The rudiments of blockchain, namely, a shared database that consists of entries that have to be encrypted and confirmed, are easy for everyone to understand. Right now, this phenomenon is being rapidly sought after by various businesses and organizations across a broad spectrum of fields. Let us take an up-close look at a few of them:
Healthcare
Health information, which can be used for blockchain, comprises: general information such as gender, age, and patients' general medical history, such as a record of their immunizations. None of the aforementioned can identify any specific individual, and these criteria enables patients' data to be held within a shared blockchain which can be retrieved by various registered people such as doctors and other medics, without any concerns about confidentiality.1
In the future, there will be more specialized medical devices which will be able to link up with a patient’s health record on blockchain. A healthcare blockchain projects such as WELL, have the capacity to add patients' new medical updates to their personal medical record. Of note, one of the main drawbacks involving connected medical devices, relates to the siloing of information they generate. This dilemma has now been resolved though, as blockchain has the means to connect these silos.
Insurance
The most successful application for blockchain is in the field of insurance, which utilizes smart contracts. As Deloitte, the world's biggest professional services firm notes: smart contracts conducted via blockchain enable both insurers and clients to administer their claims in a highly secure and transparent fashion. Every claim and contract can be registered on the blockchain, and then confirmed by the network. If there are any claims that are not valid, then they will show up, and can be eliminated.
Trade Finance
Conventionally, implementing a letter of credit is normally a tedious drawn out paper-based process. Conversely, blockchain enables a letter of credit to be drawn up in just a few hours.
Banking & Finance
When it comes to international payments, something which the WELL platform will be continually administering, blockchain is perfect. This is because it can expeditiously and firmly generate a record of sensitive activity which cannot be manipulated. This renders the system ideal for money transfers and international payments.
Peer-to-Peer Transactions
Payment services have limitations. For example, people living in various countries, or who are temporarily abroad, are unable to make certain cross-border transactions. In the case of WELL patients, this can be a very serious indeed. That is why the WELL platform works with blockchain and WELL tokens, which are based on bitcoins.
Another negative factor about payment services, is the high fees such as those that VISA charge. This wasted money could be going towards healthcare, or another important concern. Blockchain eliminates this high charge. And thirdly, hackers who seem to be multiplying by the day, can steal personal information from the payment service site. Blockchain tech eliminates this. How much better could blockchain be?
Reference
Meola, Andrew (2017). Business Insider. “The growing list of applications and use cases of blockchain technology in business & life.” Retrieved from: http://www.businessinsider.com/blockchain-technology-applications-use-cases-2017-9 Accessed 17 Dec. 2017.