When we hear or see the word Blockchain, we often associate it with Bitcoin, crypto coins or something that is far too complicated for a normal human brain to fathom. But its uses have far surpassed all that – the decentralized, transparent nature of blockchain makes it an excellent resource for various other fields.
Over the years, many experts have predicted Blockchain will transfigure our daily lives, but very few have explained how that will actually be made possible. Blockchain has the ability to become more prevalent and can be used by nearly everyone, every day.
Below are 4 ways blockchain can benefit our daily lives.
Online reviews play a huge role in terms of influencing consumers’ purchasing decisions. What we think is an honest review could possibly be just a paid or fake one. According to Blockchain Council, companies can easily control which reviews are shown, and may even filter out or remove unfavorable comments. However, by integrating blockchain’s immutable ledger into review platforms, users can ensure they’re receiving authentic information that has not been altered or deleted.
One’s medical record or history can be accessed by medical providers on any platform and updated in real-time for the most current patient information. This inevitably creates cause for concern in terms of keeping the data private and secure. By implementing blockchain, it can offer a higher level of confidence in the security of such highly sensitive information. The technology can be used to store and track patient data in a timestamped, unalterable record that can only be accessed by permitted parties.
Integrating blockchain can help smart contracts or digitized contracts to operate without the need for a third party. Smart contracts are legally binding, immutable and automated. Let’s say, two parties reach a consensus for a paid project, they can place the information into the smart contract with certain criteria that need to be met. Once all specified conditions have been finalized, payment will automatically be made. And since everything is automated from the beginning, the entire process is safe, fast and leaves no room for interpretation – a very important factor in business transactions.
One of the most pertinent uses of blockchain lies in the supply chain management and how it can create a permanent digital log that records orders, tracking, deliveries, and all other logistical information. Utilising blockchain over the traditional manual record-keeping will drastically reduce the likelihood of mistakes and can speed up the process at the same time. Companies such as FedEx and UPS have seen success from integrating blockchain into their supply chain strategies.