July 24, 2019 Shah Wajahat

Applications of Blockchain Technology – Real life Examples

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Blockchain has transformed the system of how we keep records. The first application of blockchain which disrupted the tech industry was “Bitcoin”. Bitcoin was the ultimate solution to trustworthy, decentralized and fast transactions. Since then Blockchain has been implied in various fields. It has created a lot of hype in the industry in its use cases.

Now, if Blockchain is really so vast in its uses, where can we apply blockchain in our lives to make it better.

In this article, we will discuss in the detail What are the applications of blockchain technology? and where can we use it?

  1. Audit Trails by Blockchain-based applications
  2. Employee payment system
  3. Health records
  4. Identity record Management systems
  5. Insurance
  6. Electronic Voting

5 Blockchain Use Cases: Where Can We apply Blockchain?

For Audit trails By Blockchain-based applications

Enterprises and Banks are spending millions of dollars each year just to keep the transactions data safe and secure. Even then we experience thousands of data breach each year.

Blockchain is the ultimate solution to this problem. Blockchain uses consensus, and proof of work making data on blockchain immutable.  Moreover, it is decentralized. Till now, not even a single blockchain-based application is hacked, or tampered.

you may quickly go through our article on Understanding Blockchain Essentials to have a better understanding of how blockchain works to accomplish this.

Employee Payments Systems:

Approximately 82 million Americans – more than half of the U.S. workforce – have encountered a paycheck issue during their career. These mistakes in paycheck include late payments, non-payments, over payments and inaccurate payments.

According to the U.S. Bureau of Labor Statistics report from January 2017

54% of Americans have a paycheck issue, with employees with distinct difficulties each facing wage, hourly, and Gig (i.e. freelance/contract).

Blockchain-based transactions can eliminate these issues. It can overcome, double payment issue also reducing the cost of each transaction. Transactions on the blockchain are very reliable as well. And in any case, nothing can be tampered in the system thus improving security and cutting costs.

Health records

Health care industry needs a lot to improve by adopting the latest wave of technology. The current set of management tools are already outdated. Blockchain has the ability to provide less time consuming, effective and less expensive record management solutions.

Medicines Product Supply Tracking:

All the medicine’s history could be traced out from its origin t each update in its formula. Blockchain applications can improve records of exchange of goods and services with a  neat and linear audit trail in place.

Medical Reports Tracking:

Any report can be verified from any location in this world if it’s shared over blockchain platform. If a patient gets in a serious in Canada and he is native of the USA his previous records can be seen and verified from data available on the blockchain.

This will solve another big issue of, fake medical reports to get individual gains.

Areas where blockchain-based applications can improve healthcare delivery systems and records.

  • Health Insurance
  • Pharmaceutical
  • Private healthcare providers
  • National healthcare systems
  • Medical research
  • Nursing homes & elder care
  • Dentistry
  • Healthcare Administration

Identity records systems:

Identification system which is fast, secure and also reliable is a major need of today’s market. By better identification systems, Governments can better track and manage their citizens.

If such systems are built on blockchain technology, which can help you track people with some identification, it will revolutionize how countries handle their citizen’s data. No data could ever be tempered or hacked then. This will greatly increase management capacity, reduce crime, and illegal activities. People will trust their government/company more when they know their data is handled in safer hands of blockchain.

These systems can:

  • Ensure every person in a company/city or even country is registered.
  • This data can help improve security for citizens as well.
  • Cross border illegal immigration can also be reduced as all data of a countries population will already be available on the blockchain, no data can be inserted by wrecked means or hacks.
  • Management of data will be easier and this data will be backed with immutable blockchain.

Insurance:

Blockchain Insurance solutions will enable the whole insurance company to optimize company procedures dramatically by exchanging information efficiently, safely and transparently.

Blockchain is a means of revolutionizing policy transferring technologies into smart contracts that work autonomously across peer-to-peer networks. The system is notoriously flawed by antiquated pen and paper procedures and by removing bureaucracies from the insurance industry.

Electronic Voting:

Voting systems can change devastatingly if blockchain is applied. Just think of it, every 5 years, millions of dollars are spent due to elections and management of campaigns in different countries. If we develop and deploy such an application, which is capable to get votes from citizens from their phones, we can save time, money and have a fair election. All the votes will be recorded on a blockchain.

Xord realized this need and developed a solution to improve the voting system which can be adopted globally. Our product is called S-voting system. It can take the vote from each citizen from their phone so they don’t need to go to polling booths to cast their vote and each vote will be verified on the blockchain platform. S-Voting solves the major issue in the voting system, which is proxy voting or unfair elections.

Degree and certificates Verification Systems:

This is a major issue that, our degree and certificates lose their credibility if they cannot be verified. Blockchain can help us produce verifiable and authentic certificates. These certificates can be kept on blockchain and verified in seconds from anywhere in this world.

Think for this for a second, you just completed your Bachelor’s degree and you are willing to move abroad. Next instituition will require time to verify your documents. This can be a time taking process or maybe they won’t even find your degree authentic. In either case, blockchain can make this much better for you and for institutions as well.

Encert is the same kind of product, under development by Xord. Encert allows institutions to grant certificates/degrees to candidates. These degrees can be verified on blockchain anywhere. The authenticity of your degree will speak for itself when a network of computers are able to verify it for you.


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