Exploring the True Origins and Applications of Blockchain.

I will assume you have a basic understanding and knowledge about blockchain. The first use case of blockchain is not Bitcoin, and even Bitcoin is not the first blockchain. It is the New York Street Journal, which in the paper "How to Time-Stamp a Digital Document" from 1991 explains the first idea of blockchain, created 14 years before Bitcoin.

Other Applications Outside of Cryptocurrencies

IoT
Government
Health
Media

IoT

The IoT is based on a centralized paradigm where IoT devices report, exchange, and process information. This is open to exploitation. Instead, blockchain for IoT provides more control, trust, accelerates transactions, and eliminates single points of failure. Blockchain can be implemented for all IoT devices in homes or businesses to share, process, and report information without a central infrastructure. See more on the IBM Watson IoT platform blockchain service.

Government

It will take a long time, but as everything is going digital, why not the voting system as well? Blockchain-based voting systems can resolve issues by introducing end-to-end security and transparency in the process. Security is provided in the form of integrity and authenticity of votes by using public key cryptography, and immutability in blockchain is guaranteed. We must emphasize and provide citizens with the option to choose between the old (current voting system) and the new blockchain-based system. For now, the best idea for both systems is a hybrid approach: use the old voting system and employ blockchain to audit, as done in Sierra Leone.

Digital identity is not only limited to government-issued ID cards; it can also apply to online social networks, etc. Multiple identities can be used for different purposes. Governments often get hacked, and their citizens' personal information is leaked. Instead, blockchain-based digital identities allow control over personal information sharing with governments and other agencies. Note that the responsibility for security shifts from the government to the individual.

Some other government functions can also benefit, such as tax collection, benefits management, land ownership record management, and motor vehicle registration and licenses. It is too early for these ideas, and their implementation can change, but our current systems are slow, not secure, and lack transparency. We must build greater systems as our civilization progresses.

"It is not for us to forecast the future, but to shape it." — Antoine de Saint-Exupéry

Health

In healthcare, major issues such as privacy compromises, data breaches, high costs, and fraud exist. With blockchain, the health sector can see several benefits, including cost savings, increased trust, faster processing, high availability, and preventing the distribution of counterfeit medicines.

Media

Critical issues in the media industry revolve around content distribution, rights management, and royalty payments to artists. Blockchain can provide a network where digital music is cryptographically guaranteed to be owned only by the consumers who pay for it. The payment mechanism is controlled by a smart contract, such as Musicoin.

In order to implement these ideas, we need to solve the cost and scalability problems of blockchain. Lastly, blockchain can be public or private, depending on the use cases—see Monero.

Exploring the True Origins and Applications of Blockchain.

Other Applications Outside of Cryptocurrencies

IoT

Government

Health

Media

Further Reading and References