Business Activity || Utilizing Blockchain in Sectors Other Than Finance || by @pocoloco013
Does the usage of blockchain in industries other than finance make sense?
I recently read an article written by Vitalik Buterin that he shared on Twitter, and it made me think more deeply about the technology that underlies what we're utilizing (Blockchain)
One of the brightest minds in technology and economics, according to me, is Vitalik Buterin, co-founder of Ethereum. His creation of the first blockchain with smart contracts has made him a legend in the cryptocurrency world, whether you like him or not.
With the introduction of Ethereum, cryptocurrency's purpose expanded beyond that of a simple digital store of value. He contributed to the development of blockchain and cryptocurrency's subsequent wave. Currently, Ethereum is the foundation for hundreds of blockchains, as well as hundreds of layer 2 chains.
We might witness some kind of technological revolution as a result of the broad adoption of these technologies, particularly blockchain. I personally predict that large businesses, websites, and applications will become decentralized and blockchainified (I know it's not a term, lol).
Blockchain has already been adopted by a huge number of well-known organizations and brands, proving that it has applications outside the financial industry. The fundamental query, in my opinion, is how far should blockchain integration go.
Walmart is already tracking its food supply chain with blockchain, and it has been successful. Pork from China and mangoes from Mexico might be better tracked in terms of their country of origin and freshness. In addition to improving food freshness management, this also offers immutable information on the item's provenance.
Despite the fact that it might not seem important, supply chain management problems affect businesses frequently. Though I don't necessarily believe that everything should be on blockchain, blockchain can be used to help solve some of those problems. There are varying degrees of agreement on how deep the integration should go, but in my opinion, the best course of action is whatever the brand or firm needs.
Assume using blockchain's ledger system to quickly identify the origins of a food-borne sickness. It's quite amazing to have a ledger of everything that is simple to search. With centralized systems, you can accomplish it, but the process is much slower. Depending on how it's incorporated, I believe blockchain has a role in the supply chain management industry.
However, it's not just Walmart that's employing it to make managerial procedures more efficient. Through its Azure platform, even Microsoft is assisting businesses in integrating blockchain into their operations.
Medical records are another area in which I can easily imagine blockchain having a significant impact. In a traditional centralized system, they are kept on the servers of a particular medical system. Most doctors don't have access to that information without your permission, so if you visit one doctor in one place and another in another, they usually won't know about it. Having an immutable database that is available to all medical organizations via blockchain is undoubtedly possible.
If only one hospital has your medical record on its server, and that server is shut down for any reason, you will not have access to it. Everything is permanently stored on a blockchain and is easily accessible with a solution based on this technology.
School records might be based on the same idea. You run the danger of losing your academic data if it is only kept at one institution and hasn't been transferred to another.
Due to the personal data involved, a blockchain-based system like this would obviously require a private chain. That's completely good since, at the very least, it would allow us to trust the system and know that the data cannot be lost or altered in any manner.
I believe that enabling zero-knowledge proofs in the real world is one of Vitalik's most important points in this article. It could also be referred to as common knowledge. like knowing something because you are aware that others are aware of it. As an illustration, if user A can see something on chain and user B can see that user A can see something on chain, the latter is more certain that something is, in fact, on chain.
I believe that many non-financial industries could profit from integrating blockchain technology at least somewhat; we'll just have to wait and see which ones lead the way. Keep in mind that during a bear market, people are intensely focused on creating the future.
What are some ways that blockchain might be useful in industries other than finance? let discuss in the comment section.
Image designed with canva application
| Business Name | Utilizing Blockchain in Sectors Other Than Finance |
|---|---|
| Owner's Name | @pocoloco01 |
| Business Address | Lagos, Nigeria. |
| About Us | Link To Presentation |
Note: You must enter the tag #fintech among the first 4 tags for your post to be reviewed.