The use of blockchain technology in several financial applications, including cryptocurrencies and payment systems, is well-known. But can the technology be only used in the banking and financial services industry? The simple answer is no. In fact, the primary goal of blockchain, when it was first proposed by Stuart Haber and Scott Stornetta in the 1990s, was to address the issue of confirming the veracity of digital documents.
Blockchain technology has various non-financial applications. Identity verification, supply chain management, smart contracts, decentralized cloud storage, and decentralized social networks are some of the top use cases that we will discuss in this article.
Use of Blockchain for Identity Verification
Blockchain identity management can help enhance the level of security and privacy in both the public and private sectors. Traditional identity management systems that are in use today are incompetent and lead to various challenges such as lack of control and identity theft. These systems usually use a combination of usernames and passwords that can be easily hacked.
We share our personal information on various platforms to leverage various online services. Although it is convenient to do so, it increases the risk of losing the information in the wrong hands. According to The Identity Theft Research Center (ITRC) Annual Data Breach Report, data of at least 422 million individuals was compromised in the U.S. in 2022.
Blockchain technology can help mitigate data compromises with its decentralized storage capability. A blockchain-based identity system provides a unique identity number to each user. You can share this user ID to authenticate yourself through blockchain identity management. The system itself does not store any user information as it uses smart contracts to enable a controlled disclosure of information. As blockchain is a universal system, the identity management platform can be used to verify your identity in any country or region.
Blockchain for Effective Supply Chain Management
Blockchain has the potential in transforming the logistics sector for the better. It can enable faster and more cost-efficient delivery of products while enhancing transparency in the supply chain. Many stakeholders in the logistics sector are already using blockchain-powered supply chain management to cut their losses due to counterfeit products and to comply with various trade regulations.
Traditional supply chain management involves many intermediaries that more than often suffer from poor coordination and lack of standardization. This provides a lush ground for product counterfeiting. According to the UN Office on Drugs and Crime, the sale of counterfeit pharmaceutical products from Asia to Southeast Asia and Africa accounts for a staggering US$ 1.6 billion annually.
To address this issue, Print2Block Inc. has introduced a blockchain-based platform called DocChain.io that can track and verify the authenticity of products such as luxury goods, pharmaceuticals, and electronics. It tracks and verifies the authenticity of goods throughout the supply chain, making it easier to identify the source of any quality issues or product defects.
Smart Contracts in Pharmaceutical and Healthcare Sectors
One of the emerging uses of blockchain-powered smart contracts is safeguarding the efficacy of the medication. Smart contracts can be employed to classify retail medications to prevent counterfeiting. They can also be used to confirm if the medications are legitimate.
Smart contracts can automate and enhance the management of health data in the healthcare sector. They make it easier for the public to access medical data and research. Smart contracts can be used to speed up access to patient data while maintaining patient privacy and abiding with legal requirements.
Drug shortages are a serious issue in the healthcare sector. In 2021, Central Nervous System (CNS) agents, electrolytes, antibiotics, and cardiovascular drugs were some of the top drugs in short supply in the U.S. Smart contracts can be leveraged to enhance collaborations between drug manufacturers, suppliers, and end-users.
DocChain.io by Print2Block, a leading blockchain platform, helps to track and verify the authenticity of drugs throughout the supply chain, making it easier to identify the source of any quality issues or counterfeit drugs. It also securely stores and manages medical records, making it easier for healthcare providers to track and verify patient health data.
Decentralized Cloud Storage
Cloud storage systems are easily accessible from anywhere and at any time. But these systems are highly susceptible to cyberattacks. According to the Ministry of Electronics and Information and Technology, India witnessed 13.91 lakh cyber security incidents in 2022. As per the data on cyberattack trends by Check Point Research, cyberattacks across the globe increased by 38% in 2022, compared to 2021.
Cyberattacks are not the only issue with cloud storage. Most cloud storage systems are handled by third parties, which leads to a lack of data privacy. Most third-party companies have access to your data and can edit, change, view, remove, and analyze your information. Decentralized cloud storage with blockchain is a robust solution to this issue.
In cloud storage, data is stored on multiple servers that are hosted in a centralized database.
On the other hand, a blockchain-powered decentralized cloud storage system stores data across multiple computers. The system offers higher data transfer speeds than cloud storage. It also provides transparency and verifiable proof for data storage.
Conclusion
Use of blockchain technology is not just limited to the banking and financial services sector. The technology can be leveraged by logistics, healthcare, pharmaceuticals, and other non-finance verticals. Identity verification, supply chain management, smart contracts, and decentralized cloud storage are some of the few applications of blockchain in these verticals.
These applications require fast data transfer, transparency, and data security. Robust blockchain platforms such as DocChain.io can offer an effective infrastructure to issue verifiable documents using blockchain. It can be used to issue degree certificates, insurance letters, ID cards, NOCs, and other documents. The platform can be leveraged for both financial and non-financial applications such as in the education, real estate, healthcare, human resource, and legal sectors.