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Possible Blockchain Use Cases That Are Yet to Be Explored
Blockchain is well beyond its beginnings in banking and crypto: despite declining from the record high of 2018, annual funding to blockchain enterprises has more than doubled in 2020 as compared to 2017. According to CB Insights’ Market Sizing Tool, yearly expenditures on blockchain solutions are projected to reach about $16B by 2023.
In this article, we shall give essential insights into the future of blockchain and the use cases that have not yet been explored. Stick around!
Research & Clinical Trials
Beyond the greater exchange of data, blockchain can improve healthcare research and clinical trials before the treatment phase.
Effective research and clinical trials require various sites and parties to be coordinated and vast amounts of sensitive data from numerous sources to be carefully managed.
The connection of divergent data inside research, which is often carried out through many research centers and overseen by several academics, could be a vital purpose of a blockchain. It would remove the necessity for conciliation between different databases so that each participant may trace what he has done.
An audit trail could also be readily available to regulators, auditors, and other researchers upon completing a study.
3D printing is a highly technology-driven process. Just by the click of a mouse, digital files that are being designed can easily be transferred. Therefore, parts and products are easier to share and trace, resulting in smart digital supply networks and supply chains.
In the future, this is an integration that will most likely revolutionize the art of 3D prints.
The benefits, to mention but a few, can minimize safety vulnerabilities, prevent theft and simplify the management of projects. It will help the 3D printing and additive manufacturing sectors grow and scale in the long run.
We have heard of many instances where people had access to the ammunition without the proper license. The most significant contributing issue is inadequate arms management, particularly those that remain reserved. Some third-party sellers who assist them in securing counterfeit arms licenses submit fake documentation.
Keep in mind that no one is aware of the people’s criminal record using the ammunition under the bogus permits. The development of such reserved weapons creates a big challenge that leads to an unsafe environment for citizens of any country.
The distributed ledger of blockchain might give numerous possibilities regarding the possession and use of guns. If gun ownership information is connected and logged through blockchain, The government can use a networked infrastructure to monitor where arms originate in the event of illegal usage.
The expansion of cities has also put pressure on many transit networks, sometimes costly to operate and inefficient.
Using blockchain technology can help cities understand better how their inhabitants use public transport services.
Blockchain could also help to improve the functionality and simplification of the system. For example, in a public directory, information on the efficiency or timeliness of cars can be collected and shared, a knowledge that can help improve roads and timetables.
With blockchain technology, it will reduce USPS costs, and it will save time for workers. Efforts have, however, been made towards this.
In 2016, the Inspector General’s Office published a report summarizing ways the organization could use blockchain, including streamlining its financial services (such as money orders), improving consumer validation, and improving supply chain management.
20 to 30 percent of the fish sold in the United States are caught illegally. The Wall Street Journal says that fishing is also one of the world’s biggest industries using forced labor. Blockchain-based systems could help to make the industry more sustainable, more environmentally friendly, and more legal.
Registration of fishing nets on a blockchain for different sorts and quantities would allow authorities to trace boats with the nets that left the port and back.
Through blockchain technology, it could help tuna stocks rebuild and benefit fisheries worldwide by preventing criminal operations. Blockchain can trace a single fish’s trip, record information on where fishers caught them and how they tended them.
The system verifies this information using a network of thousands of computers that prevent it from being manipulated or falsified. Eventually, the consumers can scan a QR code with their smartphone to track the ‘from bait to plate’ fish and confirm that they buy captured, sustainable tuna without any slave labor.
Blockchain can make government agencies more transparent and more secure.
Governments are currently investigating blockchain applications in voting, crowdfunding, and community services. For example, if votes were captured as a blockchain transaction, governments and voters would have a verifiable audit trail, ensuring that options are not changed or taken and that illegal votes are not added.
By reducing paper-based processes, blockchain can be unlikely to decrease corruption. Meanwhile, it reduces fraud and makes the authorities and those who serve accountable more responsible.
There are plenty of advantages for blockchain, but it may significantly impact its future expansion in underdeveloped nations such as Zimbabwe, Venezuela, and the Philippines, and locations where banking services and connections remain a problem.
Blockchain technology can enhance the quality of daily living in those developing countries, create automation, comfort for and take nations closer to well-developed Western cultures. Inept and under-funded government agencies and bureaucracies, old record-keeping systems, and corruption affect developing nations.
Blockchain technology can operate for these countries to bridge to automation, finance, connectivity, and openness. In actuality, the advantages that developing nations might reap from record-keeping and the financial sector can be surprising. This reasoning is even though blockchain technology’s influence is closely related to crypto transactions.
Despite the challenges that will come with broader blockchain coverage, it will undoubtedly flourish in nations and various sectors.