5 uses of blockchain technology outside the field of finance
The decentralization and stability of blockchain technology offers a wide number of opportunities to overcome some pressing challenges in areas other than finance.
Industry leaders have been innovative in the field, taking all possibilities to build effective solutions using blockchain technology, including:
1 – Tracking the food supply chain :
The food supply chain faces a lot of problems, as there is a high potential for fraud, theft and food loss, the application of blockchain in the supply chain will ensure that the food is genuine and brought directly to the dish, and this is especially true for processed foods that are exposed to further manipulation and counterfeiting.
Wal-Mart has developed its own blockchain network to secure its supply chain, according to IBM’s Hyperledger.
2 – Real estate :
Real estate transactions require a great deal of official papers and documents and are therefore more vulnerable to fraud and fraud.
The transfer of ownership is material but most of it requires a great deal of paperwork, and through the participation of blockchain technology, this will be greatly reduced.
Once ownership of the property is transferred, it will be difficult to delete or change it, and this will also create more transparency in the system where it will be easier to see how the property is transferred and whether it is involved in any disputes.
Not to mention that property fraud will be eliminated.
How can blockchain technology change the future of the real estate market ?
3 – Fair elections :
Most countries have relied on ballots for a long time to conduct voting in their own countries, and even after the use of digital voting, there have been instances of fraud, manipulation of voting results, blockchain-based ballots will eliminate harmful activity and keep voting fairer.
Sierra Leone, a West African country, held its 2018 presidential election on the basis of a blockchain-based system that wanted to win the trust of its citizens and reduce the cost associated with paper voting.
4 – Preserving property rights in music and the arts :
The music and arts industry is known for its ineffectiveness in preserving the rights of authors, now that internet use has increased and with the amount of creative content, it has become extremely difficult to preserve copyright.
Blockchain helps to preserve the rights of the original creator and get their fair share of rewards.
Blockchain technology allows creators to see real-time equity distribution and get paid for it.
5 – Eliminate advertising fraud :
Blockchain technology can have a significant impact on advertising.
Marketers spend thousands of dollars on digital advertising, but they get results that are dominated by robots over their ads.
With blockchain sharing, marketers can follow their customers and make sure their ads run in places where real customers are available by verifying and analyzing customer behavior and verifying that ads run in accordance with the terms of the specified contract.
Similarly, marketers will be able to control the receipt of their money by monitoring where the ad is located and not displayed to robots, which will reduce advertising fraud.
In general, it will reduce advertising spending and increase the effectiveness of digital advertising.
There is growing uncertainty among customers when it comes to sharing their data, they are not sure how to use their data.
Blockchain technology will allay this fear, build more trust between marketers and customers, and increase their openness to data sharing, improving advertising strategy and effectiveness.
Blockchain technology has come a long way since 2008, since Bitcoin was first introduced.
The superior features of blockchain technology create trust between the parties, since trust is the basis of all successful endeavors, the adoption of blockchain will democratize various areas of industry and find more use.