5 Useful Blockchain Applications|Cryptocurrency Explained
Posted by Carmen Zanfir
September 28, 2017

As you saw, I have started a series of articles about Bitcoin, Blockchain and Cryptocurrency technologies. My last article was an Introduction to Blockchain technologies: the definition of Blockchain – to understand better what a Blockchain is, the history of the Blockchain, some things about the types of Blockchain – opened, permissioned, and private, Blockchain for IoT, what is Blockchain 2.0, and something about the Blockchain use cases.

 

You should also read what I wrote about Bitcoin because I made an Introduction to Bitcoin that could be useful for you.

 

The Blockchain use cases part was like a short description. In this article, I will tell you more about where does the Blockchain could be used, what you can do with the Blockchain technology and why you need it.

 

Why should you use the Blockchain technologies?

 

1 – We save time by accelerating transactions;

2 – Removing steps through automation;

3 – Removing costs;

4 – Automated trusted process.

 

 

blockchain

 

 

Let’s see 5 cases where the Blockchain technology should be used

 

 

1 – Distributed Cloud Storage

 

In three or five years, Blockchain data storage will become a massive disruptor.

 

In this moment now, cloud storage services are centralized and you have to trust only one storage provider. And we know that people want variety. People, first of all, want to choose. This is in our nature.

 

Blockchain technology can make this to be decentralized.

 

Storj is a cloud storage that has, at its basic, a network powered by the Blockchain technology. Why Storj uses this Blockchain powered network? Because it improves security. People need variety, but the most of all they need security because they want to store documents and things related to their businesses and projects. They will always choose something secure. Blockchain powered network gives the security that is needed.

 

Bonus points: You, as a user, can rent out their storage that is in excess and you can create new marketplaces.

 

2 – Digital Identity

 

Digital Identity and Security is a massive problem all over the world. Think about the fact you will never worry about these two.

 

Tracking and managing digital identities are both secure and efficient due to the Blockchain technology.

 

Even if we speak about banking, healthcare, national security, online retailing, all of them need a system based on identity authentication and authorization. This is the part where Blockchain technology comes in.

 

The solution that Blockchain technology offers is that the identity can be uniquely authenticated in an indisputable, unchangeable and secure way.

 

There are some other methods where you need a password to share the documents you need to share. Think about the fact passwords, these days, are not so secure as they were so many years ago. Think about the fact that a password can be hacked very easy these days and your documents will not be as secured as you want.

 

That’s why the Blockchain technology is based on a cryptographic method: you can simply use a digital signature based on public key cryptography.

 

Let’s see some Blockchain identity use cases:

 

  • Digital Identities;
  • Passports;
  • E-Residency;
  • Birth Certificates;
  • Wedding Certificates;
  • IDs.

 

ShoCard is a digital identity that has as a first job the protection of the consumer privacy. You can find an app for mobile because it is very well optimized for mobile and you can use it as a wallet where you can keep your driver licence, your passport, even your ID.

 

 

3 – Smart Contracts

 

Smart Contracts are the digitized contracts. Contacts that you can sign and close so simply and so secure due to the Blockchain technologies.

 

Developers implemented the legal contracts as variables and statements that can release of funds using the bitcoin network as a “third party executor”, hence you won’t have to trust a single central authority and institution.

 

blockchain

4 – Digital Voting

 

Digital Voting doesn’t work a system because it’s not secure. This is what they say. If you use a Blockchain technology you can check if your vote is secure, if your vote is transmitted, and you can be sure that your option is safe and anonymous because nobody should know what you voted.

 

In 2014, in Denmark, Liberal Alliance became the first organization to use blockchain to vote.

 

According to Cyberscop, “Blockchain technology can safely be used to authenticate e-voting by shareholders at a company’s annual general meeting, Nasdaq said this week, following a pilot project in Estonia.”

 

Also, on business.nasdaq.com, on Marketinsite section, there is an article about the e-voting system from Estonia:

The Estonia e-voting project was an opportunity to use the blockchain’s immutable transaction ledger technology in a different way. The system uses the blockchain in the traditional way to record the ownership of securities as reported by the CSD. Based on those holdings, the system also issues voting right assets and voting token assets for each shareholder. A user may spend voting tokens to cast their votes on each meeting agenda item if they also own the voting right asset. This model successfully demonstrated how a blockchain could be used for something other than transaction settlement.

