Applying Blockchain In A Non-financial Aspect

Does blockchain make sense to be used in non-financial sectors?

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A few days ago, I read a paper written by Vitalik Buterin after he shared it on Twitter and it made me think more deeply about the technology behind what we use. Vitalik Buterin is the founder of Ethereum and is one of the great technological / economic thinkers in my opinion. Love him or hate him, he is a myth in the crypto space, because he was the one who invented the first blockchain with smart contracts.

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The release of Ethereum became a complete change for the cryptocurrency game because it became more than just a digital currency. He helped pioneer the next wave of cryptocurrency and blockchain technology. There are now hundreds of Ethereum-based blockchains, as well as hundreds of layer 2 chains designed for Ethereum.

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Source

With the widespread adoption of this technology, blockchain in particular, we can see a kind of technological change. Spatial segregation and blockchain blocking (I know that’s not the word lol) for big companies, websites, and apps is something I see personally coming in the next few years.

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There are already tons of big companies and brands that use the blockchain every single day, so obviously it has some value outside of the financial sector.

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Walmart is already using the blockchain to track its food supply chain and appear to be useful. They were able to better trace the origin and youth of the pig from China and the mango from Mexico. This not only helps to better manage the youth of the diet, but also provides consistent data on where the food was taken.

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This may not seem like a big deal, but companies face problems with supply chain management often. Blockchain can be used to help eliminate some of those problems, but I don't think everything should be chains. Different people have different levels of ideas about how deep the integration should be, but I think the real answer is anything that makes sense in business.

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Imagine being able to track the source of an eating disorder in seconds with a blockchain's ledger system. Having an easy-to-find manual is amazing. Sure you can do it with central systems, but it goes slow. I think there is a blockchain space in the supply chain management sector, just a matter of how it is integrated.

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Source

Walmart is not the only major retailer to use it to simplify their management processes, however. Even Microsoft is helping companies integrate blockchain into businesses with its Azure platform.

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Another area where I can see blockchain making a huge impact would be something like medical records. In the central system of culture, they are stored on the servers of a particular medical system. If you go to one doctor, and another to a different location, they usually have no access to that data without asking for it. Blockchain can really be used to create a consistent website accessible to all medical organizations.

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If your medical record is only stored on a single company server, and that server is shut down for any reason, you do not have a medical record. With a blockchain-based solution, everything is in the chain forever and can be accessed in seconds. The same concept can be applied to school records. If your college data is only stored in one university and you have not been transferred to another, you are at risk of losing it.

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In a blockchain-based system like this, it is clear that it will need to be a secret chain because of personal data. That is very good because at least, we can rely on the system, knowing that data cannot be destroyed or misused in any way.

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One of the most powerful things Vitalik writes about in this paper, in my opinion, is that it empowers the evidence of zero knowledge in the real world. You can also call it common information. Like having knowledge about something because you know others know it. For example - user A can see that something is in the chain and user B can see that user A can see something in the chain, now he is more dependent on the fact that there is something in the chain. Make sense? Well, I'm tired lol.

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I think that many non-financial sectors can achieve at least a small amount of blockchain integration, we should wait and see which ones do it first. Remember - in the bear market, people are very focused on building the future. The other side of this will look very different.

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What other ways do you think blockchain can help in non-financial sectors?, let's know in the comment section. Thanks for reading and see you in my another blog.

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