Here we can see, “blockchain use cases”
Blockchain has gained massive popularity within the past decade because of Bitcoin. However, Blockchain use cases have expanded way beyond cryptocurrency now. Blockchain technology is emerging as a game-changer for multiple industries, including BFSI, healthcare, education, land, supply chain & logistics, and IoT, to call a couple of.
Blockchain’s popularity and increasing industrial applications are skyrocketing due to its innate qualities – the decentralized and distributed ledger is immutable and completely transparent. There’s no need for a centralized authority to manage a Blockchain network. All the peers within the network verify the knowledge stored within the Blockchain ledger. Rock bottom line – it’s highly secure and reliable with hardly any point of entry for attackers.
Essentially, these qualities of Blockchain technology make it one of the foremost revolutionary technological tools of the 21st century. Moreover, being a tamper-proof ledger, Blockchain technology offers many possible use cases for businesses across all industries.
According to the newest data, the worldwide Blockchain market is projected to grow at a CAGR of 67.3% to succeed in the worth of US$ 39.7 billion between 2020–2025.
In this blog, we’ll discuss a number of the simplest Blockchain technology use cases. By the top of it, you’ll realize just how powerful Blockchain tech is and what it’s to supply to the world!
Blockchain Technology Use Cases
Here are the most well-liked Blockchain technology use cases categorized under specific industries/applications:
1. Smart Contracts
Smart contracts Blockchain-based contracts are enforced in real-time. They’re created as an agreement between two or more parties without the involvement of any intermediary. The contract exists across a distributed and decentralized Blockchain network. Smart contracts are now a staple in healthcare, land, and even state agencies.
BurstIQ used Big Data-based smart contracts to facilitate the transfer of sensitive medical data between patients and doctors. These contracts specify clear outlines and parameters for data sharing. In addition, they contain personalized health plans and other relevant details for individual patients.
Propy (real estate)
Propy may be a land platform that uses a Blockchain-based title registry system. It automates all transactions for brokers, realtors, and their clients. Because of Blockchain tech, Propy makes title issuance instant and allows the buying/selling properties via cryptocurrency.
2. Internet of Things (IoT)
The Internet of Things (IoT) industry is growing rapidly with billions of connected devices. the newest forecasts suggest that by 2030, there’ll be 50 billion devices in use globally. As this number continues to grow, it’ll increase vulnerabilities as hackers can easily breach your data through one connected device. However, by integrating Blockchain technology in IoT devices, knowledge breaches are often reduced to an excellent extent.
HYPR takes cybersecurity to a subsequent level by combining smartphone technology with the highly secure FIDO token. This is often the key behind its True Passwordless Authentication feature. In addition, through its decentralized credential solutions and biometric identification, HYPR makes IoT devices tamper-proof.
Xage boasts of being the world’s first Blockchain-based cybersecurity platform exclusively for catering to IoT firms functioning in energy, transportation, manufacturing, etc. Xage’s technology can handle and manage billions of devices simultaneously. Moreover, it extends zero trust identity, data security, and local/remote access for physical and digital operations within the cloud, OT, and IT.
3. Money Transfer
Money transfer and payment processing are the foremost excellent Blockchain technology use cases. This is because blockchain tech enables lightning-fast transactions in real-time. This has already transformed the BFSI sector permanently because it saves both time and money (mostly eliminates transaction fees charged by banks/financial institutions).
Circle uses USD Coin (USDC), the fastest-growing regulated Stablecoin, to assist individuals in running and establishing their internet business. The platform offers around seven cryptocurrencies (Bitcoin, Monero, Zcash, etc.). Monthly, Circle handles over $2 billion in cryptocurrency investments and exchanges.
Chainalysis offers Blockchain data and analysis reports to financial institutions, exchanges, and government agencies in 40 countries worldwide. Essentially, it focuses on helping institutions monitor cryptocurrency exchanges. In addition, Chainalysis’s compliance and investigation tools enable you to watch and identify fraudulent transactions, concealment, and compliance violations, thereby building a reliable Blockchain-based economy.
