The ideas behind blockchain technology were first conceived back in 1991, but it wasn't until Bitcoin was developed in 2009 that the technology began to receive more attention. Bitcoin was created by a person or group of people under the pseudonym Satoshi Nakamoto. And while no one is yet exactly who Satoshi Nakamoto is, his or their technological innovations have already had a huge impact on the way the world creates and uses money.

Most blockchains function as a distributed ledger that records and protects digital data using cryptography. This technology is often applied to digital currency (cryptocurrency) networks, but its decentralized and secure nature also makes it a powerful tool for many other industries.

As cryptocurrency evolves and blockchain-based solutions mature, it is important to learn where and in what industries this innovative technology can be applied and useful.

By eliminating the need for trust and costly security, blockchain provides increased efficiency. Moreover, a decentralized network can be configured as a transparent database, visible to all participants. In this sense, blockchain technology provides the opportunity to create a distributed, but at the same time unified record of data. This opens up opportunities to improve the productivity and safety of many industries and organizations (for example, charities, various supply chains, healthcare, etc.).


Charity

Many charities around the world are looking to address issues of resource management, operational transparency and operational efficiency. Blockchain technology can certainly help these funds streamline the process of receiving and managing funds.

We already have some notable examples of blockchain technology being integrated into charity. For example, the Blockchain Charitable Foundation (BCF) is a non-profit organization that works towards goals and sustainability to combat poverty and inequality, with the goal of enabling blockchain-based philanthropy worldwide.


Supply Chain

Most supply chain networks face many obstacles in terms of their transparency and efficiency. The current governance system is still dependent on trust and is far from ensuring proper interaction between companies and stakeholders. Blockchain technology can be used to track the entire process, creation and distribution of materials across a supply chain network. A distributed database can be well suited for securely recording any associated data, ensuring the authenticity of products, and transparency of payments and transportation.


Healthcare

Operational bottlenecks, data errors, and bureaucracy are major challenges throughout the healthcare industry. Blockchain has several use cases in healthcare, including tracking medications in the supply chain and managing patient data.

Moreover, blockchain can offer greater security benefits for hospitals, as these institutions are often targeted by hackers due to the high value of and dependence on the data they store.

Companies are exploring the use of blockchain technology as a way to store digital health records. Such solutions can reduce overall costs while also increasing data privacy and accuracy.


Payment of Fees

Musicians, video game creators, and artists mostly struggle to get paid the salaries they deserve, due to digital piracy, unfair treatment from agencies, or simply not being paid the royalties they are owed.

Blockchain technology can be used to create a platform where creative talent can have immutable and transparent information about who is renting, buying and/or using their content. Such a platform could also facilitate payments through smart contracts, which are essentially automatically executed digital contracts.


Management

Blockchain technology can significantly improve the management process in various sectors. By managing networks and operations in a more democratized, fair and secure manner. Blockchain-based systems can be implemented as a tool to eliminate voter fraud and increase trust during elections or other constitutional processes. They can also be used as a powerful anti-corruption tool, improve data integrity and track transactions ranging from tax collection to financial aid distribution.


Payment solutions and dApps

When it comes to sending money around the world, blockchain technology has already proven its effectiveness to everyone. Sending cryptocurrency to friends, family, anyone, around the world is already cheaper and faster than what centralized banks and their payment solutions can offer.

Moreover, centralized websites and apps don't give users control over their data and often don't reward them according to the true value they bring to the platform. Blockchain-based decentralized applications (dApps) cut out the middleman, giving users lower fees, increased transaction incentives and efficiency, and the ability to receive and send digital money.

As Vitalik Buterin once said, blockchain solutions allow people to work directly with each other, eliminating the need for intermediaries or centralized systems.

“While most technologies tend to automate workers on the edge doing menial tasks, blockchains automate the work at the core. Instead of firing a taxi driver, blockchain puts Uber out of business and allows taxi drivers to work directly with the customer.”


Internet of Things (IoT)

Blockchain and the Internet of Things (IoT) are a natural fit. Blockchain is a decentralized technology, and IoT networks are often used to collect data from disparate sources.

Blockchain allows organizations to maintain an immutable and transparent ledger of IoT devices, the data they collect, and their interactions with each other. In addition to security features and cryptocurrency applications, blockchain offers an ideal platform for machine-to-machine (M2M) transactions.

Since blockchain is a technology based on ensuring accurate and secure transactions, integration only makes sense in relation to IoT to ensure accountability, accuracy and security of data. This is why many firms are investing a lot of resources into a blockchain-based IoT network.


Conclusion

As a distributed ledger technology, blockchain has the potential to provide networks and organizations with increased security, transparency, accountability, and efficiency. Technology enhances privacy and eliminates the need for trust. It also creates a valuable Internet resource where users can perform a limitless number of peer-to-peer transactions and stakeholders can get their fair share.

This is why blockchain technology and cryptocurrencies are not only here to stay, but provide the opportunity to transform all sorts of industries and aspects of life, from finance, agriculture and big data, to government, voting and rights.