Many people know Blockchain technology as the underlying technology behind Bitcoin and also many other cryptocurrencies. While this is indeed true, Blockchain is also used by a Crypto Capitalist, and it is applied in many other platforms. Below, we look at the main areas where Blockchain technology is used apart from supporting cryptocurrencies.
Blockchain technology is a useful tool when it comes to improving the efficiency of the supply chain. Blockchain technology in supply chain eliminates the use of paperwork in the process of making the supply chain more efficient. This is because businesses can easily track and monitor all the activities within their supply chain, noting areas where there are inefficiencies and correcting them. With paperwork, it may be cumbersome for some businesses especially those that handle high volumes of work on any given day to be effective and efficient all year long.
Loyalty Rewards Programs
Blockchain technology is also an important tool when used as a token-based system. Just like in the supply chain process, Blockchain technology working as a token-based system will eliminate paperwork in loyalty rewards programs such as loyalty cards. Instead of constantly checking to see if they have reached the minimum points required to collect the loyalty rewards, under the Blockchain token-based system, customers will receive notifications as and when they reach the minimum points required.
Digital Identification Cards
Most countries, especially in the developing world, face challenges when it comes to issuing national identification cards to their citizens. In some instances, people grow up without identification cards while some hold duplicate identification cards. Using Blockchain technology, however, aid in reducing the severity of this problem as governments can roll out identification cards to all citizens at birth.
Royalty Protection and Copyright
The internet has made copyright and royalty protection a hard thing to undertake. Content can be stolen online easily and it’s difficult for the creator to seek remedy. However, Blockchain technology does help in addressing this copyright and royalty protection problem by simply ensuring that content creators get to see who access their content. As such, content creators can only open their content to modification if they grant access.
Thanks to Blockchain technology, it’s now possible to engage in digital voting. As every person casts their vote, the vote is added to the network and it cannot be changed, therefore, the minimisation of voter fraud.
As alluded to before, the major aim of Blockchain technology is to eliminate paperwork and this applies also to the transfer of titles. Whenever one wants to acquire prized possessions such as cars, and or homes, s/he will receive titles that prove the authenticity of the item being sold and also the authenticity of the person selling the item. While paperwork has served this purpose for many years in the past, there are some instances in which fraudsters have forged titles and sold items that do not belong to them. However, with Blockchain technology, fraudsters cannot hoodwink people as all trails are readily available on the network for potential buyers to see and verify.