Now that you have a better idea of what blockchain technology actually is, we want to outline how organizations and individuals are using it. The case studies below help to illustrate just how disruptive this technology can be to a number of industries, and how it’s providing greater security and control over exchanges.
How is blockchain being used?
You only need to look at modern applications to see how powerful and versatile the blockchain technology truly is. You may know it as the system or structure that supports cryptocurrencies, but it’s so much more than that. It is essentially a safe and secure way to record and carry out data transactions of many types.
Healthcare
Guardtime—a Verizon-owned enterprise solution—has begun working with blockchain to secure health records for over one million Estonian citizens. They’ve employed “keyless” signature system, stored, and monitored on a public blockchain to protect the related data. Patients and healthcare professionals can gain access to healthcare records and files when necessary, yet they remain totally secure to unauthorized parties.
SimplyVital Health is doing something remarkably similar to their Health Nexus platform. It offers a decentralized blockchain for housing sensitive patient records.
Retail and B2C
In some cases, transparency is necessary when sourcing various materials and goods. Consumers today care more about where the brands they are doing business with source their resources, and how that impacts the environment and economy.
IBM has begun working with a consortium of gold and diamond companies to develop a blockchain-powered system that will help them track rare stone supplies from the mine to the jewelry store. Diamonds especially raise concern over their original whereabouts in regards to ethical acquisition and environmental impact.
Outsourcing: various industries
Thanks to its transparency, blockchain can also be used to collaborate and monitor various elements of outsourcing and partnership. IBM and the Bank of Tokyo, for example, have developed a smart contract prototype using blockchain that will allow them to manage IT services more effectively. Their system will make it possible to monitor the exchange of various IT hardware and devices across global boundaries.
The same technology can also be used in multi-vendor outsourcing settings to organize and make arrangements for sparse supplies. It’s great as a multi-party system because everyone can access, view and participate without altering important records.
Of course, these are just a handful of use cases in the real world for blockchain technology. You can expect to see rampant innovation in this space, which will lead to the development of platforms and use-cases that even we never could have imagined.
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