Blockchain has a tremendous amount of use cases. It can change the business model of many industries. In this post, I will describe the most famous use cases of blockchain and how it can be applied in the real world. I will describe how we can tokenize the world.
Supply chain and Manufacturing:
Managing the supply chain of a product is extremely difficult nowadays. With globalization, the different components of the supply chain are everywhere. You could have engineering and design done in a country and manufacturing in an another with another country managing the material purchasing and distribution. This leads to transparency issue and the inability of the end customer to track the origin of the products they are consuming.
Blockchain can solve these issues by taking advantage of the immutability and decentralization properties of the blockchain. Storing the relevant information on the blockchain will allow anyone to verify the authenticity and the quality of the product manufactured by checking what is happening at every stage of the process.
I think I will need many posts just to list the issues we have all experienced when dealing with healthcare. Inefficiencies related to managing the data of the patients, Long waiting time for insurance companies to reimburse the patients, Increase of fraud and inability to verify the claims.
Using blockchain, we can store the patients’ IDs and medical records. Only the patients can manage their data using their own private keys. They have full control over their data and can grant access to any healthcare institution in the world and get the required service fast. This technology can literately save lives. The blockchain would contain extremely important information, related to some allergy for instance, that doctors need to know to treat the patient.
You can also choose to share some of your medical data for research purposes. You can monetize it if you want and many blockchain projects have emerged allowing people to monetize their medical data.
Blockchain has a huge potential to disrupt the advertising industry. The current model requires too much trust from many parties involved. from the lack of control of the users over their data to misleading information.
Blockchain can remove the need of a middleman and build a direct bridge between companies and customers. Customers will be in control over their data and can share it or monetize it. The companies might be able to access authorized data directly on the blockchain and pay the data owners directly with cryptocurrency.
Advertising will become much better. Data will become much more reliable as it comes from the source and consent. The targeting will become more efficient and more ethical.
There are many issues to solve in finance and business. For Instance, Exchanges open for 9 to 5 shouldn’t exist in a digital and globalized world. Exchange of securities and assets should be able to run 24/7. Using blockchain technologies we can implement decentralized exchanges.
Capital raising is extremely inefficient and excludes the majority of the population from participating in interesting projects. The current structure prevents the investor from proper diversification. Since it’s very hard if not impossible to have access to some foreign investments. ICOs (Initial coin offerings) can be very effective as a fund raising mechanism.
Problems with financial information are countless. I can think of Insider trading and delayed information as issues that we need to solve urgently in order to create a safe investing environment.
All these issues can be solved using blockchain technology. Taking advantage of the properties I have described in the series about blockchain, we can improve how investing is done.