🖇 Blockchain: Beyond Cryptos and NFTs
PwC believes blockchains can add over $2 trillion to the global economy by 2030. Here's how.
Blockchain.
What’s the first thing that came to your mind?Â
Some cryptocurrency or NFTs?
And if you're not interested in them, you think blockchains are useless for you.
But what if we told you blockchains could make your life much much easier?
Why Use Blockchains?
News of different hacks keeps surfacing every single day. Even major companies like Microsoft are not safe.Â
But blockchain can help solve this hacking problem.
A blockchain is an online ledger that stores information by coding it in small blocks (You can read more about blockchain and other crypto-related things here).Â
Entering data in a blockchain is like creating multiple horcruxes of your data.Â
Nobody can hack it completely and even if one block is hacked, your data is not compromised entirely.
Smaller blockchains with fewer blocks can be hacked but it is virtually impossible to hack into a large, complex blockchain.
But ReadOn, what do we do about this unhackable blockchain?
Blockchain Use Cases
The "unhackability" of the blockchain holds a lot of interesting possibilities for us.
A recent PwC report suggests this tech can add $2 trillion to the global economy by 2030.Â
How?Â
Let's look at a few use cases:
Supply Chain Management
This is one of the sectors that stands to benefit the most from blockchain inclusion.Â
Right now, supply chain management is a logistical nightmare. Why, you ask?
Well, a product or a component usually reaches its destination after a long journey, changing several hands in between.
So, tracking the product, its quantity, quality and its price is a nuisance.
But what if everyone involved recorded transaction details on the blockchain at each point?Â
This way everyone would have clarity about what's going on but nobody could change anything about any of the transactions.
Sounds great, no?
This would especially benefit the EV industry, which imports a lot of products.
Delays in their arrival often lead to delays in EV launches, alienating customers.
Also, companies often have to re-order products because one batch of components used turned out to be faulty.Â
Right now, they have no way of knowing exactly which products have faulty components.Â
But with blockchain tech, tracking this is possible. So, companies can save a lot of time and effort by re-ordering only the damaged products and not all of them.
Data Sharing
Anytime you share your data, you are taking a huge risk.
Say, you send all your details to a company for a job.Â
The next day, its servers are hacked.Â
All your private data is now at risk. But what if you had a blockchain-enabled folder where all your documents were stored?
Your data would be safe.Â
This tech could also help companies detect people with false degrees or references.
Universities and previous employers could directly send your degrees and referrals to a blockchain-based digital folder for your employer to verify their originality.
Moreover, this tech would save so much time. No more uploading all your documents and then filling in the same information again on the application form. Just provide the link to your wallet and you can safely share your data. Easy!
This will also be immensely useful for hospitals, as you can have all your medical history in one place and they don't have to worry about this confidential data leaking from their servers.
Land Registry
A lot of us take immense pain to secure our land from disasters, frauds, and every possible evil. We pay insurance premiums month after month, so we get compensated if anything happens to our precious property. But what if the papers proving your ownership are destroyed?
Then a long-drawn process to prove your claim begins. For the next few months, you become the next Mussadi Lal from 'Office Office' (only OG millennials will get this reference).Â
But what if even after a long-drawn process, there is no way to prove that your land is yours?
Sounds highly unlikely? Um, this is exactly what happened in Haiti in 2010.
Also, because the process of filing land registries is expensive and long, many times people fail to secure the proper documentation required to indicate their ownership of the land.
All of this can be solved by introducing the blockchain system. If registering your land could be made as simple as recording a transaction on a blockchain, so much time and money can be saved.
Plus, even if the government's servers are destroyed, the blockchain will continue to exist.
So, your data will never be completely lost.
These are just some of the broader use cases of blockchains. We're sure as time goes by, even more use cases will come up for this tech.
Tell us about a unique blockchain use case that you think could be really useful.
Share this with your friends via WhatsApp or Twitter and help them become financially smarter! See you tomorrow :)
You can also listen to our stories because the Revolution ReadOn podcast is live!! Here: you can catch it on Spotify, Apple Podcast or Amazon Music, Google Podcasts, Gaana and Jio Saavn.
If you are coming here for the very first time: Don’t forget to join us on WhatsApp to get daily updates! 👇