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Blockchain Use Cases: Charity, Supply Chain, And Health care

BitForex Editor
Oct 15, 2020

The concept of blockchain is one that has been greatly popularized over the last couple of years. Most people familiar with the cryptocurrency world will not find this word strange as it is very common with prominent cryptocurrencies like Bitcoin. Nowadays, a lot of organizations have also begun adopting the use of blockchain in various sectors of society. It is, however, necessary to understand what blockchain means before diving into what it is used for.

What is Blockchain?

A blockchain can be best defined as a distributed, public ledger which is used in tracking assets as well as recording transaction. It guarantees unchangeability by making use of peer- to peer networks of computers, which is not controlled by any centralized authority. Assets such as homes or cash can be tangible, while others like copyrights or patents can be classified under intangible. A blockchain is made up of ordered records that are arranged in a block structure.

As earlier stated, blockchain can be closely associated with bitcoin and numerous other cryptocurrencies; however, today, blockchain technology has currently been explored for protection and data storage purposes in a wide range of various industries and sectors of the society. Various aspects of blockchain technology, for example, the immutability of the stored data in the blockchain, are beginning to draw the attention of various organizations. The healthcare sector, supply chain, and charity are among one of the most looked into and discussed a use case where blockchain technology can be of a significant benefit.

Blockchain Use Case: Health Care

One sector of the society that blockchain has been able to get its attention is healthcare. The use of blockchain technology is expected to improve the management of medical records as well as the insurance claim process, biomedical and healthcare data ledger, amongst others. These expectations can be traced back to the important aspects of blockchain technology, which include; improved security and privacy, data provenance, decentralized management, and more. This proves that some of blockchains features, which serve as a secure record of financial transactions for cryptocurrencies, can also be applicable to storing medical data.

A significant number of blockchains, through the use of cryptography, are designed as a distributed system that is responsible for protecting and recording files, which in turn makes it difficult for any single individual to alter or disrupt the data without the approval of other users on the network. Immutability, being one of the key features of blockchain, can come in handy in the creation of incorruptible databases that serve the purpose of securing medical records.

Also, the addition of the peer to peer factor in blockchain can ensure that every copy of a patient’s record can be synchronized with one another irrespective of whether updates are being made and even if they are stored on a separate computer. In the health care sector, blockchains are usually set up as private networks, which means that before any data can be accessed on this network, permission will be created, thereby restricting access to only a limited number of people.

Advantages of blockchain to the health care include:

Increased security

This is one major advantage that blockchain provides to the health care sector as it leverages the technology in other to establish a more unified and secured peer-to-peer database, which is all courtesy of blockchains immutability. Factors like data corruption, tracking of patient’s medical data, external attacks, loss of valuable information amongst others are no longer a major concern again, as blockchain technology handles it with ease.

Accessibility and Transparency

While blockchain technology is beneficial towards simplifying the record-sharing process, it also contributes towards allowing patients a higher level of transparency and accessibility to their personal health information.

Insurance Fraud protection:

 The use of blockchain technology is also effective in combatting medical insurance fraud, which greatly affects the American health care system every year.

It can easily be seen that blockchain technology provides various benefits to the health care sector, some of which are yet to be untapped. It is no news that it will play a significant role in healthcare in society.

Blockchain Use Case: Charity

Charity falls under another use case of blockchain; now, while this might sound surprising, it is very true. A lot of charitable organizations around the world are faced with the issue of effective governance, resource management, as well as operational transparency. With blockchain technology, the process of receiving and managing funds can easily be optimized for charity foundations.

Blockchain offers an alternative solution that allows for direct and decentralized transactions through “Crypto-philanthropy” that can aid charity organizations in raising funds as well as receiving donations more efficiently. There are already some notable examples of blockchain technology being integrated into a charity like “Blockchain Charity Organization,” otherwise known as BCF, which is a non-profit organization that is aimed towards sustainable development goals, which include fighting inequality and poverty, as well as the promotion of blockchain-powered philanthropy worldwide.

Crypto-philanthropy offers some notable benefits, which include; total transparency, a global and decentralized system, reduced expenses, and tax, amongst others. The blockchain technology continues to grow widespread daily, and with time it will become a generally acceptable means for charities and donors to contribute towards helping people.

Blockchain Use Case: Supply Chain

Before explaining how blockchain can be used in the supply chain, it is essential to understand what supply chain means. The supply chain revolves around a network of businesses and people involved in the distribution and creation of a particular product or service. Nowadays, the management of the supply chain system has greatly been affected by lack of transparency and inefficiency, plus there is also difficult when it comes to integrating all parties involved. Product, materials, money, and data are needed to be moved seamlessly through the numerous stages of the chain but with the current system that proves to be complicated.

Blockchain technology in this area can be used to track the entire creation and distribution process within a supply chain network. A distributed database can also be beneficial towards ensuring product authenticity, transparency of payments, and transportation as well as securely recording data.

Blockchain has a lot of other use cases, some of which are yet to be discovered. It is safe to say that the potentials of the blockchain technology are limitless, and it is one factor that every aspect of the society and the world are currently fascinated with; gone are the days when blockchain was only attributed to cryptocurrencies. One can only wonder what more this technology has to offer.

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