Many people throughout the world used the phrases “Bitcoin” and “Blockchain” interchangeably until recently. However, as awareness of the technology has increased, it is now simpler to discern between blockchain exchanges and blockchain technology, as the latter has applications beyond the cryptocurrency domain.
Moreover, the non-cryptocurrency blockchain has now set itself apart as a technology that addresses the two problems that all businesses, regardless of industry, have in common: security and lack of transparency. Bitcoin is simply one aspect of this technology.
This article will look at the most well-liked blockchain use cases from a variety of industries, as well as a few companies that are shifting the focus of the discussion from blockchain technology itself to practical applications in business and daily life.
Let’s take a glance back at the blockchain evolution timeline graph to see how far use cases for the technology have come and the path it has chosen.
Timeline of Blockchain Technology
The path that Blockchain is taking and the one that it began with indicate how quickly and widely the advantages of this disruptive technology have been adopted and integrated into various processes across a wide range of different industries.
The benefits of adopting blockchain technology have not gone unnoticed by industry leaders. Discussions that were formerly centered on bitcoins and other cryptocurrencies have shifted to a focus on blockchain technology.
Along with its advantageous aspects, blockchain technology is currently starring in prosperous industry growth stories. This development is driving demand for blockchain app development agencies, which assist companies in utilizing disruptive technology to achieve greatness and profitability.
The following are the most well-known blockchain use cases from a variety of industries:
Blockchain Applications, Not Just for Coins
These are the Top Applications of Blockchain Technology that have been acknowledged across numerous industries:
- Banking
Beyond the trading of virtual currency, blockchain technology has other potential applications in the banking industry.
Several well-known ones that touch on cryptocurrency and blockchain technology in one way or another include:
- Fraud Reduction- With blockchain use cases in banking, hackers will be unable to breach the system without the timestamp of the breach being highlighted, as all information will be stored on a distributed ledger with a timestamp and batches of particular actions linked to another block.
- KYC: Banks are thought to invest between $60 million and $500 million annually in their “Know Your Customer” initiatives. These procedures are used to reduce the incidence of money laundering and keep terrorists out of the financial sector. The KYC procedure will save a great deal of money and time if it is implemented on the blockchain.
- Cybersecurity
Centralized servers are typically utilized to store data when it comes to the cloud and standard business computer network usage. You now run the danger of corruption, data loss, human error, and hacking when you store all of your company’s data on a single system.
However, the likelihood of attacks decreases significantly when you use the blockchain-as-a-service concept to place your data on a distributed, decentralized system.
- The Internet of Things
In addition to tying together every stage of a user’s life, the network of interconnected gadgets puts them at risk. In an interconnected ecosystem, the instant one of your devices is compromised, the likelihood of the other devices being targeted rises dramatically.
IoT with a blockchain infusion allows you to share data on the network without using a third party. Additionally, because the devices can be addressed with the use of technology, businesses may see the connected devices’ usage history, which is useful for troubleshooting.
- Unified Communications
Blockchain facilitates automated communications that are much more dependable, quicker, and safer. Even though automated dialogues are currently widely used in numerous industries, blockchain technology has the potential to revolutionize the majority of this asynchronous communication.
Businesses could communicate more authorized and bidirectionally with one another thanks to blockchain technology.
Additionally, as the globe moves closer to chatbots, blockchain would be the go-to business solution when issues with time stamping and transparency arise during bot-to-bot interactions.
- Government
The blockchain is currently a popular topic in politics and government. Numerous blockchain-based government applications reduce red tape, protect citizens’ property rights, enhance the system’s transparency, and enhance the quality of government services.
Although governments everywhere are looking at how blockchain technology might improve their countries’ lifestyles—from Dubai to China and the US—the trend of acceptance is primarily limited to Ethereum.
Here are a few instances of how various governments are using the Ethereum blockchain to improve their countries:
- By 2020, Dubai aspires to be a fully linked city powered by blockchain technology.
- As Estonia moved several of its national systems onto the Ethereum blockchain, it developed into a “digital republic” ecosystem.
- By making the data visible to the public, Chile uses Ethereum to trace the money and data from the energy system to reduce exploitation and corruption.
- Canada is putting its platform to the test for transparency over how the government uses funding to allay public worries about misuse and corruption.
- Charities
The main deterrent for most people who would like to donate is uncertainty about whether their money is being used for the intended purposes. The integration of Blockchain solutions into the system helps guarantee that the funds are being utilized precisely as intended.
- Medical
One example of how disruptive creative technology can be when integrated with industry is the introduction of several blockchain applications in the healthcare sector. This is the justification behind blockchain’s ranking among the top ten healthcare trends of 2020.
The immutable design of blockchain enables the storage of EHR data in a manner that is protected from any hacking or breach incidents. Additionally, several skilled blockchain app developers are utilizing the technology to support the development of novel medications or more individualized treatment plans.
- The Ride-Sharing Industry
Blockchain technology, when combined with ride-sharing infrastructure, can give industry leaders like Uber a run for their money. Examining the Uber ecosystem reveals problems such as the company taking a cut of drivers’ earnings or setting all the terms and conditions that are largely biased in favor of the company’s profits.
Riders and drivers gain control when blockchain is introduced into the ride-sharing market like Arcade City does. They are independent of any governing body and have complete control over decision-making.
- Supply Chain
Businesses can track their supply chain process from the stage of raw materials to the final delivery stage by identifying the production processes and components and then recording the information on Blockchain.
For instance, Walmart employs blockchain technology to let staff members scan products using the shop app and follow them from harvesting to the store floor. However, manufacturers keep an eye on the cargo ships using technology.
