The Future of Blockchain: 7 Surprising Use Cases
- December 31, 2023
- Posted by: MainInstructor
- Category: C Real Estate
Video Title: The Future of Blockchain: 7 Surprising Use Cases
I’m going to explain 7 blockchain use cases by industry that will transform your everyday life. And we’re starting right now. Even though blockchain technology came to existence with Bitcoin, blockchain has a far-reaching potential outside of cryptocurrency. Basically, blockchain is a shared database that allows
Multiple parties to access data and verify that data in real time. It can transform the way we do things in numerous industries, including the following: 1. Government Blockchain can benefit governments around the world in three ways: Digital Voting Blockchain technology can help us ensure that
The voting processes for elections can happen securely with transparently. Each vote would be attributed to one ID, and with the ability to create a fake ID being near impossible, government officials could count votes immediately as they are submitted.
That means, you can find out who won an important election in as soon as an hour or two after polls close instead of a few days in some cases. FollowMyVote is a great example of a start-up that uses blockchain technology to enable a transparent online voting platform.
But no matter how secure and transparent an election is, some people are bound to be unsatisfied with the process. Transparent Budgeting According to the Corruption Perceptions Index provided by transparency.org, two-thirds of countries are considered highly corrupt. Blockchain technology can make budgeting decisions highly transparent in a government to reduce corruption and waste.
Record Management National, state, and local governments are responsible for maintaining individuals’ records such as birth and death dates, marital statuses, property transfers, and passports. Blockchain technology could dramatically simplify this recordkeeping and make the data far more secure. 2. Healthcare A major problem in the healthcare industry
Is that medical practitioners such as doctors and nurses lack a clear and complete understanding of each patient’s medical history. That’s because medical records are placed in company databases that are separated from each other. This hinders their ability to provide effective healthcare solutions.
We can share medical records on a blockchain that would allow multiple healthcare companies to access that data in real time. Those medical records can include prescriptions, past doctor visits, past surgeries, medical conditions, and so on. Not only that, but this data would be secured.
In theory, none of this stored information would be able to specifically identify any particular patient. A patient would need to grant permission to a medical practitioner to have their full medical history or part of that medical history temporarily viewable for a specific reason. 3. Media and Entertainment There are three major applications I’ll
Cover. General Media Media companies are already using blockchain technology to eliminate fraud, reduce costs, and protect their Intellectual property. According to MarketWatch, the global market for blockchain in media and entertainment is estimated to reach $1.5 billion by 2024. Fan-to-artist direct payments If music streaming companies like Spotify
Connect their apps to blockchains, they can ensure that when songs are streamed, artists are compensated immediately and transparently. Ticketing Show organizers often have the problem of not having access to their customers’ data. Blockchains can provide complete visibility of ticket information to all involved parties, which would result in more customized and
Relevant experiences for customers. 4. Real Estate The average homeowner sells his or her home every five to seven years, and the average person will move nearly 12 times during their lifetime. Blockchain would expedite home sales by quickly verifying finances, reducing paperwork, reducing fraud thanks to its encryption, and offering transparency throughout the entire
Selling and purchasing process. 5. Supply Chain Management Blockchain technology can provide real-time tracking of products as they move through each stage and location of a supply chain. It also enables multiple parties including retailers, suppliers, and customers to access this data as needed from one decentralized database that isn’t controlled by only one company.
6. Finance Here are a couple of blockchain applications under Finance. When it comes to investment and trade, the blockchain can aid with: a. Increasing transparent governance b. Increasing the speed of transfers c. Lowering capital requirements d. And reduced the risk of fraud and human error
And when it comes to international transfer, the blockchain can decrease the cost of those transfers by reducing the need for banks to manually settle transactions. For example, a financial services company called Banco Santander uses blockchain technology to reduce the number of banks in its pipelines so that organizations or individuals can transfer
Money across borders faster, more securely and more efficiently. 7. Energy According to PWC, Blockchain technology could be used to execute energy supply transactions, and enable metering, billing, and clearing processes. Other potential applications include documenting ownership, asset management, origin verifications, emission allowances, and renewable energy certificates.
Thanks for watching. Make sure to watch this next video to the right about NFT use cases.
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Watch this next video about 7 NFT use cases: https://youtu.be/H6dsrYFVC30.
Great Video thank you
Amazing video! I think that it’s in government interests to keep things less transparent, but I hope one day things might change
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What percentage of people actually understand a blockchain if everyone goes around repeatedly how great of a tech it is and all these things it's useful for. NO, only a decentralized blockchain with proof of work can. And those are separate things that go together.
Knowing the election results in an hour or two…like…what it's like in Brazil for decades?
Thank you, You are Clear, concise, and straightforward about the main points affecting our lives.
None of those examples actually needs blockchain as a basis.
How do you enable people to vote with bockchain? if you send them a code – then that would already be a direct viable check that they can only vote once
Health data – 99% of the planet is not runt by complete morons. Encrypted health care information is already in place and shared. The doctor swipes once in the first meeting your e-card through a machine to be authorized and access the data.
Direct payment – just set the bank account and everybody can pay with direct money transfere. The issue is not the possibility to pay directly but to handle the ticket transfer – unique identification of the ticket at the entrence and refunds
Real estate deals – there are laws, regulation and forms in place. Blockchain does not disable laws or the necessity to change the real estate ownership in public records. It will never replace public records. What would you do if the private key to the wallett/address is destroys or known? Transfer of property would be impossible.
SupplyChainManagement – the data is only as good as the input. Can already be done with interfaces to websites but enforcing the data input from the supplier is near impossible if the customer is not a giant auto-maker (they are responsible for a bunch of standard formats)
Depending how and where Blockchain is implemented in current times the world could truly get closer to that utopian future we yearn for, this technology is truly revolutionary and life-changing
I don't think that any of what you said will be real in the future if our economy collapses first because of cryptocurrency usage. If somehow you can manage to convince more than half of the human race to relie on private blokchain networks instead of regular banks, than it will crash the current goverments and the global economy will probably collapse too. Anonymity and security isn't worth it. The only application i can think for blockchain is some kind of hyper secured data storge sytem which is impossible to hack into.
Smart contracts the god contract
I love blockchain. Death to the middleman. Reducing the friction of the pipelines.
Nice body language 😊
Amazing explanation brother
🏆👍✅
Yeah so we All should loose our privacy for sake of crypto miners who no one even knows
It'd be nice to see the similarities and differences of different versions of the blockchain concept, things like Bitcoin differers from Ethereum and both of them differ from Hashgraph, as an example.
really nice Video, there are really vast potential for blockchain, if this technology could be applied, the world surely be a better place (even there will be some side effect), but it seems to be still far, with this technology many people will lose their 'easy' money, many outlaw will resist, but i hope this technology will find its way for those application
Blockchain is against the world government and so I don’t know if there is world leaders, ministers, top 1% of the elite owned and blockchain related products. Probably only Elon . So, probably will vanish from this world?
More blockchain and cryptos