All the world’s a stage, and blockchain technology has become a key player. This saying remains true about blockchain technology. Since the first public unveiling of the technology in 2009, the technology has broken significant boundaries with predictions for growth to amount to USD 1,431.54 billion in 2030. The significance of this predicted growth of blockchain technology means that different sectors and industries can adopt the technology and tailor it to solve problems effectively. In the section below, we have curated five projects that have sought to harness the powers of the blockchain to solve critical issues and bring about effectiveness.
Five Key Projects Utilizing Blockchain Technology
The construction of smart contracts using blockchain technology has been around for a while, only gaining rapid adoption recently. The transparency and irreversible nature of blockchain suit the nature of intelligent contracts perfectly. In essence, smart contracts are programmable using blockchain technology and run when certain conditions are met. These contracts run automatically without the need for an intermediary or delay. Smart contracts using blockchain technology have recently moved past the simple dispensing of goods and services to more formal parlance like legal contracts and mergers.
Digital Voting Systems
Imagine a world where voting does not require printed ballot papers and open polling stations. Instead, voters can stay in the comfort of their houses and choose while getting a glimpse of the candidates’ polls in a transparent and non-fraudulent manner. This imagination becomes a reality where digital voting systems use blockchain systems. The beautiful thing about this voting system is that it beats the manual form of voting and the e-voting system by providing a transparent system with little or no errors. Some countries like the United States and others in the Middle East are working actively to build a working voting system with blockchain technology.
Cross-Sectoral Recording Systems
Some sectors are predominantly reliant on the use of recording systems. Healthcare is heavily dependent on the availability and accuracy of records. In the past, many critical issues have been caused by the absence of transparency in the availability of health and prescription records. Employing blockchain technology to automate and ensure transparency is one of the emerging projects for blockchain technology.
Carbon Tracking and Tracing
Blockchain makes access data for carbon tracking and reporting seamless and accurate. Several European countries are actively working to incorporate blockchain technology in their carbon transactions footprint to monitor emission data for tracking and tracing. Moreover, there is complete end-to-end traceability, which is essential for governmental agencies looking to keep track of compliance with established footprints and emissions. The United Nations Climate Change Conference, having identified some innovative and cutting-edge technology, declared blockchain technology to be at the forefront of technologies that can reduce carbon emissions and greenhouse gas effects.
Educational Blockchain Technology
Transcripts, certifications, projects, and other records now have foolproof protection and transparency. The talks of utilizing blockchain technology for global projects in the educational sector have been around for a while now. It allows open and transparent data without bias and ensures lock-tight storage of information while aiding administrative management to save time and cost. Higher institutions such as Maryville University have begun to implement blockchain technology actively in their systems, which shows the technology’s slow but sure impact on various projects in the sector.
The excitement about blockchain technology is palpable; industries, sectors, and governments are eager to engage the technology in global projects that can single-handedly change man’s present and future for the good. From the looks of things, there is no slowing down; the utilization of blockchain technology can only improve, and we are here for every bit of it!