7 Real-Life Blockchain Use Cases
Blockchain technology is still new to many people around the world. In fact, many people cannot think of any other viable technology deployments and use cases outside of cryptocurrencies. If you fall into this category, it’s not a big deal, because for most of its existence, the resonance and noise surrounding the technology has been centered on Bitcoin, Ethereum, NFTs, and more recently the metaverse.
At the heart of all these use cases are cryptocurrencies. Always about how the coin or project token will facilitate exchanges and transactions within the ecosystem.
However, blockchain technology goes far beyond cryptocurrencies. The technology itself provides a means of permanently storing data, the information contained within it can neither be manipulated nor deleted. As a result, the technology has found examples in several industries around the world. Blockchain Development Company,
finance
It’s more of a given. This is probably the first use case that comes to mind. Over the past decade, blockchain technology has gradually and continuously disrupted global finance. Much of this can be attributed to the emergence of the Ethereum network and its smart contract capabilities.
While Bitcoin emerged to create a digital alternative to exchange, it is Ethereum that truly decentralizes global finance. Ethereum effectively ushered in the era of decentralized finance, or DeFi for short.
Financial services such as lending, insurance, portfolio investing, staking, yield farming, trading and many other financial services can now be accessed on the blockchain.
Today, it is now possible to transact and make local and international payments from the comfort of your home. Recently, there has also been a new era of cryptocurrency payment gateways, where cryptocurrency holders can simply pay for services with their credit/debit card.
Algorand, Binance, Polymath, and Circle are just some of the well-known names offering financial and investment services on the blockchain.
Data Privacy and Protection
The world has never taken data protection more seriously than it does now. In the age of advanced technology and data mining, it is becoming more and more obvious that user data is the new oil.
In the right hands, data can be used to make informed decisions for the population, while in the wrong hands it can be manipulated to devastating effect. This makes the blockchain a safe place to store and protect user data without fear of possible compromise.
By its very nature, blockchain is a secure network where data is processed anonymously. The protection of personal data is further ensured by adding an extra layer of a dedicated data protection program.
healthy
You should find this interesting, but the basic concept of a healthy blockchain follows the logic of permanently storing records.
With blockchain technology, patients can now keep their medical records securely on the blockchain. This directly performs two key functions. First, patient health records can be easily tracked on the blockchain with full knowledge that these records have not been tampered with. This makes it easy to track a patient’s progress and medical history over time.
Second, storing patient medical records in a secure and tamper-proof location creates a central location where such information can be accessed with permission when needed. This further means that patients can receive treatment from anywhere in the world, and physicians can instantly know what to do simply by accessing the patient’s track record.
Election Transparency
By virtue of its inherent characteristics, blockchain technology makes it possible to conduct free and fair elections. It creates a path to transparency in the electoral process by keeping a permanent record of every vote.
Followmyvote is a blockchain-based platform focused on increasing the transparency of the voting process. It does this by distributing tokens to voters, which can only be used once during the voting process. This helps prevent multiple votes and various forms of manipulation. In the end, a permanent record of all votes was achieved, and the real decision was effectively in the hands of voters.
Copyright management
Nothing beats a non-fungible token. NFTs are digital tokens whose value is unique and cannot be recreated or exchanged. This has come in handy in copyright management in recent years.
NFTs can now be created as digital representations of unique things. The information contained in this NFT will indicate the rightful owner of the idea, and ownership can then be transferred to others at the discretion of the original owner.
A good example is selling Jack Dorsey’s first tweet. Jack Dorsey created the NFT from the tweet, effectively becoming the copyright owner of the tweet, and its sale meant he effectively transferred ownership to the buyer. Transfer records are permanently stored on the blockchain, while ownership is held by the new entity.
It cannot be tampered with, and the blockchain keeps records forever.
supply chain
We already know that the supply chain involves the entire stage of delivering goods and services to the final consumer. Thanks to blockchain technology, all parties in the supply chain can now monitor the flow and progress of the entire process.
They can see all the information in real time and track every aspect of the process. This automatically builds trust and reduces the need for constant communication between parties, leaving them room to focus on what really matters.
Overall, with the help of blockchain technology, parties can strengthen their relationship based on trust. They can also save costs and focus on delivering quality products and services.
real estate
If there’s one industry that probably shouldn’t be on this list, it has to be real estate. The real estate industry is known to be resilient and liquid when it comes to purchases and transfers. However, it has been one of the industries that has benefited greatly from blockchain technology.
