Blockchain is a term constantly raised when we talk about how technology has changed the way we live. For a good reason, blockchain fundamentally transforms our way of life in a multitude of areas. Blockchain is a remarkable revolution in digital ledger systems with a vast range of use cases possibilities.
Here is our list of blockchain use cases and examples:
- Peer to Peer Digital Cash System
- Enterprise solutions and development platforms
- Smart Contracts
- Internet-of-Things Network
- IoT Sensors in Supply Blockchain Management
- Smart Property
- Data-sharing marketplace
- Cloud Storage
- Healthcare Records and Insurance
- Fitness Tracking App
- Retail and e-Commerce
- Education Records
- Intellectual Rights
- Knowledge Bank
- Decentralized Social Network
- Decentralized IDs
- e-Voting Systems
- Compliance and Security
#1 Peer to Peer Digital Cash System
Perhaps the most famous blockchain application can send and receive payments. Because blockchain technology begins in cryptocurrency, this makes sense. Using blockchain technology, you can securely and directly transfer funds to anybody in the world at ultra-low rates. There are no Intermediaries to slow the transfer of funds between several banks or charge outrageous transaction fees.
This use case is particularly useful if you have remote employees or participate in the global market. Companies such as Abra, Bitwage and Coin pip charge the transfer or payroll using the blockchain.
#2 Enterprise solutions and development platforms
Platforms like Openchain allow organizations to create a blockchain instance that allows them to issue and manage digital assets. Administrators can define ledger rules. The system, however, allows no mining. Instead, the system and it’s transactions are verified by an administrator, building on a private server architectural style instead of a peer-to-peer infrastructure.
#3 Smart Contracts
Not only does the blockchain waive the need for third parties, it ensures that Ledger participants are aware of the details of each contract and that the terms of the contract are fulfilled once the specified conditions have been met.
Smart contracts are the latest digital technology for self-executing agreements recorded on a blockchain. The term ‘ smart contract’ was first coined in 1993, but it has become a worthy term since the launch of the Ethereum project in 2013. Ethereum is the most known and developed smart contract blockchain platform.
#4 Internet-of-Things Network
A great opportunity awaits the developer team who can make IoT data move faster by combining it with blockchain technology. By 2022, the IoT market is set to generate $2.48 billion in revenue. More and more technology companies are looking for ways to build a share of this market. The result is that cases of businesses using blockchain enter the landscape now.
#5 IoT Sensors in Supply Blockchain Management
Sensors give companies end-to-end visibility to their supply chain by providing the location and condition of supplies as they move around the globe. Provenance and SkuChain are just two examples of companies implementing this blockchain solution..
#6 Smart Property
Slock, an internet-of-things platform of Ethereum, uses this application to enable customers to rent apartments by activating an smart lock once the contractual agreements have been agreed on by both parties.
The Ledger will store and exchange these smart keys once the contract has been confirmed. It is also a registering and management system for property rights that enables smart contracts to double records or smart keys when lost. Developing property intelligence reduces your risk of fraud, mediation and business circumstances.
#7 Data-sharing marketplace
The blockchain ledger also provides a platform for what we call responsive, open data.’ According to McKinsey and Company’s 2013 report, open data — free government-sourced data available to all Internet citizens — may enrich the world by $2.6 trillion.
Startups may use this data to detect fraudulent schemes; farmers may use it to perform accurate farm-cropping, and parents may investigate the side effects of the medicine on their sick children. These data are released only once a year and do not respond to the input of citizens. As a public ledger, the blockchain can open this data wherever they want.
#8 Cloud Storage
Cloud storage is another application company that can use it. Storj, but, is one such company in beta testing at the time of this article, offering secure cloud storage while reducing its dependence.
Storj founder Shawn Wilkinson told VentureBeat, “Users can store traditional cloud 300 times over excess hard drive space,” just rent your home or room at Airbnb. Wilkinson said, “As the world spends $22 billion more on cloud storage alone, this could open up revenue streams for average users while reducing data storage costs for businesses and personal users.”
#9 Healthcare Records and Insurance
Insurance processors must wade through fraudulent claims, fragmented data sources, or discontinued user policies to state a few-and handle those forms. There’s a lot of room for error.
The Guardian Life Insurance Company is a life, disability, employee and dental insurance company. Using private keys on the blockchain, doctors can develop access control applications for securing personal health records, such as drug records, compliance regulations, and test results.
The same strategy could make sure that proper research is followed under HIPAA legislation. We may also store and automatically send blockchain surgical receipts as proof of delivery to insurance providers, while providing access only to permissioned individuals with the private key.
