Bitcoins and cryptocurrencies are not the only solutions that blockchain has created. It offers a lot of opportunities, even though the current form of blockchain may seem to have its limitations.
Asset Management
Blockchain technology can be instrumental in asset management with low operational friction, lesser cost and security concerns. The distributed ledger enables a fully transparent movement of assets between the parties. Additionally, all the asset-related transactions are verified and open to audit.
The parties involved can share asset information without the risk of revealing personally identifiable information. This addresses the shortfalls of the current system where asset information may not be transparent and there is a factor of deceit.
Smart Contracts in Media Industry
More and more companies realise the usability of blockchain in their industry and the same is with the media industry. Media companies are already using smart contracts to establish artists without intermediaries like brokers. The artist can easily protect their content, which can be bought, sold and managed transparently using blockchain. Artists can publish their work on the platform and establish the origin of the same, eliminating doubts about the creator. Additionally, it will ensure fair and faster payment to the artists.
There are blockchain applications that manage data points to organise the profile of artists and events based on their ranking.
Real Estate
From renting property to property development, blockchain provides opportunities to create contracts directly between multiple parties, process loans, ensure transparency of investment and returns. Real-estate loans can be easily managed as payment monitoring and settlement become transparent.
Supply Chain Management
Companies involved in the supply chain have to deal with a product’s shelf life, product tracking and a lot of other issues that can be easily managed by entering the information once in a blockchain. All the stakeholders in the supply chain network would have verified information about the products.
Healthcare
Managing the medical history of patients can make healthcare much more effective. If they are stored securely on a blockchain, they can be retrieved by the consulting doctor anywhere in the world and appropriate medical treatment can be provided.
Medicinal products are a crucial example of a supply chain and involve a lot of counterfeit products. A proper tracking system will ensure good control over the products.
Identity and Voting
A lot depends on the ballot and securing the personal identity of voters and the voting system can go a long way in the interest of a country. A blockchain network can be established to manage personal identities and voter registrations and voting can be authenticated using it.
Will Creation
This is a sensitive domain and one that is susceptible to fraud. Blockchain wills can ensure the integrity of wills and prevent tampering.
Blockchain is making headways into a wide range of industries and with improvement in efficiency, it may become the technology of choice everywhere.
