Blockchain technology is commonly associated with cryptocurrencies, but it has been adapted to be used in many other ways beyond just digital assets. This has created new possibilities for both individuals and businesses to explore and benefit from
In this blog, we have listed the top blockchain technology use cases you should know about.
Blockchain technology is drastically improving industries like banking and insurance. Some stats are here reinforcing the same:
- Coinjournal states that Blockchain is reducing 30% of banks’ infrastructure costs.
- It is also predicted that financial companies can save up to $12 billion a year from using blockchain.
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:
But first, let’s see what blockchain is.
Table of Contents
What is Blockchain?
A blockchain is a decentralized digital record of transactions that is stored across a network of computers. This technology ensures that information is secure and difficult to tamper with, as it is stored in a way that makes altering records nearly impossible.
Each block contains a group of transactions. When a transaction occurs on the blockchain, a permanent record of that transaction is added to a ledger that cannot be changed, and all members of the network can see it. This ledger is visible to everyone in the network, whether it’s open to anyone (permissionless) or restricted (permissioned). This means that all network participants share the same information and can monitor orders, payments, accounts, assets, and other details instantly and accurately.
Blockchain transactions rely on cryptographic signatures, which are also referred to as hashing. This ensures that they are secure from tampering, as any changes made to a blockchain would impact all copies of the network that are distributed across multiple locations.
Blockchain technology is often linked with cryptocurrencies, but it has many practical applications in various industries. Keep reading to discover some common uses that are transforming the way businesses operate.
7 Use Cases of Blockchain Technology
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 that is established between a business and its suppliers. The main issues faced in supply chain management are lack of transparency of product information as it moves along the 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 which 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 access to 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 theft 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 others. They will have the ability to control the access and can also be able to revoke the same if needed.
3. Voting
Another compelling use case of Bitcoin technology is in the voting structure. During the days, voter fraud is the major issue that bothers the current voting structure and to get rid of this voter has to be present at the polling booth. Due to this, the voter turnout is reducing. We could also opt for 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.
4. Healthcare
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 of 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 check out 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 access to the same can get all the required information about food i.e. batch numbers, storage temperatures, shipping details, expiry dates, and factory and processing data, etc.
Due to the invention of blockchain technology, it is now easy to record and maintain data digitally.
Wrapping Up
Using blockchain technology as a tool has helped industries enhance their operational efficiency. Distributed Ledger Technology (DLT) allows businesses and individuals to take advantage of new opportunities for expansion and progress. The real-life examples of blockchain technology applications mentioned in this blog show how it can revolutionize our work processes. Blockchain revolutionizes industrial operations by creating user-focused environments. Companies can engage in fair trade and offer customers trustworthy products and services by utilizing blockchain technology’s transparency, security, and permanence.
As distributed ledger technology, blockchain has the capability to provide networks and organizations improved security, transparency, accountability, and efficiency.
And if you want your business to process fast with higher security, then you must check our Blockchain Services or contact us to discuss your requirements.
Manvendra Kunwar 
Shivam Rathore