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- 1 Amazon Web Services offers Blockchain as a Service (BaaS) to users for multiple purposes.
- 2 The media industry can leverage technology to avoid fraud.
Blockchain is not just a technology fueling cryptocurrencies. Many times people confuse crypto with blockchain. While digital assets operate on top of this layer, they differ completely in terms of functionality. Companies like Microsoft, Amazon, and International Business Machines (IBM) are using the technology, but there’s no coin or token native to them.
A Glimpse Over Few Blockchain Use Cases
The primary reason for the confusion arises due to the fact that the technology came into the limelight alongside Bitcoin, the flagship cryptocurrency. A digital asset is nothing but a code inscribed on a blockchain. Somebody even fed a game code to a block of BTC blockchain.
Amazon Web Services, retail giant Amazon’s subsidiary, offers Blockchain as a Service (BaaS) to users for multiple purposes. Furthermore, clients can create scalable private networks via Managed Blockchain. Its Quantum Ledger Database (QLDB) has an in-built journal where the data once fed cannot be deleted.
The National Library of Medicine, the world’s largest medical library, proposed the technology to maintain electronic health records (EHRs). The document mentions a couple of layers namely National Immunization Blockchain (NIB) and Global Immunization Blockchain (GIB). The former would be used to gather data on a national level while the latter for global interoperability.
A data breach could get the data of millions of people in trouble. Bad actors may use them for identity theft, false claims on insurance, data manipulation, and more. Nonetheless, blockchain may mitigate the risks considering one cannot hack it without a certain percentage of consensus.
The restaurant industry can use the technology for waste management, supply chain tracking, food authentication, and more. Additionally, it can help restaurants keep track of temperatures and verification for health and safety standards from manufacturing to delivery.
The technology might help the communication sector in achieving data integrity. Given its decentralized nature, central entity command is out of hand. Moreover, it can lay down seamless integrations among applications. This will give a chop to complexity in communications.
The media industry can leverage technology to avoid fraud. Consequently, it could be a sound henchman in the context of intellectual property (IP) rights. Yuga Labs, an NFT company, allows owners to use non-fungible tokens to a certain extent without compromising IP rights.
A blockchain is simply a digital ledger, or more specifically, storage space to secure data. It won’t end with crypto. A computer scientist Yu Chen even said blockchain technology is safe even if crypto goes into oblivion. He says, “I see several ways blockchains are proving themselves useful that aren’t tied to cryptocurrency”.
Disclaimer
The views and opinions expressed in this article are those of the writer and do not necessarily reflect the views or positions of any entities they represent.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
