Blockchain Is Not Only For finance. How Is Technology Used Around The World?
The financial sector initially showed the greatest interest in blockchain technology because this technology allows us to take a fresh look at classical financial institutions and make their work more open and reliable.
But distributed ledger technology is not used only in financial services industry. In addition to banks and financial institutions, the blockchain technology can be deployed in other areas. The storage of data from various types of institutions is, perhaps, one of the most relevant ways of blockchain technology application.
There are basic industries and areas of blockchain technology usage. Different companies implement blockchain in financial industry, logistics, healthcare, energy sector, in the field of electronic identification, in document circulation, as well as for electronic voting and protection of property rights.
In health care, for example, the reliability of data improves due to blockchain. Unauthorized modification and use of personal data, as well as access to them, becomes impossible, since any information about such actions is recorded in the block system, and each block is protected by cryptography. For example, a company Guardtime with the Estonian E-Health Foundation process and store more than a million patient records using blockchain. Similar technologies are already planned to be implemented in China, the USA and Netherlands.
Blockchain in logistics is also very helpful. More and more participants in the global logistics market want to increase transparency and reliability of the supply chain. For this purpose many countries, such as Russia, the Netherlands and the UAE are implementing blockchain in logistics along with giants such as DHL, Samsung and IBM.
Blockchain can be applied to registration of property rights and cadastral surveying. It is very interesting that this way of blockchain deployment is popular both in developed and developing countries. The National Agency of Public Registry in Georgia, in partnership with Bitfury, is building a land titling infrastructure based on blockchain technology.
Also, the Swedish government is testing a blockchain system for registering property rights. The technology can reduce the transaction time, which often takes several months, and also reduce the risk of fraud and errors in documents and transactions (transfer of rights, for example), making the process and system more reliable. It makes a country more attractive for investments and conducting business. Speaking about implementation of blockchain system in Russia, we see an additional potential in increasing taxable base for land tax.
It is clear that the substitution of ballots and other ways of data falsification are very common during the polling period when elections are taking place. Blockchain can eliminate all the manipulations because the data in online voting is constant and transparent. Blockchain-based electronic voting system is already being tested in Switzerland, Estonia and Brazil, and Sierra Leone has already held full-fledged blockchain elections.
Blockchain can also be used to secure your identity. Personal authentication tools enable to create a digital identity that acts as a kind of watermark and can be placed on any transaction with any asset. In China the BROP identification system is being tested, the UAE is developing system for identifying checks and passports, collaborating with IBM and ConsenSYS, and in Luxembourg LuxTrust is building a blockchain platform for user identification.
Based on the study prepared by TFH AI alanysts, we can conclude that there is no single way to use blockchain technology. This technology gradually penetrates into all spheres of life, from healthcare to e-voting.