The many uses of blockchain technology

Last week, I discussed the importance of the application of blockchain technology as we move forward to the future. This is because blockchain technology offers a platform for transactions and data management that is secure, transparent, and decentralized. This has the potential to revolutionize many different kinds of businesses and business processes. But the question is: are there use cases already, or are we still in the very nascent stages of blockchain or Web 3?

Off the top of my head, I can think of the most important applications of blockchain technology in business, which we can start testing for adoption.

Management of the supply chain is the first that comes to mind. Blockchain can be used to create a supply chain network that is open and secure by tracking the movement of goods, verifying their authenticity, and providing real-time visibility. This is accomplished through supply chain management. Supply chain management may benefit from lower costs and increased efficiency as a result of this. We will now know the real origin of our food and products beyond what the producers claim.

The verification of digital identity is another. Blockchain technology has the potential to be utilized in the development of a decentralized digital identity verification system. This system will give individuals the ability to own and control their own identity data. Theft of identities can be avoided, processes for verifying identities can be streamlined, and both privacy and security can be improved with this. Imagine our national ID on the blockchain, making the information free from fraud.

Blockchain technology can be implemented in a number of different applications within the realm of financial services. Some examples of these applications include payment processing, peer-to-peer lending, and asset management. Blockchain technology has the potential to cut costs, increase transaction speeds and security, and eliminate the need for intermediaries in financial transactions. Blockchain technology makes it possible to conduct transactions that are both secure and transparent. What if OFWs, for example, can send money without intermediary costs?

Blockchain technology has numerous applications in the healthcare industry, including the safe storage and exchange of patient data, the promotion of interoperability between various healthcare providers, and the acceleration of medical research. This has the potential to help improve patient outcomes, lower overall healthcare costs, and increase delivery of healthcare services with greater efficiency.

Blockchain technology can be used to build a decentralized and open-source infrastructure for the administration of intellectual property rights. Blockchain can also be used to track ownership of digital assets. This has the potential to help protect creators and innovators from infringement on their copyright, improve the process of licensing, and increase transparency in the management of intellectual property.

Blockchain technology can be used to create a secure and transparent system for real estate transactions, which enables secure and transparent title transfers and reduces the risk of fraud. This technology can be used in the real estate industry. Many countries have already started shifting and placing their land titles on the blockchain to ensure foolproof ownership.

In the area of voting and the elections, blockchain technology can be utilized to build a platform that is both secure and transparent for voting and elections, thereby lowering the possibility of electoral fraud and preserving the legitimacy of the voting procedure. I read in the news that our Comelec (Commission on Elections) has already started exploring the potential use of blockchain in our next elections.

Finally, blockchain technology has the potential to be utilized in the charitable and not-for-profit sector in order to establish donation platforms that are both transparent and accountable. This would allow contributors to monitor the progress of their donations and guarantee that the money was put to its intended use.

These are just a few of the many possible applications of blockchain technology that could be used in business. If you are interested in gaining additional knowledge, there are a multitude of resources that can be found online that provide in-depth analyses and case studies of various applications for blockchain technology. Publications that are geared toward the blockchain industry, such as Coindesk, Cointelegraph, and Blockonomi, as well as academic journals and industry reports from organizations such as the World Economic Forum and Deloitte, are all good places to begin your research.

Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.