10 Ways Blockchain Technology is Applied in Real Life

Here are the 10 ways blockchain technology applications are applied in real life in 2023

Blockchain technology has emerged as a ground-breaking idea with exciting use cases for numerous industries and sectors in an era of rapid technological growth. The majority of people consider blockchain technology to be a cryptocurrency platform. However, in recent years, blockchain technology and its promise have found real-world applications beyond cryptocurrencies.

The top 10 ways blockchain technology is applied in real life will be covered in this article. This enlightens you on the various uses of blockchain and their effects on both groups of people and businesses.

1. Supply Chain Management:

By tracing the movement of items, confirming the quality and provenance of products, and lowering fraud and errors, blockchain technology can boost the efficiency, transparency, and security of supply chains. IBM, one of the top tech corporations, has been engaged in a number of supply chain management blockchain projects. The IBM Blockchain for Supply Chain is one of their products, which enables supply chain participants to communicate reliable data through blockchain technologies.

2. Digital IDs:

Digital ID is the next significant step to confirming human identity and maintaining security in light of the increasing number of internet users. The issuance of digital IDs via blockchain technology, however, increases the security and openness of data kept on the network. For those who lack official documentation or experience discrimination, blockchain technology can offer a more accessible and secure way of generating and confirming digital identities. Microsoft is developing a project to give homeless people and refugees blockchain-based IDs.

3. Healthcare:

The distribution of medical records, increased data security and privacy, streamlined clinical trials, and ease of telemedicine are just a few ways that blockchain technology might benefit the healthcare industry. The MediLedger Project is being led by significant pharmaceutical corporations like Genentech, Pfizer, AmerisourceBergen, and McKesson Corporation. They created a working prototype of a system that securely registers and authenticates medications on the blockchain. This demonstrates how blockchain can improve medical safety and halt the global supply of counterfeit medications.

4. Inheritances:

Through leveraging smart contracts, which automatically and without the need for middlemen to execute wills or inheritances, blockchain technology can streamline the process of transferring assets and property after death. 

5. The safety of food:

Blockchain technology can improve food safety by tracking the provenance and caliber of food goods, spotting fraud and contamination, and assuring regulatory compliance.

6. Digital Voting:

Simply avoiding fraud, confirming identification, and preserving anonymity, blockchain technology can help create digital voting systems that are more safe, transparent, and effective.  

7. Real Estate:

Blockchain's immutability makes it possible to create unique tokens that are irreversibly connected to physical property. In order to combat fraud, this will aid in maintaining a record of ownership and smart contracts for transactions. By removing middlemen, reducing paperwork, confirming ownership, and facilitating payments, blockchain technology can lower the costs and complexity of real estate transactions.

8. Data Sharing:

Blockchain technology opens up new possibilities for cooperation, creativity, and monetization by enabling the decentralized and trustless sharing of data across people, businesses, and devices.

9. Non-Fungible Tokens (NFTs):

Using blockchain technology, one-of-a-kind digital assets that represent games, collectibles, music, art, and other forms of creative expression can be produced. On a number of platforms, cryptocurrencies can be used to buy, sell, and trade NFTs.  

10. Government:

By lowering red tape, preventing fraud and corruption, boosting citizen engagement, and promoting international collaboration, blockchain technology can increase the efficiency, transparency, and accountability of government services.