Blockchain technology is the next big things as it already implemented in many industries. You will able to witness the implementation of blockchain in most of the industries. The governments across the world are considering the technology seriously to implement it in their work area.
In our last post, “Singapore emerges as an Innovation Hub for Blockchain Technology ,” we have covered the implementation of the technology in five sectors. And, this post we will cover almost 50 sectors, where the blockchain technology is advancing at a faster rate.
According to Realizing the Potential of Blockchain, a whitepaper by World Economic Forum, “Like the first generation of the internet, this second generation promises to disrupt business models and transform industries. Blockchain (also called distributed ledger), the technology enabling cryptocurrencies like bitcoin and Ethereum, is pulling us into a new era of openness, decentralization and global inclusion. It leverages the resources of a global peer-to-peer network to ensure the integrity of the value exchanged among billions of devices without going through a trusted third party.”
Let’s have a look at the implementation of the blockchain in various sectors:
1. Cryptocurrency – Digital Currency
The discussion of blockchain technology implementation is incomplete without the cryptocurrency, the first use case. In other words, it is the digital currency, which is being developed using the blockchain technology. Despite a drastic fall in the value of these currencies, the demand is huge among the users. Some of the popular currencies are Bitcoin, Ethereum, Ripple, Litecoin, NEM, etc. However, the implementation of the technology is the banking and fintech world will a revolution in the next couple of years.
Governments across the world have expressed an interest to implement blockchain technologies in public records management. Since technology is considered is secure and works as a distributed ledger system, which could be easy for the administration to access and manage the records.
Estonia government has implemented the blockchain technology in various sectors including healthcare. The country has issues e-Health records and electronic ID-cards using the blockchain technology to store and access.
3. Waste Management
Although waste management is a less glamorous job, many startups have come up with their blockchain bases solution for effective management and feet operations. Sensors are being used in the waste bins to detect the levels and the same has been placing a request to pick up when they are full. The technology is being used to achieve operational efficiencies and optimize the resources. Many companies are using RFID and IoT in these sectors and in the next few years, this blockchain technology will find its way in effective waste management.
4. Blockchain Voting
Thailand becomes the first country in the world to implement the blockchain technology in voting. The election was held from November 1-9 and was leveraged using blockchain. The technology will bring a transformation in the political system as the voting would become more transparent and secure. The distributed ledger would be useful for the government, administrators and voters to exercise their voting right. Online voting would be the new reality in the next couple of years.
5. Cross-border Surveillance
Border control is crucial for many governments. A huge amount of money has been put in to check and control the activities at the border. Blockchain technology would be useful in achieving operational excellence in this areas. The Netherlands has started blockchain pilot program for the border control program.
6. Healthcare & Medical
Estonia government has implemented the blockchain technology in healthcare too. The government stored the records on the blockchain. This technology would be useful for many countries to secure the data of patients and to streamline their administration too. The technology is also useful in authenticating and maintaining confidential e-records of the patients. The adoption of the technology will help hospitals to provide better healthcare services.
Agreements, NDA and MoU are an integral part of an enterprise’s operation. The implementation of the blockchain would help them to adopt the smart contracts, which are more secure. Ethereum blockchain is the technology to get these smart contacts. Many companies are developing entrepreneur friendly frameworks for faster adoption and to help cloud-based businesses.
8. Music Industry
The music industry can get a big relief from piracy by using blockchain technology. It can protect copyrights and prevent illegal use. There is a huge data in the industry which can be stored and artists can access their work. The industry can keep track of all the artists without missing any of work. The technology will also be used in eliminating middlemen in the industry and making the life of artists much easier.
The blockchain technology is very useful in protecting the environment. According to TechinAsia, “Singapore may have figured out a way to harness the true potential of the technology. Companies in the city-state can now trade renewable energy certificates (RECs) on a blockchain powered platform.”
10. National Security
The blockchain and distributed ledger technology have the potential to be of major significance in national security. Many governments have been working in this regard to safeguarding their national interest using the most advanced technologies.
A startup is planning to develop a booking platform using the blockchain technology to optimize the empty flights. The Austrian-Hong Kong startup targets the business flights at first place, according to reports. Another similar company has been working on developing application over the booking in the field of tourism. Such applications will not only reduce the cost of business operations but, it will also have a positive impact on the sector.
12. Supply Chains
The blockchain will bring a revolution in the supply chain management. The process would be more secure and transparent with the implementation of the blockchain technology. The USAF has announced to use a blockchain-based application to optimize the supply chain operations. This is another case of the practical implementation of technology in the process of the supply chain.
13. Land Registry
Dealing with land registration is a tedious task. The scenario has been changing rapidly as the technology has entered into the domain of land registrations too. The NSW State Government is going to implement blockchain in the land registry from 1 July 2019. New South Wales Land Registry Services (NSW LRS) is working with an IT company to develop blockchain technology-based application for the use of land registration.
14. Smart Cities
Of late, the term ‘Smart Cities’ is often used to define the development or the smart facilities in a city. A company has announced to develop “blockchain smart city” in the middle of Nevada desert. The application of the blockchain will definitely be going to change the space of the cities and convert them into smart cities with leveraging technologies.
The implementation of blockchain technology will be crucial for sectors like railways, which is not only vast but also plays a vital role in modern transportation. Security of the passengers has been the major concern for this sector. Swiss Federal Railways (SBB) has started implementing the blockchain technology testing a PoC. The SBB has been using the management system for workers at various construction sites.
According to Bangkok Post, the Government of Thailand is planning to implement the blockchain technology and machine learning in the Revenue Department for tax avoid probes. The aim of the government is to verify if the taxes were paid properly and to streamline the tax refund process. In India, Maharashtra has become the second state after Andhra Pradesh towards the adoption of the technology.
17. Real Estate
The real estate sector is not transparent and considering as much volatile. With the introduction of the blockchain technology, the sector will be benefited greatly. An online lending platform initiated a joint venture with Hong Kong Real Estate Agencies General Association to introduce blockchain based smart contracts in the real estate sector.
Insurance is the biggest sector having a vast scope. A leading insurance company in Japan has initiated a process to develop a platform using the blockchain technology, which would help businessmen and companies to make financial transfers across borders. The implementation of the blockchain will address major challenges in the sector.
19. Car Leasing
Car leasing will become much easier with the availability of blockchain-based applications. Few companies have been working to develop ‘digital transaction management’ in the leasing industry. The technology makes the transaction secure and hassles free. The internet has boomed car booking whereas the implementation of the blockchain could go one step ahead in providing solutions in leading arena.
Some companies have said to be developed ‘food tracking solution’ which will bring a revolution in the retail industry in France. Recently, a retail chain has implemented a blockchain based application in tracking the food. A similar application was tested in the poultry sector, which was successful.
The above are few examples of implementation of the blockchain in the major sectors. However, most of the applications are tested as PoC. The implementation of the technology will take its shape once the real applications started entering into these sectors.
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