Bitcoin has been all the rage for a handful of years now. But while cryptocurrencies might not have had as bright a future as you might’ve expected, blockchain, the revolutionary bedrock of bitcoin, is a technology that’s very much here to stay.

The foundations of blockchain technology are so well-grounded that you can think of BTC as just the beginning of many greater things to come.

Consider the following less famous use cases of blockchain technology that can completely transform the way the world works:

1. Tracking the Supply Chain

Supply chains involve intricate paper-based trails that can be challenging to track efficiently. By removing paper-based trails, blockchain can make monitoring supply chains extremely efficient.

With blockchain, businesses can quickly and precisely identify the inefficiencies within their supply chains, as well as track items’ exact whereabouts in the supply chain in real-time. Moreover, blockchain may even empower consumers to see how products performed in quality-control tests as they traveled from their place of origin to the retailer.

For example, consumables such as packaged food travel great distances before arriving on your plate. Things like environmental-friendliness, the welfare of agricultural workers, and food safety are now more important than ever before. And so, companies like IBM are leveraging blockchain technology to accurately track food from farm to table, making it easier to trace food contamination should there be a food-borne illness.

2. Revamping Real Estate

Real estate transactions also involve a truly tedious amount of paperwork. Infusing blockchain technology into the real estate industry will help to completely eliminate such paper trails that are often a source of confusion, errors, and fraud.

When you’re buying or selling any property, you’ll need to transfer a title. Instead of handling this on paper documents that can be potentially tampered with, the evidence of the transfer can be stored on an immutable blockchain network. Doing so will greatly reduce the possibility of fraud.

What’s more, blockchain also enables a transparent view of this transfer while providing a crystal-clear picture of legal ownership.

3. Making Elections Fraud-Free

Voting digitally on a blockchain allows for a superior level of transparency and minimizes the chance of fraudulent voting. It enhances the ease of digital voting with the immutable nature of blockchain to secure your vote.

For instance, a blockchain application called Sovereign, created by the nonprofit organization Democracy Earth, generates tokens that represent votes instead of money.

Sierra Leone, a country on the southwest coast of West Africa, was reportedly the first nation to run a blockchain-based presidential election in 2018. The use of blockchain made it possible for the public to know the election results instantly. The government’s goal was to boost the level of trust with its citizens and create a platform that decreases controversy while reducing costs associated with paper ballots.

Being highly secure, stable and transparent, Blockchain could very well be the last word in fraud- and error-free process of digital voting.

4. Redressing Arts and Music

Nearly everyone has access to the internet today, which means copyright and ownership laws of creative content have become increasingly blurred. The music and creative industry is a textbook example of inefficiency, fraud, and unfairness wherein artists are poorly remunerated for their creative efforts.

Using blockchain, copyright laws can be substantially solidified for all digital content consumption, so that the artist or creator of the content being bought gets their fair share. Blockchain technology can also help render real-time and transparent royalty distribution data to content creators.

With former Guns N’ Roses drummer Matt Sorum as its Advisor, Artbit is a decentralized platform that aims to provide direct remuneration to individual creative entrepreneurs. In particular, by building “virtual stages” using well-known artist hubs around the globe, Artbit will help budding creators to fund their passions through a crypto-economy powered by hashgraph.

Similarly, Maecenas is an art investment platform that provides blockchain-based auction of fine arts. It aims to democratize access to fine arts.

5. Disrupting Digital Marketing

It may not seem like it, but blockchain can have a significant positive impact on digital marketing as well.

According to Anindya Ghose from the Harvard Business Review, “Blockchain can make data-driven marketing more transparent by validating and analyzing every consumer’s journey through verified ad delivery, confirming that a real person saw the ad as per the specifics of a media contract. Marketers will able to control how their assets are delivered by monitoring exactly where their ads are being placed, alleviating ad fraud from automated bots by ensuring that real followers and consumers are engaging with their ads, and ensuring proper ad engagement tracking that will lead to more precise digital attribution.”

In other words, blockchain can help minimize ad-spend wastage and streamline online advertising — be it display, native, search, or social media ads. Furthermore, the quality of leads earned from advertising efforts would be improved.

“For some consumers, an impediment to sharing information with firms is often a lack of trust with what firms might do with that data. The advent of blockchain technology offers tremendous potential for mitigating such consumer concerns by giving consumers a transparent look at how their data has been used by marketers and advertisers,” he adds.

So, blockchain may also facilitate better transparency between businesses and customers by reassuring customers that their personal information is safe and not being misused.

Final Thoughts

As blockchain technology continues to evolve in 2020 and beyond, numerous new use cases beyond cryptocurrency would become a commonplace reality. Decentralization and democratization are the two pillars of blockchain’s current and future success.

(Image Credit)