Blockchain outside finance - how else can the technology be successfully used

The first association that appears with the word "blockchain" is, of course, cryptocurrencies, money and finance. However, in fact, this technology is characterized by impressive versatility and has found its application in many other areas and niches - from the healthcare sector to manufacturing and real estate.

For example, in production, blockchain is relevant in order to provide consumers with a clear understanding of where, how and from what the goods were produced. This is important not only because of the demands of modern buyers, but also because of the environmental agenda - it is this information that allows you to get a clear idea of what impact the production process has had on the environment. Storage and transmission of product history data is carried out using smart labels, which were created in 2017 by designer Martina Jarlaard together with the Provenance application.

The result of this work was a mobile application for reading the blockchain from NFC tags, which the designer sewed into the tags of the clothes she produced. Thus, by the product identification number, the application provided access to all the information about the product collected in the database - from the raw materials used to transportation to the store shelves.

Another area of blockchain usage that is not at all obvious is copyright. For example, with its help, the Ascribe service helps artists, writers and other creative people to confirm and preserve the right of authorship. It makes it possible to create digital publications using unique identifiers and digital certificates confirming their authorship and authenticity. Another indisputable advantage of Ascribe is a well-thought-out and well-established mechanism from a legal point of view for transferring ownership from the author of the work to the buyer or collector who purchased it directly.

Another interesting example of blockchain application is the diamond industry. The sale of diamonds to this day is characterized by a high level of illegal transactions and crime, which has given diamonds a bad reputation as a tool for money laundering and the financing of international terrorism. Everledger is a technological pioneer in the field of combating these frauds. It opens access to a register with unchangeable historical data for the identification of diamonds and confirmation of the legality and authenticity of transactions with them. And this is relevant for all market participants - from insurance companies to law enforcement agencies. A unique passport is created for each individual diamond - an individual label that accompanies the stone during all transactions carried out with it.

Thus, over the 15 years of its existence, blockchain technology has been firmly embedded in many areas of life and business. Despite this, in a number of industries it is still rarely used or not used at all, usually due to gaps in legislative regulation. Nevertheless, the functionality and extensive capabilities of the blockchain suggest that in the future its popularity will inevitably only grow.

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