Blockchain has become incredibly popular in the last ten years, thanks to Bitcoin. However, blockchain applications now go far beyond cryptocurrencies. For many industries, including BFSI, healthcare, education, real estate, supply chain & logistics, and IoT, to name a few, blockchain development technology is posing as a game-changer.
Blockchain’s inherent qualities—the decentralised and distributed ledger is immutable and completely transparent—drive its popularity and expand industrial applications. A Blockchain network can be managed without the aid of a centralised authority. Each peer in the network verifies the data kept in the Blockchain ledger. The bottom line is that there are very few points of entry for attackers, making it extremely secure and dependable.
In essence, these characteristics of Blockchain technology make it one of the most ground-breaking scientific advances of the twenty-first century. Blockchain technology offers a wide range of potential use cases for businesses across all industries because it is a tamper-proof ledger.
Use Cases for Blockchain Technology
Here are some of the most popular industries and use cases for blockchain technology:
1. Smart Contracts
Smart contracts are real-time, blockchain-based contracts. Without the aid of a middleman, they are made as agreements between two or more parties. The deal is spread out over a decentralised Blockchain network. These days, real estate, healthcare, and even governmental organisations use smart contracts regularly.
- BurstIQ (healthcare)
Sensitive medical data was transferred between patients and doctors thanks to BurstIQ’s use of smart contracts based on big data. These agreements lay out precise guidelines and limitations for data sharing. They include unique health plans and other pertinent information for particular patients.
- Propy (real estate)
A Blockchain-based title registry is used by the real estate platform Propy. For brokers, realtors, and their clients, it automates all transactions. Propy enables instant title issuance and cryptocurrency-based property buying and selling thanks to Blockchain technology.
2. Internet of Things (IoT)
There are billions of connected devices, and the Internet of Things (IoT) industry is expanding quickly. According to the most recent predictions, 50 billion devices will be used worldwide by 2030. The more connected devices there are, the easier it will be for hackers to access your data, which will lead to more vulnerabilities as the number grows. Data breaches can be greatly decreased by incorporating Blockchain technology in IoT devices.
3. Money Transfer
The best uses of blockchain technology are for payment processing and money transfers. Blockchain technology makes real-time transactions possible at breakneck speeds. Due to the time and money savings (mostly the elimination of transaction fees charged by banks/financial institutions), this has permanently changed the BFSI industry.
4. Personal Identity Security
Hacking and theft of personal information are popular cybercrimes. Approximately 1 in 15 people, or nearly 14.4 million, fell victim to identity fraud in 2019. Identity theft can take many forms, from forging documents to hacking and violating personal files. By keeping important personal data (such as social security numbers, birth dates, addresses, PANs, etc.) on a decentralised and immutable ledger, blockchain can help fight this threat.
Key issues with the current centralised Web 2.0 include selling personal information to unaffiliated parties, identity theft, combining passwords and usernames, and more. As a result, it cannot provide users with self-sovereign identities (SSI). Blockchain, however, can give users complete control over the data in their IDs and digital identities. SSI is made possible by several use cases for blockchain, one of which is personal identity security.
The logistics sector’s most pressing problems are data silos, poor communication, and lack of transparency. Since thousands of businesses operate in this industry, these obstacles become even more evident and cost business time and money. Blockchain’s data transparency is useful in this situation. Blockchain technology has the potential to recognise data sources, automate procedures, and increase trust and transparency in the logistics sector.
Blockchain technology is widely used in logistics to track goods’ movement across numerous locations efficiently. All stakeholders will be able to understand the exact location of the goods thanks to the data’s transparent recording of the goods’ movement on the blockchain. Therefore, logistics is one of the applications of blockchain technology that ensures efficient management of all parties involved in the transaction.
Blockchain integration in the supply chain can guarantee security for cash transactions and real-time tracking of goods. Additionally, it lessens delays, additional expenses, and employee mistakes.
6. Digital Media
The problems faced by digital media companies are numerous and include issues with copyright infringement, royalty payments, data privacy, and intellectual property theft. Companies can safeguard their intellectual property, uphold data integrity, target the right customers, and guarantee that artists receive their royalties on schedule by integrating Blockchain technology into the digital media infrastructure.
Control systems and document storage can both be easily integrated with blockchain technology. The inability to change data saved in the system is the main advantage of this blockchain use case. Although the data can be added, it cannot be changed. In addition, it is simple to verify the document’s legality because everyone can see who and when it was written.
Comparatively speaking, fewer people have utilised blockchain’s advantages in education. The Cyprus University of Nicosia is one of the innovators. This university used blockchain technology to store diplomas and certificates. It is also the first college to accept cryptocurrencies in exchange for tuition.
8. Medical Sector
Blockchain technology is a lifesaver for healthcare, especially regarding data processing. The medical industry has long been abused, which is the reason. Blockchain technology is useful for a small amount of information because medical data is vast.
The Healthureum system is one of the best blockchain use cases in the medical industry. It uses blockchain technology as a foundation and functions as a tool to manage and account for information relating to changes to medical records. In other words, the solution was to store data outside of blocks while links to large files would be held on the blockchain.
Various initiatives are available to address the data encryption issues, such as limiting the types of users who can access patient data or setting up a closed blockchain network with limited access to regulatory bodies or other oversight bodies.
Examples of blockchain applications in the medical sector
- Ambrosus: This blockchain use case follows the custody chain for pharmaceuticals and clinical trials. It can be used by food and pharmaceutical companies to enhance QA and supply chain visibility.
- ConnectingCare: It enables data sharing between patients and healthcare professionals. Additionally, it permits all kinds of novel applications, from cost estimation to patient control over privacy, to allow users to sell their data for research.
The entertainment industry is one of the most intriguing and popular blockchain use cases. Due to cryptocurrencies’ non-recognition as property or money, blockchain technology prevents gambling bans in many jurisdictions. Blockchain has also piqued the interest of the music industry.
Data on all transactions, encrypted financial data, ownership rights, and smart contracts can all be stored using blockchain technology. For instance, one blockchain use case in the entertainment industry is Stem. It is a platform for selling and distributing audiovisual goods based on the blockchain. It makes it easier for you to manage contracts, publish content, and make payments in one location.
A case study
These are some entertainment-related blockchain use cases:
- Plague Hunters is a free strategy game with a built-in Ethereum marketplace where players can buy and sell weapons and hunters using NFT.
- Beyond the Void: This game uses the Ethereum blockchain to let players conduct NFT transactions to buy, sell, and trade “cosmetic in-game items.”
Connecting buyers and sellers is one of the real estate market’s issues. Buyers must meet with sellers or brokers to complete a transaction. The time frame can be anywhere between a few months and a year. Additionally, paperwork can be an uphill task. The paperwork is time-consuming and can still be impacted by incorrect data input. Verifying the ownership of the property takes time and effort. Additionally, fraud can take many different forms and cost the buyer money.
A decentralised blockchain ledger can help with these problems. Therefore, it is a good use case for blockchain. First off, making leasing a property through the DLT simpler can improve rental property payments. Additionally, it is economical and ensures that the buyer will make wise decisions. Additionally, this blockchain use case enables interactions between owners, tenants, service providers, and any other unit to transact or verify ownership information safely.
In this regard, Risingmax Inc blockchain certifications offer excellent opportunities for professionals and students to become knowledgeable about this cutting-edge technology. Blockchain applications originating from Hyperledger projects are anticipated to be the next growth driver for businesses in the years to come, following the widespread adoption of AI, ML, and big data in recent years.
Therefore, the demand for professionals with extensive domain knowledge of blockchain technology will increase in the future.