Blockchain technology has come to the forefront in recent technological discourse due to the rise of cryptocurrencies that use the infrastructure to process transactions. Although there are various applications for this technology, these applications are not as popular as the cryptocurrency use case. In this article, we will discuss 5 alternative applications of blockchain technology that you may not have heard of but are poised to change the way we look at the world today.
Smart contracts are a novel way to enforce contracts using blockchain technology. It is reliable, safe, and removes the need for any middlemen or subcontractors. A smart contract is created on a blockchain and all the terms of the contract are built-in. When the terms of the contract are met, the contract is enforced. Using smart contracts is a smooth process and can save parties involved time and money. These contracts have already been adopted for use by governments and busy ease around the world today.
Passing your medical records between hospitals has never been easier than using the blockchain. The dispersion of medical data in various silos of data makes it difficult to make pertinent decisions that affect the health of patients because of a lack of complete data. With blockchain technology, user-health data can be stored on secure networks that can be viewed by both patients and doctors without fear of falsification or alteration. This will help patients move medical facilities seamlessly and receive the best medical care.
Voting and Electoral Processes
Although many people associate the blockchain with crypto assets like bitcoin and services like Bitcoin Prime, it can also be used to conduct free and fair elections. Using the transparency and the anti-tampering quality of the blockchain, we can use the technology to empower mobile voting and bring governance to the people. This will reduce voter apathy and allow more citizens to participate in the governance process. It would also save the government millions of dollars in electoral costs each electoral cycle.
Non-Fungible Tokens or NFTs as they are popularly known have taken the world by storm recently. This has been a unique activity that has been made possible only by the use of blockchain technology. NFTs are digital products sold and bought on the blockchain. Some of these items include videos, art, movies, and music. These NFTs have a unique digital signature that is used to identify the owner and this signature cannot be replicated anywhere else. Since the early days of 2021, NFTs have been on the rise and the trend has continued ever since. One big example of this trend is the sale of the 2011 meme of the Nyan Cat sold for $600,000 worth of Ethereum. NFTs have been bought and sold for crazy prices in recent months as some works have sold for as high as $400,000-$600,000 worth of Ethereum.
Internet of Things
The internet of things is the name given to the next level of internet connectivity which aims to connect various devices and make them “smart devices”. Some of these appliances include fridges, blenders, lightbulbs, doors, etc. With blockchain technology, it has become significantly easier to use open and transparent processes to connect these devices to the internet. Blockchain makes the interoperability of these machines easier by allowing them to be battery-connected on the faster and more secure blockchain network.
These are not the only applications of blockchain technology outside crypto but these stand out as some of the biggest and more practical use cases we can find today. Cryptocurrencies are a fraction of the utility of the blockchain and as time goes by, we will find more and better use cases for the technology. There are so many interesting projects being built on the blockchain and these projects will help us move technological inclusion further.