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5 Obscure Use Cases of Blockchain Technology Beyond FinTech

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  • 5 Obscure Use Cases of Blockchain Technology Beyond FinTech

    Bitcoin has been all the rage for a handful of years now. But while cryptocurrencies might not have had as bright a future as you might’ve expected, blockchain, the revolutionary bedrock of bitcoin, is a technology that’s very much here to stay.

    The foundations of blockchain technology are so well-grounded that you can think of BTC as just the beginning of many greater things to come.

    Consider the following less famous use cases of blockchain technology that can completely transform the way the world works:

    1. Tracking the Supply Chain

    Supply chains involve intricate paper-based trails that can be challenging to track efficiently. By removing paper-based trails, blockchain can make monitoring supply chains extremely efficient.

    With blockchain, businesses can quickly and precisely identify the inefficiencies within their supply chains, as well as track items’ exact whereabouts in the supply chain in real-time. Moreover, blockchain may even empower consumers to see how products performed in quality-control tests as they traveled from their place of origin to the retailer.

    For example, consumables such as packaged food travel great distances before arriving on your plate. Things like environmental-friendliness, the welfare of agricultural workers, and food safety are now more important than ever before. And so, companies like IBM are leveraging blockchain technology to accurately track food from farm to table, making it easier to trace food contamination should there be a food-borne illness.

    2. Revamping Real Estate

    Real estate transactions also involve a truly tedious amount of paperwork. Infusing blockchain technology into the real estate industry will help to completely eliminate such paper trails that are often a source of confusion, errors, and fraud.

    When you’re buying or selling any property, you’ll need to transfer a title. Instead of handling this on paper documents that can be potentially tampered with, the evidence of the transfer can be stored on an immutable blockchain network. Doing so will greatly reduce the possibility of fraud.

    What’s more, blockchain also enables a transparent view of this transfer while providing a crystal-clear picture of legal ownership.

    3. Making Elections Fraud-Free

    Voting digitally on a blockchain allows for a superior level of transparency and minimizes the chance of fraudulent voting. It enhances the ease of digital voting with the immutable nature of blockchain to secure your vote.

    For instance, a blockchain application called Sovereign, created by the nonprofit organization Democracy Earth, generates tokens that represent votes instead of money

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