Explore how blockchain technology is being used outside of finance, healthcare, and supply chain management. Discover 2023 and beyond disruptions and breakthroughs.
For a number of years now, blockchain technology has been upending sectors, and it shows no signs of stopping down. There are a number of unexpected use cases for blockchain that could materialize in 2023, despite the technology’s well-known potential in conventional sectors like finance, healthcare, and supply chain management.
1. Electronic identity confirmation
The blockchain could have a purpose for digital identity verification. Developing a decentralized and protected digital identity verification system, blockchain_technology eliminates the need for a centralized authority and ensures the security and privacy of user data. The projected market size of worldwide digital identification solutions reaching $49 billion by 2026 further validates the viability of blockchain-powered digital identity verification systems.
The digital identity verification system could be especially helpful for persons without government-issued identification, such refugees or people living in poor nations, in addition to enhancing overall private and company data security.
2. Distributed energy systems
The development of decentralized electricity networks is another potential application for blockchain_technology. Users could establish a peer-to-peer energy market by selling extra energy to other users of the grid using smart contracts built on the blockchain. Reducing reliance on conventional power networks, which are susceptible to outages and cyberattacks, could be accomplished with the use of decentralized energy grids.
A decentralized approach, according to a 2019 IBM study, makes grids more resilient to system failures since if one component of the system is compromised, the rest of the grid won’t be affected. This autonomous technology may be particularly helpful in underdeveloped or isolated places that lack traditional energy infrastructure.
3. Autonomous Decentralized Organizations
DAOs are autonomous blockchain-based organizations controlled by smart contracts. Members vote on spending priorities and project scope in these organizations, which they own and administer.
While yet young, these groups have the potential to become decentralized, community-owned firms and organizations that make decisions transparently and democratically, which is vital in the Fifth Industrial Revolution. DAOs enable new, more equitable and democratic ownership and governance models, enabling community-controlled, trust-based partnerships.
4. Voting procedures
Finally, the use of blockchain technology enables the development of tamper-proof and secure voting systems. Blockchain-based voting systems record every vote on the blockchain, guaranteeing transparency and preventing any alteration or manipulation of the outcomes. This would lessen the likelihood of electoral fraud, which is now a serious problem in many nations.
By 2028, the anticipated increase in the use of blockchain in voting systems may lead to more governments experimenting with blockchain-based voting systems, especially for local and regional elections.
In the end
In conclusion, blockchain_technology has the potential to change a variety of sectors, including some that might not seem likely. Logistics for humanitarian aid. Organizations may better aid refugees thanks to blockchain-based digital identity verification technologies, which also give residents of developing nations new options to protect their identities when dealing with businesses and communities abroad.
By leveraging blockchain technology, businesses have the potential to construct more autonomous power grids capable of sustaining operations even in the event of damage to a specific section of the system.
Building voting systems on blockchain platforms enables the introduction of quicker and more dependable methods for voter registration and vote counting, potentially reducing the danger of election fraud.
Decentralized autonomous organizations propose community-managed economic models that prioritize fairness and humanity. In 2023, more companies may experiment with blockchain-based solutions, leading to groundbreaking ideas that could change practically every aspect of our lives.