Where is blockchain technology used?

In most cases, the concept of blockchain is associated with cryptocurrency. It may seem thattalk about blockchainautomatically meanstalk about the crypto marketThis is not true. Such reasoning is tantamount to assuming that Google and the internet are the same thing. In fact, blockchain technology is being used in other industries as well. In this article, we'll explore where it can be used beyond the crypto industry.

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Logistics and secure deliveries

About blockchainWe've previously discussed blockchain in detail as a type of distributed ledger technology (DLT). Specifically, we mentioned that blockchain is used not only for financial transactions but also for organizing secure document flow and supply chains. A practical example of this use case is the experience of logistics companies.

As a reminder, one of the advantages of blockchain technology is that it reduces security risks and ensures transparency and secure access to information.

Based on this, back in 2017, the American company IMB began working on implementing blockchain technology in the control of food supplies.

At the time, IBM had approximately 18,500 suppliers worldwide, and it was important to simplify supplier verification and product data management. The Trust Your Supplier (TYS) project soon emerged. It is a blockchain network designed for supplier validation and the management of information about their work processes.

Blockchain ensures data security, clear documentation, and an immutable record of all interactions between parties. TYS is built on the IBM Blockchain platform, hosted on the IBM Cloud.

A huge number of people become ill and even die from consuming poor-quality or contaminated food. Quickly tracing the source of dangerous products in 2017 remained quite difficult: obtaining reliable information took weeks or even months.

The implementation of blockchain has ensured complete transparency of the entire supply chain. The creation of Trust Your Supplier helped create a digital passport for supplier identification on the blockchain network. This allows buyers to exchange data with food suppliers and build successful business relationships with them.

Importantly, using blockchain technology ensures that only users with appropriate permissions have access to the shared database. This helps reduce the time and costs associated with vetting new suppliers and enables the establishment of new, secure business relationships between suppliers and buyers.

It's worth noting that IBM implemented this supply chain tracking project in collaboration with digital giants Lenovo, Nokia, and Vodafone. The company continues to use blockchain to digitally transform procurement organizations.

In October 2022, the Trust Your Supplier platform received approval from the US Patent and Trademark Office for all rights to its search-based supplier information management solution.

Judicial system

In May 2022, the Chinese government announced plans to implement blockchain technology in the country's judicial system. It is claimed that by 2025, all necessary legal documents, reports, and court data will be uploaded to the blockchain. According to official data, the system currently stores over 2.2 billion court records.

The implementation of distributed ledger technology (DLT) is expected to improve the efficiency of judicial processes. Case registration, processing of inquiries, and verification of information will be significantly faster.

In addition, blockchain will help establish connections between the court, law enforcement and regulatory agencies.

Digital identity identifiers

Since 2019, South Korea has been working on a project to implement digital citizen IDs using blockchain technology.

It is planned to issue the first digital ID cards to 45 million people within two years.

They will run on smartphones, simplifying online data verification. Blockchain is used as a trusted environment for recording facts. Citizens will not need to send [a document or a password]. The technology can be used for registering for government programs, participating in voting, submitting documents, transferring money, and more.

Using blockchain technology will help users stay safe, as the government will not be able to determine whose identifiers are stored on devices. It will also be impossible to track the history of an identifier's use online.

The government of this country believes that this method of identification will have a positive impact on the development of new bank lending programs and the emergence of new markets and methods of exchanging money.

South Korea is actively investing in the metaverse industry, supporting IT companies and creating jobs. The government has allocated approximately $177.1 million for this purpose.

Specifically, the Seoul Metropolitan Government is building a 3.9 billion won ($3.14 million) city metaverse platform to allow citizens to access government services virtually.

The metropolis is developing its own AR/VR project, Metaverse Seoul, which will feature avatar officials and host virtual events for everyone on the planet.

Copyright

There aren't many ways to prove your copyright to creative work. And those that exist aren't always reliable. Especially when it comes to digital assets—etc. Blockchain allows you to permanently secure copyright to any intellectual work, turning it intoNFT.

By becoming a non-fungible token, creative work becomes a completely unique asset with a digital certificate of conformity. This allows you to sell your NFTs on relevant marketplaces and earn money. Read more about NFT royalties.Here. 

Conclusion

Blockchain technology isn't just about cryptocurrency. It can be used to conduct transactions and organize workflows in a wide variety of fields. The goal of blockchain is to simplify life for all system participants, store data, and ensure quick and secure access to this information. All of this is necessary for the smooth execution of work tasks, regardless of the industry.

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