Blockchain Beyond Crypto: Exploring Use Cases For Blockchain Technology

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21 Jan 2024

Blockchain Technology promises new evolutions to old practices.

Blockchain technology and the crypto world in general can be great fun to be a part of. While there are downsides, generally speaking, the community can be an engaging area to be in regardless of your particular interests.

And while we’ve all heard plenty about meme coins, bad investments, and rug pulls, it’s also fair to say that the crypto space, in general, sports technology and attitudes that show potential with regard to pieces of technology that can be implemented into our day-to-day world.

One of those pieces of technology is blockchain technology. It’s a central point that underpins how the world of crypto works, but it also shows great potential with adaptation outside the space. Today, we’ll strip away the hype and explore some of the possible use cases for blockchain technology away from the crypto world. Let’s go!

What’s A Blockchain Anyways

While the word tends to get quite a bit of hype due to its relevance within the space, a blockchain is in effect a digital ledger. Storing a record of transactions, each transaction is recorded in a block and then chained with the last. This ledger is decentralized which means that many people keep a record of it that is regularly updated with transaction history. This decentralization of records is one of the strongest components of the technology as it owes its strength to its open-source nature. While it’s not infallible technology, it does provide significant advantages over traditional closed-source methods.

Once our transaction is applied to the ledger, cryptographic hashes are used to secure it. While how this works can often vary according to the project, generally speaking, it means it’s pretty difficult to modify or corrupt past transactions without corrupting the ledger entirely. While the strength of this may change as Quantum computing strategies are applied, for now, Blockchain technology lives on.

Despite its decentralized nature, blockchain tech is capable of millions of transactions per day. Source: Wikipedia

Usage In Crypto

In recent years, the crypto space has been the most prolific user of Blockchain tech. While generally speaking, the projects differ according to their use case, the proliferation of different crypto “coins” over the years means that blockchains have been implemented, tested, and exploited in various ways since then.

While the addition of smart contracts has changed the dynamics in recent years, the ability for this Ledger to transact and update automatically meant that for many, the evolution of technology in new roles outside the space was simply a matter of time and a mere evolutionary step in the path to mass adoption.

Transactions are required in blocks, from the starting genesis block through to the current. Source: Wikipedia

Outside Potential

Like anything in life, there are plenty of choices with regard to adopting this new tech into other fields outside the crypto space. However some are more viable candidates than others, so for today we’ll simply focus on some of the better candidates.

Healthcare: Healthcare is one of the biggest contenders for outside adoption in our opinion. While it would take effort to bring it all together all manner of healthcare information could be stored using blockchain tech. Drug records, patient information history, and clinical trial results could all be stored on-chain, making information more accessible yet more secure at the same time.

Law & Justice: Law also shows promise with the adoption of the technology. The ability to apply smart contract integration can lead to new ways of contract management and execution, which also encourages and applies the use of automation where possible. While we’ve all heard of the dreaded smart contract exploits being used for hacks, the fact is that when you put that aside, smart contracts bring an incredible amount of functionality to the table in certain use cases.

Logistics: Supply Chain management and transparency can be improved. Using blockchain tech, transactions can be followed in detail, lowering the potential for fraud and minimizing waste throughout the supply chain process. They also provide a way to establish the authenticity of designer goods, allowing for new ways to stamp out low-quality, counterfeit products.

Intellectual Property: IP has long been a difficult thing to manage and it too could receive a helping hand in the form of Blockchain tech. This could help creators, artists, and musicians secure their work and ensure they receive fair royalties while doing so. The openness of the ledger is the strength here, providing an immutable and transparent form of tracking while doing so.

Will It Ever Happen?

Well, the reality is, this depends on who you ask! However, there are a few things that we know for sure, even now. Firstly, the adoption of the technology will depend on many things but one of the key points will be reliability and ease of implementation. While the crypto space sees a large number of cyber attacks and fraud, the actual usage of blockchain tech is an essential part of allowing the technology to grow. It’s fair to say that each technology will be applied on a case-by-case basis, but understanding the technology before this occurs is an important part of making this happen and crypto users are a large part of helping to make this happen.

However one of the biggest things at this point is that now, no one can really know for sure. And because of this, it's up to early adopters to use, test, and refine the technology while we wait for the dust to settle and see what the future brings. While the blockchains of the future may look different to what we see and expect today, you, the crypto user have been an integral part of bringing this technology to the forefront.

So the next time someone tries to convince you that crypto is lost technology or a waste of time, just remind them that you’re on the cutting edge. Then, see if they want to join you.

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