15 Useful Applications for Blockchain Technology

Applications 6 - 10

6. Secure personal information

Keeping data such as your Social Security number, date of birth, and other identifying information on a public ledger (e.g., a blockchain) may actually be more secure than current systems more susceptible to hacks. Blockchain technology can be used to secure access to identifying information while improving access for those who need it in industries such as travel, healthcare, finance, and education. IBM (IBM -1.24%) offers businesses a blockchain-based platform known as Digital Credentials, which lets employees store everything from employee IDs to occupational licenses.

7. Voting

If personal identity information is held on a blockchain, that puts us just one step away from also being able to vote using blockchain technology. Using blockchain technology could make sure that nobody votes twice, accept only eligible voter ballots, and prevent tampering. What's more, it could increase access to voting by making it as simple as pressing a few buttons on your smartphone. At the same time, the cost of running an election would substantially decrease. Romania became the first European Union nation to use blockchain technology in its parliamentary election in 2024 to guarantee the integrity of the electoral process and to strengthen its transparency.

8. Government benefits

Another way to use digital identities stored on a blockchain is for the administration of government benefits such as welfare programs, Social Security, and Medicare. Using blockchain technology could reduce fraud and the costs of operations. Meanwhile, beneficiaries could receive funds more quickly through digital disbursement on the blockchain. The Netherlands is using a blockchain-based infrastructure to administer its pension program.

9. Securely share medical information

Keeping medical records on a blockchain can allow doctors and medical professionals to obtain accurate and up-to-date information on their patients. That can ensure that patients seeing multiple doctors get the best care possible. It can also speed up the system for pulling medical records, allowing for more timely treatment in some cases. And, if insurance information is held in the database, doctors can easily verify whether a patient is insured and their treatment is covered. Beth Israel Deaconess Medical Center in Boston, along with researchers at MIT, conducted a six-month test of blockchain medical records, which successfully made it easier for doctors to access information from disparate sources.

10. Artist royalties

Using blockchain technology to track music and film files distributed over the internet can make sure that artists are paid for their work. Since blockchain technology was invented to ensure the same file doesn't exist in more than one place, it can be used to help reduce piracy. Using a blockchain to track playbacks on streaming services and a smart contract to distribute payments can provide greater transparency and the assurance that artists receive the money they're owed. Music rights management and distribution platform Revelator has implemented blockchain to manage royalties.

Applications 11 - 15

11. Non-fungible tokens

Non-fungible tokens, or NFTs, are commonly thought of as ways to own the rights to digital art. Since the blockchain prevents data from existing in two places, putting an NFT on the blockchain guarantees that only a single copy of a piece of digital art exists. That can make it like investing in physical art but without the drawbacks of storage and maintenance.

NFTs can have varied applications, and ultimately, they're a way to convey ownership of anything that can be represented by data. That could be the deed to a house, the broadcast rights to a video, or an event ticket. Anything remotely unique could be an NFT.

12. Logistics and supply chain tracking

Using blockchain technology to track items as they move through a logistics or supply chain network can provide several advantages. First of all, it provides greater ease of communication between partners since data is available on a secure public ledger. Second, it provides greater security and data integrity since the data on the blockchain can't be altered. That means logistics and supply chain partners can work together more easily and have greater trust in the accuracy and timeliness of data. Tracifier, a German company, uses the technology so businesses can digitally store and share certificate verification data and track products at each step of the value chain process.

13. Secure Internet of Things networks

The Internet of Things (IoT) is making our lives easier, but it's also opening the door for nefarious actors to access our data or take control of important systems. Blockchain technology can provide greater security by storing passwords and other data on a decentralized network instead of a centralized server. Additionally, it offers protection against data tampering since a blockchain is practically immutable. Things Protocol, a distributed protocol for managing IoT devices, helps organizations develop secure IoT applications with blockchain technology.

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