Blockchain technology is drastically improving industries like banking and insurance. Some stats are here reinforcing the same:
- Coinjournal states that Blockchain are reducing 30% of banks’ infrastructure costs.
- It is also predicted that financial companies can save up to $12 billion a year from using blockchain.
However the real use cases of blockchain are far beyond this. The technology’s core concept makes it perfect for decentralization, transparency, immutability, and automation.
No doubt these are the highly demanding components of various businesses. Sometimes it’s obvious while in many cases it’s hidden in the processes.
Here we are presenting some of the most relevant blockchain use cases you may be interested in:
1. Supply Chain Management
One of the most promising use cases for blockchain is in the field of Supply chain management. As we already know that supply chain is a network which is established between a business and its suppliers. The main issues faced in supply chain management is lack of transparency of product information as it moves along supply chain and Issues in product authenticity as consumers can sometimes receive counterfeit goods.
Blockchain technology helps in eliminating these issues because of its core nature that allows multiple parties to access a database to act as the single source of truth. Blockchain efficiently tracks important product details such as the state of the product, time, shelf life and location. Consumers can verify the authenticity of purchased goods through a blockchain-enabled supply chain as they have the access of databases.
From top performing apps to the Ethereum-based Document Verification System we have build various blockchain-based projects.
You may check out our highly appreciated Blockchain based Document Issuance and Verification System here.
2. Digital Identity
Blockchain plays a vital role in digital identity management. Due to its decentralized nature, there is no centralized point where there is a chance of identity thefts or data breaches.
So with no individual owner, blockchain makes it possible to facilitate the applications and services to all the participants of data(users). Digital identity can be described as an online record of information pertaining to individuals and organizations.
Blockchain technology helps users to have control over their information. They can store their digital identity data in an encrypted hub from where they can provide access to the others. They will have the ability to control the access and can also be able to revoke the same if needed.
Another compelling use case of Bitcoin technology is in voting structure. During the days, voter fraud is the major issue which bothers the current voting structure and to get rid of this voter has to be present at the polling booth. Due to this the voters turnout is reducing. We could also opt for the online voting but that too has been resisted by many due to concerns such as security and fraud.
Blockchain can successfully remove these concerns as it will present a clear record of the votes that have been cast. With blockchain you get the tamper-proof feature that makes it difficult to hack a blockchain-enabled voting system.
Blockchain will serve as a tamper-proof and secure database to ease the problems faced in the healthcare industry. This will make it significantly easier for medical practitioners to get a better idea of a patient’s medical history.
Blockchain is helping in the tagging and tracking drugs at every stage of the supply chain. It will act as a medium to assure the authenticity of the drugs. Patients will also have control over the data stored in the blockchain. Others can view their data only if the patients grant them permission for the same.
Meanwhile, you may checkout our Live Tracking Apps coverage to get a better understanding.
5. Energy Market
Blockchain technology also helps in the decentralization of the electricity which is controlled by large corporations. Blockchain technology enables the smart metering of electricity generated through an individual’s solar panels to be recorded, traded and settled on a ledger.
If it is possible to trade electricity like any other commodity, energy prices will respond to forces of demand and supply instead of operating on a fixed regulated price. This way, individuals can be both consumers and producers of energy. This helps improve efficiency and reduce costs.
6. Real Estate
Blockchain technology with its compelling features has the ability to revolutionize the real estate sector as well. A decentralized database enables better decision making between the stakeholders, tenants, owners, and service providers and they can interact with the transaction history or ownership information in a secure manner.
Smart contracts help streamline various processes such as rental documents and releasing apartment ownership. It could also cut out the additional costs, property taxes, and registration and loan fees.
7. Food Safety
Blockchain technology also helps in managing the data as the records for the movement of food. As the supply chain for foods has become longer and complex, There is no transparency regarding the journey of our foods which leads to the increase of contaminated food.
Blockchain helps to maintain the information of the food quickly and in an easy way. Data on the blockchain will be entered digitally and users with the access of the same can get all the required information of food i.e. batch numbers, storage temperatures, shipping details, expiry dates, and factory and processing data etc.
Due to the invent of blockchain technology it is now easy to record and maintain the data digitally.
As distributed ledger technology, blockchain has the capability to provide networks and organizations improved security, transparency, accountability, and efficiency.