4. Personal Identity Security
Personal identity theft and hacking are hot crimes within the cybercrime domain. In 2019, nearly 14.4 million people fell victim to identity fraud, roughly translating to about 1 in 15 people. From hacking and violating personal files to forging documents, fraud comes in many various forms. Blockchain can help combat this menace by storing crucial personal information (for example, Social Security numbers, birth certificates, address, PAN, etc.) on a decentralized and immutable ledger.
Civic may be a blockchain-based platform integrated with a digital wallet that doubles as a card. It empowers people by giving them more control over their digital identities. It seeks to accomplish this goal through Blockchain-powered biometric identification, privacy-focused health status, and peer-to-peer Bitcoin transfers. With Civic, you enjoy the flexibility to share your identity and private information only with the businesses you trust.
Evernym allows you to manage and control your identity online by leveraging its Sovrin identity ecosystem. Sovrin stores your personal information, and for every transaction, it functions as a communication agent between you and entities demanding your private information and verifies the info in real-time. You’ll develop and deploy self-sovereign identity solutions by using Evernym’s tech stack and market resources.
Data siloing and lack of communication and transparency are the foremost pertinent problems with the logistics industry. Such obstacles become even more pronounced since thousands of companies operate during this domain, costing business time and money. This is often where Blockchain’s data transparency comes in handy. Blockchain tech can acknowledge data sources and automate processes, thereby building greater trust and transparency within the logistics industry.
DHL (Supply chain management, Logistics)
Everyone knows that DHL may be a shipping giant DHL that features a global presence. It leverages Blockchain-powered logistics to trace and record information associated with shipments while maintaining the integrity of transactions.
Maersk (Supply chain management, Logistics)
Another shipping giant, Maersk, has collaborated with IBM to bring Blockchain into the worldwide trade scenario. Through this partnership, Maersk aims to leverage Blockchain tech’s potential to understand and optimize supply chain management and digitally track products across international borders in real-time.
6. Digital Media
Digital media companies are burdened with many challenges like data privacy, property piracy, royalty payments, and copyright infringement, among other issues. By incorporating blockchain technology into the digital media infrastructure, companies can protect their property, maintain data integrity, target the proper customers, and make sure that artists receive their royalty payments in due time.
MadHive (Media & Advertising)
MadHive may be any bases ad agency that delivers full-stack solutions to digital marketers. You’ll use MadHive to watch, record, and make reports on customertarget=”_blank” rel=” nofollow” activity and store all the knowledge during a private Blockchain ledger. By offering real-time data monitoring and audience analytics reports, MadHive allows marketers to know their target audiences better.
Steam may be a social media or a “Social Blockchain” platform that encourages users to make original content by rewarding them with cryptocurrency. Once you use Steem, you become a stakeholder of the platform with full control over your data. For every contribution you create, you earn cryptocurrency tokens. So far, Steem claims to possess paid over US$ 59 billion to platform creators.
These real-world samples of Blockchain technology use cases prove that Blockchain is fast-permeating across different industrial sectors as we speak. Interestingly, Blockchain applications are both unique and diverse. As a result, businesses that adopt Blockchain technology can cash in on the transparency, security, and immutability that it’s known for, thereby engaging in fair trade and delivering reliable products/services to customers.
I hope you found this guide useful. If you’ve got any questions or comments, don’t hesitate to use the shape below.
- Can Blockchain be hacked?
The issue of security has been a fundamental one for bitcoin since its development. On the one hand, bitcoin itself is extremely difficult to hack, thanks to the blockchain technology that supports it. As Bitcoin users are consistently reviewing Blockchain, hacks are unlikely.
- Does Amazon use Blockchain?
Amazon Managed Blockchain fully manages our blockchain infrastructure and shared network components, enabling us to specialize in developing smart contracts to deliver additional value to our customers.”
- Where is blockchain data stored?
Blockchain is decentralized, and hence there’s no central place for it to be stored. That’s why it’s stored in computers or systems all across the network. These systems or computers are referred to as nodes. Each node has one copy of the Blockchain or, in other words, the transactions are done on the network.
- Best use cases of blockchain technology not yet implemented?
5.50+ Blockchain world Use Cases