#10 Fitness Tracking App
Besides using blockchain technology to improve the effectiveness of healthcare providers, some companies bet that adding fitness and dietary elements to the system will give patients a holistic view of their progress towards reaching their health goals.
Nokia announced in November 2017 that it has a pilot program in the works to store fitness data for volunteer participants, such as steps and hours of sleep, in a blockchain database to test the technology’s potential to gather real-time health data.
#11 Retail and e-Commerce
For internal and external auditing purposes, Metro Group, the fourth largest retailer in the world, is required to archive all point of sale data. While Metro used to rely on a single provider, it recently moved to a more flexible model, where data can be re-saved from a variety of cloud providers. This gives them much more freedom and the ability to negotiate prices.
The blockchain can also help retailers offer gift cards and loyalty programs, which make the process cheaper and safer, cut off intermediaries, and use the unique verification capabilities of the blockchain.
Gyft Block, a Gyft-Bitcoin API Chain developer partnership, issued a digital card to safely trade on the Blockchain’s public leader. Smart technology may incorporate tangible or intangible assets such as cars, houses or cookers, or a company’s patent, title, or share.
Like it or not, advertisers know a lot about us. We sell our personal details to advertisers who send their ads, often without even realizing what we did. Blockchain obstructs this by establishing a secure data point where only you can access your encrypted personal data.
On the advertising side, platforms such as Clear Coin and MetaX use blockchain technology to deliver secure, transparent advertising transactions to customers worldwide.
By managing the purchase and sale of ads via the blockchain platform, these companies provide all parties with a stable, market-driven economic foundation as well as efficient and secure transactions, accurate, real-time data reporting, and a dramatic reduction in ad fraud.
#13 Education Records
Sony Global Education, a company of Sony Corporation, has recently submitted a patent application for a blockchain repository for securing school records of people such as courses, test scores, diplomas, and more, like a digital transcript.
Such a system could allow students and teachers to access relevant data while retaining their privacy. It may also provide a more transparent, reliable place for future schools and prospective employers to obtain the qualifications of the applicant.
#14 Intellectual Rights
The distribution and transparency of royalties are key issues in debates over intellectual property. By creating a comprehensive, precise and decentralized music rights database, blockchain and smart contract technology. Provides transparent, real-time transfer of fees to artists and distribution to all participants in the label.
#15 Knowledge Bank
The blockchain can facilitate self-organization through a self-management platform for companies, NGOs, foundations, government agencies, academics and individuals. Parties may interact and exchange information on a global, transparent scale.
# 16 Decentralized Social Network
Some content distribution applications like DECENT use the underlying Blockchain concept by creating a smart for applications that reward content providers when an article is published. While publishing a section of the article for free and adding metadata, the author decides the cost of the content and maintains complete control over his content.
#17 Decentralized IDs
In areas such as IDs, online account login, e-residence, passports, and birth certificates. Blockchain technology may work for identity applications. The blockchain could make private records more safe by encrypting birth and death certificates and empowering citizens to access this vital information. We carry a variety of identifications: driver’s license, computer password, identity cards, keys, social security ID, etc.
Companies like ShoCard use blockchain to validate their individual identity on their mobile devices. Github’s first digital passport, launched in 2014, could help owners identify both online and offline. You take a picture of yourself, stamp it with a public and private key, encoding both to prove you are legitimate.
Blockchain technology can also be used as a convenient and affordable notary service. For example, applications like Uproov, a smartphone multimedia platform, can be detected immediately following an image, video or sound recording by the user. Meanwhile, stampd.io could actually prove that digital creation is owned.
#19 e-Voting Systems
In Wisconsin, Pennsylvania, and the Green Party, he called for a recount. Computer scientists say that hackers can manipulate votes by rigging the electronic system. As they encrypted the votes, the blockchain solves this. Private individuals can confirm and confirm who they have voted for. The system also saves the government money.
#20 Compliance and Security
Applications such as Chainalysis automatically link digital identities so that financial institutions can identify any stakeholder expected to be involved in a fraudulent activity. It also acts as a tool to ensure regulatory compliance by analyzing blockchain transactions in real time.
Blockchain’s reach did not leave the domains of gaming and gambling untouched. Some applications such as Etheria, offer a virtual world where players can own tiles and make blocks and build stuff. The world and every action taken by individual players are kept on the blockchain.
Due to its tremendous potential, blockchain is being leveraged by many smart and innovative companies for enhancing their business processes and eventually becoming the business leaders of their respective industries. We have barely scratched the surface of blockchain technology’s potential. It won’t be long before innovators in industries besides those mentioned above discover new and unique ways to tap into potential that has yet to be imagined.