5 Unique Applications Of Blockchain
Blockchain Technology has become an innovation that is affecting more and more parts of life, ranging from finance, payment, supply chain, education, and entertainment, in tandem with the current cryptocurrency waves. Experts predict that various blockchain-based technologies, such as NFTs, Web3, and Metaverse, will burst in 2022. In this article, Tokenize Xchange would show you the top 5 unique applications of Blockchain that might surprise you. Let’s have a look at what they are.
1. Avoid Identity Theft
According to Forbes magazine, 2.6 BILLION records were lost or stolen in 2017, with theft accounting for 69 percent of all data breaches. Using blockchain to secure data adds an additional layer of security through identification checks like verifiable user IDs and multi-factor authentication. This eliminates the need for a plethora of passwords and usernames that you’ll invariably forget. The Secure Identity Platform (SIP) from Civic is a great example of this.
The entire blockchain is decentralized, which means there is no single point of failure and hence very low risk of hackers breaking in. The decentralization of the blockchain limits the chances of hacking. This includes, as previously indicated, self-sovereign IDs, as well as the removal of innumerable passwords and documentation associated with accounts.
As a result, there is only one key that can be matched to an immutable ledger. Your digital ID may contain personal information such as social security numbers, social media profiles, and medical records, as well as any other private information, gathered through online activities.
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2. Blockchain in healthcare
The use of Blockchain technology to improve medical technologies is one of the most spectacular applications of the technology. But how is Blockchain capable of accomplishing this? How has healthcare become one of the unique applications of Blockchain?
The solution is to safeguard medical information. Cyber security and data leakage are important challenges in the healthcare industry, which may surprise you. Between 2009 and 2017, data breaches exposed approximately 176 million patient records. Patients’ banking information as well as their test results were stolen by thieves.
On the black market, medical records are valuable data because they contain information that can be used to make false purchases of pharmaceuticals or medical claims. Despite the fact that cyberattacks are a global threat, many hospitals have not prioritized cybersecurity. Experts believe that the increase in attacks between 2020 and 2021, particularly in ransomware attacks, has pushed authorities to develop more serious measures.
As a result, Blockchain may be the solution to this problem. To preserve the sensitivity of patients’ medical data, blockchain technology converts all data into secure codes, making all information private. Patients, clinicians, and medical organizations would be able to communicate the same information quickly and safely thanks to its decentralization.
In the United States, legal cannabis is a growing business, with an estimated $9 billion spent in 2017. With this quantity of money, a cashless option could provide additional security to business owners. Transactions are easy to track and provide openness and accountability that traditional banking lacks.
The connection between bitcoins and cannabis isn’t new. In fact, it’s been used in the industry for a long time. They have not, however, fully realized their potential.
There are certain fundamental differences between why blockchain is a better fit for the cannabis industry than cryptocurrencies, and this is similar to traditional banking. In the cannabis market, transparency is a fundamental benefit of using blockchain. But what additional benefits does it provide?
Anonymity is provided by the blockchain. Because legal cannabis is still a relatively new sector, it’s prudent to err on the side of caution. In California, the account cost for cannabis can be up to $60,000 per year. Because the individual is taxed as property rather than currency, blockchain results in lower taxation. Finally, many cannabis users are unaware of how bitcoins function, which adds to the level of security.
Same-sex marriage is still prohibited in 166 countries. Hence, Björn Borg, a Swedish sportswear company, has devised an imaginative way for couples to be united in holy marriage, regardless of sexual orientation, religious views, or place of residence. But how?
When such associations are erased, all that is left is a functional ledger that can record both events and transactions – no money is required. It has the potential to record and preserve events without the involvement of a third party, and Björn Borg has taken advantage of this flaw by launching Marriage Unblocked, a digital platform where you may propose, marry, and exchange vows all on the blockchain. Furthermore, the records can be kept confidential, providing protection to persons who may be in danger. Of course, you may also request a certificate to proudly display!
David Mondrus and Joyce Bayo were the first to do so in 2014, engraving their wedding vows on the Bitcoin blockchain. Billionaire Brock Pierce and his wife designed a contract that could be “renewed, altered, and canceled annually” when they married last year. Simply said, blockchain allows for the creation of smart contracts.
Despite the fact that there are no legal obligations, everything is created and stored online. What’s the harm in a blockchain marriage if religion or government aren’t your key concerns? “No state or religion should be able to regulate love,” argues Marriage Unblocked. That’s how it becomes one of the unique applications of Blockchain.
5. Blockchain in Charity
If the previous Blockchain applications haven’t wowed you yet, this one will!
Blockchain and charity don’t appear to have anything in common. In charity and non-profit organizations, however, openness has been a management concern. Many people’s faith has been shattered by several reports of misused donations and finances. Hence, charity is one of the unique applications of Blockchain that Tokenize Blog loves to show you.
The trust difficulties have been resolved thanks to Blockchain Technology. The decentralized nature of Blockchain Technology would improve the transparency of non-profit and charity groups. People would be encouraged to do more charity if we no longer had to trust humans and could instead rely on algorithms and technology.
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