacturer to the shelf and also to increase food safety.

Xage – Managing IoT Networks

Startups such as Xage are working on implementing Blockchain technology for IoT devices. They have developed several security technologies into security fabric which is a network of security technologies for addressing data confidentiality. The system grows more secure as more devices are added to the network.

IoT refers to Internet of Things, devices that are wirelessly connected to the Internet and are able to send or receive data. If your devices are connected to the Internet, they may be vulnerable to hackers.

This is where IoT industry can benefit from Blockchain technology. Billions of connected devices can be tracked, enabling the processing of transactions and coordination between devices. The decentralization aspect of Blockchain eliminates single points of failure, creating a more reliable ecosystem for devices to run on. Cryptographic algorithms used by Blockchains would make consumer data more private.

Summary

These are few of the real world Blockchain applications other than cryptocurrency and storage of monetary funds. We can say that Bitcoin was just the first generation usage of Blockchain and now we are moving forward in exploration of this technological marvel. As we experienced the development of the world-wide-web and its applications over the years, Blockchain technology also holds a great potential to create a significant impact on our lives.

Some other uses that may affect an average citizen are Digital Identity on Blockchain Network, Smart Contracts and legal binding of documents online, Digital Voting to avoid fraud in electoral processes online etc. As for other fields, we can expect some serious development in the field of Energy.

Many companies like Australia’s Power Ledger and Solara-Energy Blockchain Network are using Blockchain Technology to enable four building at Northwestern University to shift their excess solar power between and amongst each other. This concept of Smart-Grid is in development and may save us electricity in an efficient way.

Although there are many who doubt the applicability of blockchain to actual problems, it’s just a matter of time till we see it developed and become practical.

Enuke Software is a leading software and web development company that provides customized software development and web-based solutions around the globe. Their aim is to create new business opportunities by leveraging the power of connected ecosystem of IoT devices for generating new revenue streams. They provide valuable insights on Blockchain services and bring scalability in your business.