Blockchain: Beyond bitcoin

The idea of a blockchain was first conceived by Satoshi Nakamoto as the mechanism supporting Bitcoin. To solve the double-spending problem associated with digital currencies, it was devised as an immutable ledger of transactions that chains together blocks of data using digital cryptography.

While Bitcoin brought blockchain technology to the forefront, its potential goes well beyond cryptocurrencies.

This system, labelled 'revolutionary' by many for its decentralised, secure, and transparent nature, can disrupt numerous industries beyond cryptocurrencies and reshape how we interact with data.

Supply chain management

Imagine a world where you can trace the origin of your morning coffee bean or the ethical sourcing of your new clothing. Blockchain disrupts the opaque nature of traditional supply chains by creating a verifiable and immutable record of every step a product takes, from raw materials to finished goods.

IBM Food Trust, in collaboration with Walmart, uses blockchain to trace the journey of food products from farm to table. By scanning a product's QR code, consumers can access detailed information about the product's origin, journey, and handling conditions.

This system helps quickly identify sources of contamination, improving food safety and reducing waste. Increased efficiency can also save millions in costs related to food recalls and fraud.

De Beers, the diamond giant, uses blockchain to track diamonds throughout their journey, combating the issue of conflict diamonds. This transparency empowers consumers and fosters trust within the supply chain ecosystem.

Identity management

Control and ownership of personal data often reside with large corporations. Blockchain offers a solution through self-sovereign identity (SSI). This approach gives individuals control over their digital identities, allowing them to securely share verified information with institutions as needed.

Imagine applying for a loan without piles of paperwork. With SSI, individuals can securely share necessary data from their digital wallets, simplifying the process. Microsoft is exploring SSI for educational credentials, allowing students to safely share their academic achievements with employers.

uPort is a blockchain-based identity management platform that lets users create and manage their digital identities. It offers a secure, decentralised way to verify identities and has been piloted in Zug, Switzerland, for accessing government services efficiently.

Voting systems

Concerns over electoral fraud and voter disenfranchisement plague many democracies. Blockchain technology can provide a secure and auditable voting system. By utilising cryptographic algorithms, votes can be cast and recorded immutably, eliminating the risk of tampering or manipulation.

Blockchain can facilitate remote and secure voting, increasing voter participation. Voatz is a mobile voting platform that leverages blockchain to enable military personnel stationed overseas to vote securely using their smartphones during the 2018 midterm elections in West Virginia.

The blockchain-based system ensured the integrity of the votes and provided an auditable trail, reducing the risk of fraud and increasing voter confidence.

Intellectual property protection

Protecting intellectual property, like copyrights and patents, is challenging in the digital age. Blockchain offers a secure platform for registering and tracking ownership of creative works. Artists, musicians, and inventors can record their creations on the blockchain, establishing a verifiable timestamp and proof of ownership. This deters plagiarism and simplifies royalty distribution in creative industries.

In 2015, artist Imogen Heap released her single "Tiny Human" on Ujo Music, an Ethereum blockchain platform.

The platform specified revenue shares for all contributors using smart contracts. Users could download music without DRM and access stems for legal remixes, showcasing blockchain's innovative potential.

Secure document management

The secure storage and verification of documents, from medical records to academic certificates, can be a time-consuming and inefficient process. Blockchain offers a tamper-proof and readily accessible platform for storing and managing important documents.

Educational institutions can issue verifiable digital diplomas on the blockchain, simplifying credential verification for graduates. Hospitals can securely store patient records on the blockchain, allowing authorised personnel to access them seamlessly.

MedRec, developed by the MIT Media Lab, is a blockchain-based system for managing electronic medical records (EMRs). It ensures that patient data is secure, immutable, and easily accessible to authorised healthcare providers.

MedRec's blockchain ledger keeps an auditable record of data retrieval and updates, providing a transparent history of patient interactions with the healthcare system.

Energy trading

The current energy grid has inefficiencies and lacks transparency. Blockchain can transform energy trading by enabling peer-to-peer transactions, allowing consumers with solar panels or wind turbines to sell excess energy directly to neighbours, bypassing traditional centralised systems. This incentivises renewable energy production and fosters a sustainable energy ecosystem.

Blockchain technology enhances energy management systems by promoting efficient, transparent energy trading and supporting renewable energy sources. An Australian company, Power Ledger, uses blockchain for peer-to-peer energy trading, enabling individuals and businesses to trade excess solar energy within their community.

This approach reduces reliance on traditional power grids and promotes renewable energy usage. Power Ledger's platform has been implemented globally, including in Australia, Thailand, and the United States, showcasing blockchain's potential to revolutionise energy management.

Similarly, New York-based LO3 Energy developed a blockchain-based platform for local energy trading. Their Brooklyn Microgrid project allows residents to trade excess solar energy with neighbours using a blockchain marketplace, promoting renewable energy use and enhancing distribution efficiency.

Charity and humanitarian aid

Donors face challenges ensuring charitable contributions reach intended recipients with traditional methods. Blockchain offers a transparent, auditable platform for tracking donations, ensuring funds are used as intended.

Organisations like the Red Cross pilot blockchain-based platforms to increase transparency and donor trust. The United Nations World Food Programme (WFP) uses a blockchain system — Building Blocks — to distribute aid to refugees securely and transparently, improving efficiency and accountability in refugee camps in Jordan.

AidCoin, a blockchain-based platform, enhances transparency in charitable donations, allowing donors to track contributions and ensure effective fund use. AidCoin's platform has increased transparency and trust among several charities and their donors.

Real estate

Blockchain technology is transforming the real estate industry by reducing fraud, enhancing transparency, and simplifying property transactions. Propy is a global marketplace that uses blockchain to facilitate secure and transparent property deals, allowing buyers, sellers, and agents to conduct transactions efficiently.

In 2017, Propy enabled the first blockchain-based real estate sale in Ukraine, where a buyer purchased an apartment with cryptocurrency. The entire transaction, from contract signing to deed recording, was completed on the blockchain, highlighting its revolutionary potential.

Ubitquity is a blockchain-powered platform for real estate record-keeping, partnering with Brazil's Cartório de Registro de Imóveis to pilot a blockchain-based title registry, showcasing its ability to improve transparency and efficiency in property transactions.