A major misconception that people have is that Blockchain is Crypto and Crypto is Blockchain. It is true that Crypto is Blockchain but Blockchain is much more than Crypto. In this article, I demystify my argument that Blockchain is much more than Crypto by providing real world case studies and examples of how Blockchain is solving problems in diverse fields.
When Satoshi Nakamoto conceptualized the concept of crypto-currency in the year 2009 by proposing Bitcoin, the factor that made it unique and grabbed everyone’s attention was the concept of Blockchain. Blockchain was booming at that time and many people believed that this would be a perfect strategy for maximizing profits by investing in crypto-currency. This led to a movement or perhaps better put, a revolution where crypto was the ultimate goal for financial freedom of the future. But in the quest for financial freedom, a bigger picture of Blockchain has been neglected.
What we need to understand here is that Blockchain has many benefits when its core applications and features are implemented in a solution to a problem. The two major applications of Blockchain are Decentralization and Immutability. Decentralization is the concept of a system which is not owned by any single entity and is equally distributed among everyone. This internally adds the feature of Transparency, where information will be available to anyone who has access to the system based on their dependence on it. Immutability is the concept of information not being tampered with or modified once it has been logged into the system.
The case studies that I present in this article are based on my research done here at the Blockchain Articles and I will be later publishing those case studies in full length to explain it in detail. As for this article, I will talk about it in brief.
Transfer and storage of assets is an extremely important task for every company and business on this planet. However, companies as well as banks are vulnerable to malicious threats and fraudulent activities that have intentions to infiltrate the system and acquire the assets through illicit methods. There are around various cases of Banks being prone to online hacks and social engineering scams. Blockchain plays an important role in curbing attempts from hackers in gaining access to assets. When Blockchain is implemented, there will be more security as a Blockchain system has various methods of identity verification. What makes identity verification different in Blockchain is the cryptographic functions that the Blockchain framework works on. These cryptographic functions use various methods through which they validate the identity of the user. Apart from assets, Blockchain can also be used in keeping track of transactions and information that has been logged into the system that cannot be tampered with or modified once it has been logged into the system.
Healthcare is a very important industry and is not only limited to treatments or surgeries but it is much more than that. The healthcare industry has many processes such as appointment bookings, pharmacy prescriptions, insurance claims and the list go on. One important element in all of these processes is data. The healthcare industry is an industry where there is a lot of potential for blockchain to solve problems and loopholes. It can also make certain processes more efficient and faster. In the world of healthcare, blockchain can allow patients to have access to their own data which allows privacy and gives them the option to view the history of where their data fits in the system. A major loophole here is that hackers or scammers can use patients’ information and use it for attempts to grab money from charities and e-mail scams. With Blockchain, this is curbed. The list for Blockchain solving problems in healthcare is endless.
These are two examples of how Blockchain can be used in various industries and should be perceived beyond crypto. I will be publishing more such case studies in detail of how Blockchain is not just a medium to transact crypto but a technology which can disrupt various industries with a potential to solve problems and loopholes. As the saying goes “Blockchain will do to transactions what the internet did for information”, Blockchain must be viewed in parallel with technologies such as Artificial Intelligence, Internet and other such emerging technologies. Here at Blockchain Articles, I truly believe in a future where Blockchain can be a force of good for society.