How Can We Use Blockchain Beyond Applying it to BTC Trade?

Bitcoin is the most prominent cryptocurrency in the world. Its ETFs are worth approximately a trillion-dollar. The digital coin first appeared on the market in 2009, and since then, it showed a tendency to high volatility. While Bitcoin’s price always fluctuated, it skyrocketed to the unreached highs over the last few days, surpassing $50,000. 

U.S. Treasury Secretary Janet Yellen has recently underlined the need to regulate any institution that handles Bitcoins and safeguard investors from scams and illicit transactions. Despite the lack of regulation, crypto is wildly popular among investors and the masses.

However, Bitcoin owners wouldn’t be able to store and exchange it if not for blockchain technology. In fact, Bitcoin is useless without Blockchain. The latter is a shared ledger in which a digital trail is created with each bitcoin transaction. While these transactions are public, the persons’ identities who transfer the coins are encrypted and private.

Coronavirus pandemic showed us that the slight disruption in the supply chain could cause serious ripples, starting with supply shortages and ending with tying up money in excess inventory. However, blockchain technology is much more sophisticated and enables us to avoid such disruptions.

Take the vaccine distributions. CDC Director Rochelle Walensky has recently stated that one of the biggest problems now is that she can’t tell how many vaccines we have. That poses a serious problem because she can’t pass this information to the state health officials and the governors. However, using Blockchain, we could trace the process without many difficulties.

Several hospitals are already using blockchain technology to trace Covid-19 vaccinations

Blockchain enhances supply chain traceability and visibility within a complex supply chain network. When using Blockchain, all parties involved have unrestricted access to it, receiving secure, synchronized data. Furthermore, every action is fully transparent, showing in real-time during end-to-end supply chain activities. Thus, leaders can quickly trace not only financial transactions but also every single component of production. That allows them to avoid disruptions.

According to reports, two hospitals in the U.K. are using Blockchain to increase visibility into the supply chain logistics of coronavirus vaccines. Using this technology, they can trace temperature-controlled vaccinations and synchronize data for real-time status updates on shipments for both distribution and administration.

Furthermore, various other industries ranging from food and agriculture to aerospace, and retail, also use Blockchain to transform supply chains.  

While Bitcoin is the earliest application of this technology, its implementation beyond digital coins positions blockchain as one of the future’s leading technologies. In fact, experts believe that it will transform the way businesses operate in the coming years.