- Secure Text Messages
By adding decentralization, blockchain elevates end-to-end encryption to a new level. Companies such as Crypviser are adept at building communication platforms based on blockchain technology.
Businesses can provide their users with a secure messaging platform that allows them to send and receive encrypted messages with little to no risk of hacking by using this kind of platform.
Integrating a blockchain-based encrypted messaging platform into an enterprise system is particularly beneficial.
- Taking Out Counterfeit Goods
Because blockchain technology is unchangeable, it makes it simpler for businesses to identify and track the ownership chain of their assets. All parties concerned can confirm the authenticity of the product in question by keeping the serial number on a blockchain.
The largest diamond company in the world, De Beers, has used blockchain technology to establish an unchangeable digital record that they use to maintain track of registered diamonds and reduce the number of conflict diamond transactions.
- Contracts
One of the best things blockchain has to offer the corporate community is self-executing programs. Intelligent contracts Blockchain technology is engineered to enable contract rule checks, verification, and transaction processing without requiring the intervention of a middleman.
Contracts with Smarts Blockchains are utilized in many different contexts and by many different sectors whose operations involve the generation of contracts.
- Pharmaceuticals
According to estimates from the World Health Organization, one in ten medical items that are sold in low- and middle-income nations is not only substandard but also fake. Verifier, a smartphone app, employs the camera to perform a spectral analysis on the medication and loads it onto the blockchain to verify the drug’s medical trace, thereby reducing the incidence of pharmaceutical fraud. This is but one blockchain case study; several other companies are also attempting to decentralize the pharmaceutical sector.
- Small loans
The decentralized blockchain ledger has made it possible for micro-loans to be approved and credited to accounts in real-time, securely.
Twigga is an illustration of how Blockchain technology is used in Microloans. With the use of blockchain, the B2B logistics platform for food stalls in Africa has extended its offerings to include financial services in the suite for its clients.
Blockchain is used to handle the entire loan process, from loan application to offer receipt and repayment terms acceptance, while AI is used to determine credit scores based on mobile data.
- Advertisement
Every advertiser wants to deliver their ads on time and with relevance. The way that blockchain technology will transform the advertising industry is by enabling the tracking of various service providers and connecting them all, which will guarantee that the appropriate individuals are reaching out to the correct audience at the appropriate moment.
Furthermore, it shields advertisers from financial loss brought on by hackers who create phony web traffic and bogus bots that visit the website in place of real people by tracking visitors’ origins and verifying their legitimacy.
- Affiliate Advertising
Businesses pay a certain percentage of commission to individuals who promote their products on social media sites. This is the foundation of the affiliate marketing concept. The idea itself is predicated on trust. Have faith that the individuals won’t delete the post after receiving a commission or that they won’t advertise a website using fictitious identities, etc.
Intelligent contracts Blockchain technology guarantees that funds are disbursed to individuals only when they have completed the ABC job.
Companies that Assist in Defining Blockchain Technology Use Cases
The tech behemoth is renowned for being the largest acquirer and investor in Blockchain-based enterprises.
Google’s Alphabet Inc. division is developing a distributed digital ledger that other parties can use to post and validate transactions. Google intends to provide this service to set its cloud blockchain infrastructure apart from those of its rivals.
- Apple
In December, Apple submitted a provisional patent application stating that the tech giant would be creating and validating digital signatures and combating hackers with a Blockchain timestamp creation and verification system.
- The Porsche
The top automaker has already incorporated blockchain technology into its vehicles. The brand acknowledged that using blockchain technology has several advantages.
A few of them are:
- Safe entry into the car
- Improved security and speedy data transfer
- driving autonomously
- Coca-Cola
The beverage industry giant is creating a blockchain ledger in collaboration with the US State Department to eliminate forced labor worldwide. They will create a secure worker registry with technology, which will aid in the global effort to combat the forced labor market.
- The website JD.com
A rival of Alibaba recently outlined its goals for blockchain technology in a white paper.
The company disclosed its plans to develop Blockchain-based protocols for big data protection, insurance fraud prevention, better supply chain authentication, and financial settlement.
Would you like to go on an industry-wide growth trajectory with blockchain technology? Speak with a trustworthy blockchain development company to find out how much blockchain app development would cost you.
FAQs Regarding the 2020–21 Real-World Blockchain Use Cases
What are the five most interesting applications of blockchain technology?
The following sectors are starting to come into focus when discussing the many businesses where blockchain technology will be most evidently used: manufacturing, healthcare, government, retail, and enterprises. The case studies will center on the customary advantages that come with the technology.
What blockchain applications are most intriguing for the financial sector?
Blockchain is expected to be used in the banking industry for two purposes: (A) reducing fraud cases and (B) creating an immutable and transparent KYC procedure.
What benefits does blockchain offer that go beyond cryptocurrency?
Just the tip of the iceberg in terms of Blockchain technology capabilities is cryptocurrency. Beyond virtual currencies, the technology offers several benefits. because of its several advantages, like decentralization, immutability, transparency, etc. Businesses and case studies that go beyond coins are using blockchain.
In what situations do governments employ blockchain technology?
Blockchain is being utilized in government settings to help with the data record requirements of smart cities, save property records, facilitate national identity verification, record citizen details in an immutable distributed ledger, and more.
What applications does blockchain have in the real estate sector?
Currently, blockchain applications in the real estate industry are mostly focused on distributed ledger storage of property records, accelerating digital currency payments, using smart contracts to manage agreements and deeds, etc.