What is blockchain technology used for?
Use cases of blockchain
In my previous article, I mentioned other blockchain applications, such as blockchain and health care, blockchain and education, blockchain and real estate etc.
In this article, I would like to outline some of these other application possibilities. I think it’s fascinating. Let’s dive in. Ready?
Blockchain and Healthcare
Well, one can rightly ask why blockchain technology might be needed in health care. I think everyone who has ever needed health care has faced a couple of inconveniences. To list a few, complete lack of reliance between individual institutions, which resulted in delayed communication, and a complete lack of aggregated health data for unique people. Not to mention data protection concerns. Imagine the massive value of such information you would have in your possession, say, from the day of your birth.
You would have a file in your hand that contains all the data that has been recorded to this day in the course of any kind of service you ever had in a health institution. The sole owner would be you, and the decision is yours with whom you would want to share and what data.
I recently read an article, that one company sees it as possible to sell your health data for research purposes. That sounds pretty wild to me, though.
More and more companies are currently working on their projects to revolutionize the health industry all over the world.
In addition to the fact that many projects are in the researching or testing phase, there are also well-functioning, free applications.
In 2017 the Taipei Medical University Hospital and Digital Treasury Corporation (DTCO) jointly made blockchain’s official entry into health care with their operating system, called phrOS.io.
The goal is to increase transparency among healthcare institutions by putting all of the patient’s medical information on a blockchain.
It contains X-ray images as well as various information about the patient’s condition. The information can be accessed by doctors and patients themselves via a mobile application.
There is a platform called Guardtime Health in Estonia where patients, healthcare providers, the regulator, and others can share a single, unalterable copy of health data.
The system “signs” each data item on the network with a cryptographic stamp, allowing the origin of each piece to be traced. Thus, any hacker attack or corruption attempts can be detected immediately in real time thanks to the blockchain’s transparency.
As shown above, the use of blockchain in healthcare has the potential to transform the entire sector. The challenge now is for health care providers to make more widespread use of blockchain systems, which can facilitate the development of the entire health care system.
Blockchain and Education
New ways of applying blockchain technology are constantly emerging in higher education. Over the past few years, several high-profile projects have received significant media attention, which has sparked further interest in the technology.
The most promising use of the blockchain in higher education is the transformation of the “register” of diplomas, degrees, and other formal qualifications evidence. The input of these documents on a blockchain makes it unnecessary for a third party to validate a certificate, for instance.
The blockchain can also accredit educational institutions, which is a complicated and time-consuming process in many countries. This allows controlling the quality of teaching and qualification in general.
The technology is also excellent for solving problems related to intellectual property. For example, a blockchain is used to determine whether an idea or invention is unique, and to register copyrights and patents.
Just as in the field of health care, an important use is to record all the educational results achieved in the whole life. This solution would reduce CV falsification, simplify student transfers between universities, reduce the overall cost of certification, and make movement between states and countries less complicated.
And by the way, in 2014, King’s College in New York City became the first accredited US institution to accept bitcoin as payment, eliminating the credit card transaction fees previously charged to students. This is a good example of how blockchain could be used in higher education to create and trade new digital assets.
Blockchain and Real Estate
Today’s real estate market is characterized by unclean land ownership, fragmented real estate, fraud, corruption. The construction of a blockchain-authorized real estate and land management platform will be more than relevant to blockchain’s unique features.
The real estate sector makes a huge contribution to a country’s economic growth. The more robust a country’s land management system is, the more it affects a nation’s GDP. That is why it would be necessary to create an efficient, cost-effective, timely, transparent and secure system.
Despite its technological advances, in most countries, property records are always kept on paper. However, this carries many dangers. In 2010, for example, a catastrophic devastating earthquake in Haiti destroyed the country’s entire property register and to date has failed to fully restore it.
Every year, new real estate companies discover the integration of the blockchain into their current systems, saving time and money for real estate agents and home buyers worldwide.
Lantmateriet, Sweden’s land-ownership authority, has partnered with blockchain-launched ChromaWay to develop the first blockchain-based real estate deal.
Lantmateriet has managed to reduce the time it takes to sell an apartment, which usually takes three months to six months, to hours. The best part is that the buyer and seller do not have to be in Sweden for the transaction to take place.
Rentberry uses a decentralized ledger to make it easier to find rent or buy an apartment. It allows tenants to find apartments and can even pay their rent online. The service will enable tenants to request maintenance and provide credit reports to landlords and other features. Landlords can use the service to promote the properties they manage and communicate safely and conveniently with tenants.
So what is your conclusion? Is it a hype? Or is it for real? Let me know what do you think!
I’m happy that you made it until the end of this article to spread the word further and educate yourself.