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00:00We've all heard about Bitcoin and other cryptocurrencies and how their value has skyrocketed over the past few years.
00:08We've also seen some of the major corporations that have begun to accept crypto as payment for goods and services.
00:16But aside from currency, what other uses does this technology have?
00:20Are there any?
00:21In today's video, we're going to explore five different ways in which blockchain technology is being used outside of cryptocurrency.
00:31Blockchain is best described as a form of record keeping.
00:34It allows us to create a permanent and temporary evident history of events.
00:39The most important property of a blockchain database is its decentralization.
00:44A blockchain is distributed across a network of computers, making it nearly impossible for any single person or entity to manipulate the data without detection.
00:55This makes blockchains highly reliable and secure.
00:59Now, while this might sound complicated at first, think of something like a spreadsheet.
01:04A blockchain is just a special type of spreadsheet that automatically gets backed up and shared with a bunch of other people.
01:11Now, every time someone makes a change to the spreadsheet, everyone else who has a copy of the spreadsheet gets notified and the new version of the spreadsheet gets shared with them.
01:23So you can see why this would make it nearly impossible for anyone to manipulate the data.
01:28Now, if you're wondering why we wouldn't just use this type of system for everything, the reason is efficiency.
01:36For example, if I decide to purchase an Apple, do I really need to notify my entire friend list and update 50 different copies of the same spreadsheet?
01:47Obviously not.
01:48Blockchains were originally designed for cryptocurrencies, where trust is the main priority.
01:54However, as the technology continues to develop, we will see more and more everyday applications that are able to take advantage of its many benefits.
02:04So, let's check out these five examples.
02:08Number one, supply chain management.
02:11In a recent survey conducted by PwC, 87% of executives reported that blockchain will transform supply chain management over the next five years.
02:22The benefits of using blockchain technology in supply chains are numerous.
02:27First, blockchain can help track products as they move through the supply chain, making it easier to identify bottlenecks and ineff...
02:37Second, blockchain can help ensure the safety and authenticity of products by providing a tamper-evident record of their provenance.
02:46Third, blockchain can help improve efficiency by automating processes such as customs clearance.
02:53Fourth, blockchain can help reduce costs by eliminating intermediaries and reducing paperwork.
03:00And finally, blockchain can help increase visibility by providing all parties in the supply chain with a single view of the entire process.
03:09To better illustrate this, let's consider the supply chain for a coffee shop.
03:14Coffee beans are grown on a farm, and they're shipped to a processing facility where they're roasted and ground.
03:21From there, they're shipped to a warehouse where they're stored until they're needed.
03:26Finally, the coffee beans are sent to various retail locations where they're brewed and served to customers.
03:34Each step in this supply chain involves a number of different players, including farmers, processors, shippers, warehouse operators and retailers.
03:44Using blockchain technology, each player could record information about the coffee beans as they move through the supply chain.
03:52This information could include the quantity of coffee beans, the date of shipment and the condition of the cargo.
04:00By recording this information on a blockchain, we create a tamper-evident history of the coffee beans that can be used to identify bottlenecks and inefficiencies in the supply chain.
04:11In addition, this information can be used to ensure the safety and authenticity of the coffee beans.
04:18For example, if there was ever a problem with the coffee beans, such as a recall due to contamination,
04:25the blockchain record could be used to trace the beans back to their source and identify the problem.
04:312. Voting
04:33Imagine a world where no one can vote multiple times, where the results of an election are immediately available and where there is no chance of voter fraud.
04:44This may sound like a utopian fantasy, but it is actually possible thanks to blockchain technology.
04:52Blockchain can help make elections more secure, more transparent and more efficient.
04:57First, blockchain can help prevent voter fraud by creating a tamper-evident record of who votes.
05:05With blockchain, each vote would be recorded on a digital ledger that is distributed to multiple computers.
05:12This would make it extremely difficult for someone to cast multiple votes, since each vote would have to be verified by all the other computers on the network.
05:22Second, blockchain can help make elections more transparent by providing voters with a way to track their ballot.
05:29With blockchain, voters could be able to track where their ballot is in the counting process and ensure that it was actually counted.
05:38This would give voters greater confidence in the election process.
05:42Third, blockchain can help make elections more efficient by reducing the need for paper ballots and polling places.