 

 

5 – Healthcare

 

“Why we should use Blockchain technologies in healthcare? What’s the problem there?” You will ask me. I will give you a detailed answer by quoting from IntelligentHQ website, more exactly from an article that talks about why the Blockchain technologies should be used in healthcare.

 

They present three cases:

1 – Drug traceability;

2 – Clinical Trials;

3 – Patient Data Management.

 

I am sure that you could imagine how you could use the Blockchain technology for Patient Data Management. But Drug Traceability and Clinical Trials sounds new. I will quote and present you an excerpt from Drug Traceability, and then I will give you the link to read about Clinical Trials and Patient Data Management.

 

“Drug counterfeiting is a major problem in the pharmaceutical industry. Here are some metrics revealed by the Health Research Funding Organisation:

10% to 30% of the drugs sold in developing countries are counterfeit;


The counterfeit drug market is worth $200 billion annually;


Internet sales of counterfeit drugs account for $75 billion of the total market;


Most of the counterfeit drugs are manufactured in either India or China;


About 60 different Pfizer medicines and products were being counterfeited around the world as of 2014;


WHO estimates that 16% of counterfeit drugs contain the wrong ingredients, while 17% contain the wrong levels of necessarily ingredients.

The main issue with fake drugs isn’t the fact that they are fake but rather that they can be very different from the original product in a quantitative and qualitative way. Indeed, many of them don’t have the active ingredients they claim they do. This can be particularly dangerous for the patients that take the counterfeit drug since it won’t treat the disease it is supposed to treat.

Furthermore, if the ingredients and the dosages are different, the product can trigger unexpected secondary effects that can lead to death. From a more economical perspective, drug counterfeiting represents an annual loss of 10,2 billion euros for the European pharmaceutical sector and 37.700 jobs are lost because manufacturers employ less people than they would if fake drugs didn’t exist.”

 

How can Blockchain help?

“The main characteristic of blockchain technology that is useful in drug traceability is security. Each new transaction added to a block is immutable and timestamped, making it easy to track a product and make sure the information cannot be altered.


A blockchain can be either public or private. To insure the authenticity and traceability of the drugs, the companies that register a product on the blockchain have to be trustworthy. Hence, only private blockchains controlled by a central entity are logical to make sure that fake drugs are not registered. A company’s access to the “drug blockchain” would therefore be a proof that the drugs they produce are authentic.

The pharmaceutical companies decide which actors of the supply chain act as miners. It could be manufacturers, distributors or retailers. Depending on the position on the supply chain, each person could have different rights: labs can register drugs whereas wholesalers can only verify transactions.

When a drug is produced, a hash is generated that contains all the relevant information about the product. Each time the drug moves from an entity to another (eg: from the manufacturer to the distributor), the information is stored on the blockchain, making it easy to track the drug.”

 

About the Clinical Trials and Patient Data Management you could read here: https://www.intelligenthq.com/innovation-management/blockchain-use-cases-in-healthcare/

 

blockchain

 

Other Blockchain Use Cases:

 

  • Decentralized Notary;
  • Improving workflow and real-time visibility on the status of shipments;
  • Asset lifecycles and history;
  • Infrastructure management;
  • Guaranteeing the safety and reliability of the food supply chain.

 

Conclusion

 

Blockchain technologies are the future. We will use Blockchain for every move we want to make because it is simple, secure, and faster. Let’s recap the Blockchain use cases:

1 – Distributed Cloud Storage;

2 – Digital Identity;

3 – Smart Contracts;

4 – Digital Voting;

5 – Healthcare;

6 – Decentralized Notary;

7 – Improving workflow and real-time visibility on the status of shipments;

8 – Asset lifecycles and history;

9 – Infrastructure management;

10 –  Guaranteeing the safety and reliability of the food supply chain.

 

Subscribe to our Newsletter

x

Get updated with the latest trends in IT technology.