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Blockchain Is More Than You Think

Looking below the eye-catching aspect of cryptocurrencies, there’s an underlying technology called blockchain that has more promise than just virtual money. Blockchain, better known as the technology behind Bitcoin transactions, is gaining popularity as multiple uses spread across a diverse range of business sectors. It has the potential to completely change how businesses communicate with one another by acting as a permanent and impenetrable digital record of interactions between various parties.

Therefore, it is not surprising that even governmental organisations are considering using blockchain technology to coordinate inter-agency initiatives and conduct international business. More research shows that blockchain technology has been driving several significant applications, but regrettably, they haven’t attracted as much attention as cryptocurrencies. These are:

  • Coordinating aid for millions
  • Tracking vehicle emissions across Europe
  • Verifying registered business information in Singapore
  • Validation of COVID vaccination
  • Livestock identification in South Africa
  • Crypto beyond speculation – rewarding the setting up of data hotspots

Moreover, assistance, such as food, housing, and other requirements, typically comes from numerous organisations whose efforts overlap when a crisis strikes. A blockchain network facilitates cooperation and real-time information sharing in a setting where all participants have an equal voice and responsibility. Humanitarian initiatives can be coordinated by organisations to increase effectiveness and impact.

Reducing the environmental impact of motorised transportation has become more urgent due to the escalating effects of climate change. The inability to apply a standardised metric across borders and jurisdictions is a current barrier to accurately measuring vehicle carbon emissions.

To address this problem, a trial revealed that it is possible to share vehicle data with a blockchain system, such as fuel usage or pollutants. Officials and other stakeholders will be able to develop rules and incentives to lessen the carbon footprint of automobiles with the help of such data.

Meanwhile, in any commercial transaction, potential partners must be thoroughly investigated. As a result, a reliable database of corporate data is required. This data is stored on the blockchain, making manipulation or errors extremely improbable and enabling real-time verification.

These days, travelling requires several medical documents, including proof of COVID vaccine, swab test results, and other certificates. Blockchain technology is used by HealthCerts, a platform created by GovTech and the Ministry of Health to produce verifiable and tamper-proof digital health papers.

Upon successful authentication and endorsement, travellers can upload their digital papers to acquire a digital certificate with a QR code. These digital certificates are accepted at international border crossings.

Furthermore, a blockchain project in South Africa called BeefLedger aims to address issues with food theft and safety. It gives everyone access to the same information, levelling the playing field in terms of information and giving customers a platform to verify the credentials of cattle products.

Another example also involves cryptocurrency, but it does not take place in the realm of conventional financial market speculation. A wireless data network called Helium encourages users to create “Helium Hotspots” where they can share their internet access. In return, Helium will give its own cryptocurrency, “You receive more cryptocurrency the more people connect to and use your hotspot.”

As the internet of things becomes more prevalent, the corporation is working to increase internet access and make more gadgets connectable. Whatever the current use case for blockchain may be, one thing is certain: things are just getting started, and there will probably be uses in the future that no one has currently considered, and it is much better if people will keep an eye on how blockchain technology is evolving.

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