A few years back, blockchain was a term linked solely with cryptocurrencies and finance. But now, experts from various sectors have started appreciating the technology for its advantages and convenience. As a result, we can now identify numerous fields benefiting from blockchain. Let’s delve into some of the most interesting practical applications.
A key application of this technology is still international payments. Previously, these services required bank or financial institution intervention, often needing a credit card or account integration. Blockchain has simplified this, enabling direct international transactions without intermediaries.
Blockchain also partially automates supply chains, making life easier for its stakeholders. For instance, incorporating blockchain into a trading platform guarantees transparent access to cargo location and status, streamlines document handling, and expedites international payments.
Blockchain's arrival was a boon for investors, opening up cryptocurrency exchanges. These online platforms facilitate the buying, selling, exchanging, and storing of popular digital assets. Cryptocurrency exchanges stand out for their accessibility, rapid transaction speeds, and low fees, unlike traditional exchanges.
In healthcare, blockchain has become crucial for data collection, analysis, and identifying effective treatments. It also combats counterfeit drug production and distribution by enabling tracking, verification, and transaction registration throughout logistics.
The energy sector is another big adopter of blockchain, enhancing the efficiency of electricity suppliers. Blockchain platforms allow sellers to analyze market trends from sales data and enable consumers to monitor their electricity usage.
For artists and creatives, blockchain solves copyright issues. It facilitates confirming ownership, transferring works to buyers or collectors, and managing legal transaction aspects. Blockchain enables the creation of digital art with unique identifiers and certificates, ensuring authorship and authenticity.
Beyond its glamorous association, the diamond industry is plagued by crime and money laundering. Blockchain technology has helped address these issues. Now, stakeholders, including insurance companies and law enforcement, can easily access a registry to identify diamonds and verify transaction authenticity.
Blockchain enables the creation of a digital passport for each diamond—a unique, immutable code accompanying the gem from the mine to retail. This passport contains data on the diamond’s origin, serial number, and all transportation and transactions involved.