Underneath the allure of cryptocurrencies, there is a technology called blockchain that holds more potential than just digital currency. Blockchain, commonly known as the technology underlying Bitcoin transactions, is becoming more and more well-liked as its applications spread across a variety of industries. It can serve as a permanent and impermeable digital record of interactions between different parties, which has the potential to drastically alter how corporations engage with one another.
Consequently, it is not unexpected that even governmental organizations are thinking about utilizing blockchain technology to coordinate inter-agency projects and conduct global business. According to more research, blockchain technology has been at the heart of a number of important applications, but unhappily, they haven’t garnered as much attention as cryptocurrencies. Which 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
Additionally, support for necessities like food, housing, and other necessities generally comes from a variety of organizations whose work overlaps when a crisis occurs. In an environment where each participant has an equal voice and duty, a blockchain network fosters collaboration and real-time information sharing. Organizations can coordinate humanitarian efforts to maximize their effectiveness and impact.
Due to the worsening effects of climate change, it is more important than ever to reduce the environmental impact of motorized transportation. A present obstacle to precisely quantifying vehicle carbon emissions is the inability to use a standardized metric across borders and jurisdictions.
In order to solve this issue, a trial showed that vehicle data, such as fuel consumption or pollution, may be shared with a blockchain system. With the use of such information, authorities and other interested parties will be able to create regulations and incentives to reduce the carbon footprint of automobiles.
In any business deal, prospective partners must be thoroughly vetted. Consequently, a trustworthy database of company data is needed. Since this data is saved on the blockchain, manipulation or mistakes are exceedingly unlikely and real-time verification is possible.
Nowadays, traveling requires a number of medical documentation, such as certification of COVID vaccination, results of swab tests, and other certificates. HealthCerts, a platform developed by GovTech and the Ministry of Health, uses blockchain technology to create verifiable and tamper-proof digital health documents. Travelers can upload their digital documents for authentication and endorsement to obtain a digital certificate with a QR code. At international border crossings, these digital certificates are recognized.
Additionally, the BeefLedger blockchain project in South Africa seeks to address difficulties with food safety and theft. Everyone has access to the same information, leveling the information playing field, and it provides clients with a platform to check the legitimacy of livestock products.
Another instance similarly uses cryptocurrencies, but it doesn’t entail speculation on traditional financial markets. Users are encouraged to set up “Helium Hotspots” on a wireless data network called Helium where they can share internet access. In exchange, Helium will give its own cryptocurrency, with the proviso that “the more users who connect to and use your hotspot, the more cryptocurrency you receive.”
The company is working to expand internet access and make more devices connectable as the internet of things spreads. Whatever the current use cases for blockchain might be, one thing is certain: things are only getting started, and there will likely be uses in the future that no one has currently considered, therefore it is much better if people would pay attention to how blockchain technology is developing.