Blockchain technology already plays integral roles in multiple industries, although we may not yet realize that. Most associate the digital ledger (blockchain) with cryptocurrencies, which is an accurate, albeit incomplete description. In this post, let’s focus on three of the main sectors where blockchain technology is being used actively and successfully right now. Going through them will let us develop a more comprehensive understanding of blockchain technology and its multifaceted potential.
Use of Blockchain Technology in Cryptocurrencies
We associate blockchain technology with cryptocurrencies first because most crypto coins are created, protected, and transacted via the use of blockchain technology. However, the use of blockchain tech in cryptocurrencies go beyond just the currencies themselves.
For example, if you visit OKX.Com to buy and/or sell Ethereum, bitcoin, or any other cryptocurrency, every transaction you conduct through the exchange will be protected by blockchain encryption. No party will be able to delete or change any details of completed crypto trades stored as blocks, including the buyer, the seller, and the exchange itself.
Use of Blockchain Technology in Healthcare
The healthcare industry is one of the largest global industries in existence, but unfortunately, there is ample opportunity for corruption. However, hospitals, clinics, pharmacies, and other healthcare centers where blockchain technology has been incorporated as part of the Electronic Health record (EHR) system, means it’s almost impossible to do anything without leaving easily traceable trails. It’s also extremely difficult to change or destroy immutable digital health records once they have been encrypted and secured via blockchain technology.
Use of Blockchain Technology in Geospatial Applications
The current uses of blockchain tech in geospatial apps can be divided into three major categories.
Creating Widely Accessible Public Data
App developers use blockchain technology to make geographical and navigational data widely accessible to the public, without having to go through the restrictions of a central hub. It also opens up a geospatial app to user inputs, which can be monitored, edited, changed, and rewarded as per requirement. It helps in creating the ideal user–developer connection that’s honest, transparent, and irrefutable by design.
Geospatial and Real Estate Documents
One of the main advantages of blockchain tech is that the encryption makes each block of data highly resistant to hacking and completely immune to editing. Therefore, any documents such as terrain models, maps, aerial footage, real estate ownership documents, etc. that are connected to the app via blockchain will remain secured from unauthorized access and/or changes.
Facilitating IoT Communications
The Internet of Things (IoT) is the technology that interconnected smart electronic devices use to share their collected data. The goal is to create a unified, interconnected system of smart devices that will work in seamless coordination with each other.
Integrating blockchain technology into the AI that drives IoT allows users and developers to easily track the information to their source. This improves the security of IoT devices and makes it easier to collect relevant and legally compliant geospatial data.
These are just a few examples but there are plenty more. Other major fields that are actively using blockchain encryption include the supply chain, media, and online retail to name just a few.
