When Bitcoin was first introduced to the world, it brought a new kind of technology with it— blockchain. With this new and revolutionary technology, a seemingly infinite number of uses was revealed to mankind.
At this point in time, people are already familiar
with the use of blockchain in terms of buying bitcoins and using it as a means of
tracking their investment. In most cases, traditional trade processes are
expensive and risky due to people within the party managing the assets
themselves. Having blockchain-instilled bitcoin
wallet allow people to reduce risks when it comes to processing
trades and settlements. It simplifies the entire process and cancels the need
for any type of middlemen. This also makes it much easier when cross-border
transactions come into play.
Blockchain, an Emerging
Aside from that, there are tons of other uses
that are currently being developed, some of which include:
By decentralizing the healthcare industry’s
operations, blockchain can optimize business and service delivery to a new
As it stands, current models are becoming
obsolete as shown by their inefficiency when it comes to delivering quality and
affordable healthcare to people that need it. First of all, the current models
are slow. Despite the opening of online portals on some system (which has
alleviated some of the pressure), the
existing healthcare framework is still a waiting game for most patients and
providers. This is mainly because the system still relies on paper-pushing and
numerous third parties. Second of all, the current framework is expensive.
There is a long list of fees that patients need to pay (i.e. administrative
fees, etc.). On top of that, there is the possibility of testing being
overpriced, duplicate treatments, low-quality methods, and fraud. Lastly,
information on current models is centralized. This makes it more vulnerable as
hackers can obtain everything all at once.
Due to these problems found in the current
healthcare system, Distributed Ledger Technology (DLT) is very much a viable
solution. Not only can the quality and efficiency of healthcare be improved,
but prescription compliance and healthcare insurance models can be refined as
well. With this new technology, data can be stored, analyzed, and updated in
real-time. People will be able to control their own data on a blockchain that
is permissioned. It can also provide people with more privacy as removing the
identity of a person does not jeopardize the quality of real-time and
tamper-proof analytics. Not only that, but the data will remain transparent and
accurate due to its immutability.
In essence, blockchain technology will
automate the whole process, allowing the system to streamline its processes.
Features of the technology such as smart contracts will allow the system to
operate on its own without the need for third-party verification. It will also
cut the waiting game in half as most of the bureaucratic hoops that patients
and providers have to jump through will be removed completely from the system.
Until now, governments are—at best—on the
fence when it comes to the legality of cryptocurrencies. Despite them
questioning the token and alternative-money aspect of it, some governments have
shown an intrigue for the technology aspect—blockchain. Although it may be rare
to find a government that fully embraces this technology, blockchain has the
power to mend some of the biggest problems that the public sector currently
Here are some of the biggest problems that
come along with the current models of the public sector:
- It’s slow and inefficient – The current processes of the government are a waiting game. It can sometimes take several months to get the most basic benefits.
- The issue of privacy – Depending on where you’re coming from, there can sometimes be a lack of transparency when it comes to dealing with your government. Where do taxes really go after people pay them? What is the government doing with the money and what good can will it do for the community? Even if they’re using it to help the community, is it the right way to spend the money? If there was an alternative way to collect all the needed information, they would not need to infringe on citizens’ privacy.
- Corruption – Corruption within a government is not uncommon. Falsified data, identity theft, and tax fraud are all things that exist in public sectors, especially those in developing countries. Sometimes, corruption goes all the way to the top—to the head of the country.
DLT can do wonders to prevent issues like
these and a lot of governments, especially those in developing countries, can
significantly benefit from blockchain technology. The old school pen-and-paper
method is starting to become obsolete as well as expensive and time-consuming.
The implementation of blockchain technology has the ability to create a
trustworthy environment—one that will sidestep the slow and expensive
multi-step processes of the current model.
On a lighter note, blockchain also has the ability to improve several other industries. One good example is the music industry. Right now, the many problems that plague the music industry include transparency and royalty distributions. With companies like Spotify and Apple bringing online music sharing to the scene, the industry has been trying to figure out how to monetize digital music files. Back in the day, music was scarce as people had to buy physical CDs or records. Now that music is an abundant digital good, the lines have been blurred and the details in regards to the song (who wrote, performed, produced, etc.) are more important. That credit is how artists get paid for their work.
This is where blockchain technology and smart
contracts come in. This new wave of technological advancements will allow the
music industry to keep a comprehensive database of music rights. It will also
give artists the ability to receive all their royalties in the most transparent
way possible—all in real-time. This will allow them to distribute the money to
their collaborators—co-writers, producers, and even labels.
A System of the Future
As you can see, there are real benefits to
implementing blockchain technology. As technology advances, the rest of the world
will need to keep up. A lot of systems are starting to become
counter-productive and with the introduction of new technology like blockchain,
the possibilities are endless.