05:50With blockchain, voters could simply cast their ballots electronically, which would save governments a lot of money on printing and administration costs.
05:59Three, healthcare.
06:02Imagine a world where patients no longer have to worry about their medical records being lost or stolen,
06:08where doctors can easily share patient information, and where counterfeit drugs are a thing of the past.
06:14This may sound like a dream, but it is becoming a reality thanks to blockchain technology.
06:20Blockchain can help improve the efficiency and security of the healthcare industry in a number of ways.
06:27First, blockchain can help keep patient records safe and secure.
06:32With blockchain, patient records would be stored on a temper-evident distributed ledger,
06:38making it extremely difficult for hackers to access sensitive information.
06:42Second, blockchain can help doctors share patient information more easily.
06:48With blockchain, doctors would be able to securely access patient records from other providers,
06:54improving care coordination.
06:57Third, blockchain can help reduce the cost of healthcare by eliminating the need for middlemen.
07:04With blockchain, patients could pay for healthcare services directly with cryptocurrencies,
07:09eliminating the need for insurance companies.
07:13Fourth, blockchain can help improve the quality of care by creating a tamper-evident record of patient interactions.
07:21With blockchain, doctors would be able to track patient progress over time and identify areas where care could be improved.
07:30Fifth, blockchain can help combat counterfeit drugs.
07:33With blockchain, the entire supply chain of pharmaceuticals can be tracked,
07:38making it easy to identify and prosecute counterfeiters for real estate.
07:44Imagine a world where buying a home is as easy as buying a cup of coffee,
07:49where property fraud is a thing of the past,
07:52and where tenants no longer have to deal with landlords.
07:55This may sound like a fantasy,
07:57but it is becoming a reality thanks to blockchain technology.
08:01Blockchain can help improve the efficiency and security of the real estate market in a number of ways.
08:09First, blockchain can help make property transactions faster and cheaper.
08:14With blockchain, buyers and sellers can complete transactions directly without the need for middlemen,
08:21such as real estate agents or title companies.
08:25Second, blockchain can help reduce property fraud.
08:28With blockchain, all property transactions are recorded on a public ledger,
08:34making it easy to identify fraudulent activity.
08:37Third, blockchain can help improve the accuracy of property records.
08:43With blockchain, all property records are automatically updated when there is a change in ownership.
08:50This eliminates the need for middlemen who often make mistakes when updating records.
08:55Fourth, blockchain can help make renting property easier.
09:01With blockchain, landlords and tenants can enter into smart contracts
09:05that automatically enforce the terms of the lease.
09:08This eliminates the need for middlemen such as property managers.
09:12Fifth, blockchain can help improve the efficiency of property management.
09:17With blockchain, property managers can automate tasks,
09:20such as collecting rent and scheduling repair.
09:24This saves time and money by eliminating the need for middlemen.
09:28Five, intellectual property.
09:31Imagine a world where artists and inventors are fairly compensated for their work,
09:37where counterfeit goods are a thing of the past,
09:40and where the legal system is more efficient.
09:42This may sound like a dream,
09:45but it is becoming a reality thanks to blockchain technology.
09:49Blockchain can help protect intellectual property rights in a number of ways.
09:54First, blockchain can help artists and inventors track the provenance of their work.
10:00With blockchain, each piece of intellectual property is recorded on a distributed ledger,
10:06making it easy to track its ownership history.
10:09Second, blockchain can help reduce counterfeiting
10:12by making it easy to identify the source of a product.
10:16With blockchain, every product can be tracked back to its original manufacturer,
10:22making it easy to identify and prosecute counterfeiters.
10:26Third, blockchain can help improve the efficiency of the legal system
10:30by automating the enforcement of intellectual property rights.
10:35With blockchain, rights holders can automate the process of enforcing their rights,
10:40making it faster and cheaper than traditional methods.
10:44As we've seen, blockchain technology has the potential to revolutionize everything
10:49from voting, to healthcare, to real estate, to intellectual property.
10:54The technology is still in its early days,
10:57but we're already seeing a wide range of use cases.
11:01As blockchain technology continues to develop,
11:04we will see even more applications for this versatile tool.
11:08What other uses can you think of for this amazing technology?
11:13Let us know in the comments below.
11:15If you enjoyed this video, please give us a thumbs up
