Blockchain is often synonymous with cryptocurrency. However, emerging technology can do so much more than just being the backbone of digital currencies, as entrepreneur Matthew Sgherzi explains.
With digital adoption increasing across the world, there is almost no industry that couldn't benefit from blockchain technology in some way.
As Sgherzi says, “There exists an unlimited potential and infinite use-cases for blockchain and distributed ledger technology. In a space dominated by the false understanding of tokens with no value exists an underpinning of technology that can serve the automobile, e-commerce and retail, manufacturing, logistics, technology, security, financial and other sectors in the world that can and will change the landscape forever.”
Below are some innovative examples of use cases for blockchain technology.
Voting
While so much of the world has evolved to digital-first formats, voting in elections is mostly still tied to traditional paper-based forms. One reason this is the case is the sensitive nature of the information contained on voter ballots, from individuals' personally-identifiable information to how they vote.
Yet, there are many ways that blockchain technology can actually enhance voting systems, especially at a time when there's so much distrust and concern about voting systems. This technology can be put into use to ensure that only people who are eligible to vote actually do, that no one votes more than once and that no vote is tampered with.
In addition to these security measures, blockchain technology can make voting available from smartphones and other mobile devices. This makes voting much more accessible, which is a significant concern across the world.
“If you want to combat cybersecurity threats, voter fraud, and other forms of malicious activity, the distributed ledger and blockchain technology in the cryptocurrency space should not be ousted for alleged scams but must be adopted and implemented for the exact reason of the current security lapses in systems which exist in an unsustainable manner today,” Sgherzi says.
Medical Records
Digital medical records are mandated in the U.S. and in many other countries today. And while this system has certainly made sharing information among medical practices much easier than in the past, there are still gaping holes in it.
Blockchain technology can enable healthcare entities to record accurate information about all patients and share that information with other medical professionals.
There's no longer a concern that the records might be out-of-date or inaccurate, and there aren’t any concerns about privacy, either. With speedy access to this vital information, patients can get the best care possible, regardless of how many different doctors they see for treatment.
Supply Chain
The supply chain received a lot of attention during the COVID-19 pandemic, when huge hiccups caused major backups, delays and disruptions to multiple products. While some of those concerns were solved on their own in time, there are plenty of ways that blockchain technology can optimize the supply chain even more.
Companies can use the technology to easily track individual items as they make their way through a network of supply chains. This makes communication between multiple partners in the supply chain easier, since all of that information will be available through the blockchain's public ledger.
What's more, blockchain technology can provide increased data integrity and security since all the data on it isn't able to be altered.
Real Estate
The real estate industry requires a lot of paperwork. Even as companies in the industry have reduced the number of papers that have to be signed manually, there is still a lot of paperwork required to complete real estate transactions.
Financial information needs to be verified. Deeds, titles and other ownership details have to be recorded and transferred from sellers to buyers.
All of this can be done quicker and more secure by using blockchain technology. Not only will this reduce the amount of paperwork that's needed, it'll do it in a more secure and faster way and, ultimately, save money.
About Matthew Sgherzi
Matthew Sgherzi is an entrepreneur with a knack for trendspotting. Holding degrees in Computer Information Systems, he is known for navigating emerging trends ranging from Amazon FBA to cryptocurrency and Web3 technology. Sgherzi is also dedicated to philanthropy and public service, serving as a previous Elder and current IT Administrator at his community Church and supporting the James Project in Central America. Matthew's contrarian approach sets him apart in the entrepreneurial landscape, consistently capitalizing on emerging opportunities.