9 Real-World Use Cases of Blockchain
Contracts, monetary transactions and record-keeping are the core of any economic infrastructure. People rushed to see if Bitcoin could meet the above criteria when it was first introduced. It took a lot of trials and rigorous tests to bring attention to the underlying principle behind cryptocurrency, called “Blockchain Technology.” Blockchain was not a new project. Experts were able to uncover the immense potential of the decentralized ledger network through deeper research.
Blockchain technology quickly expanded its reach to other industrial fields. This is how blockchain revolutionized the working paradigms in both financial and non-financial industries. The core ecosystem was transformed from a centralized structure to a fully-fletched, decentralized cluster with Decentralized Ledger Technology. The top non-financial domains that have welcomed blockchain technology into core systems include education, healthcare, supply chain management, logistics, media, entertainment, and sports. These sectors currently have a strong cluster of blockchain platforms that offer unprecedented services to their users.
Blockchain is a new technology that transcends the limitations of traditional working channels. It is about freedom, ownership, creativity. Blockchain is decentralization. It allows users full freedom to create, own and earn their own blockchain. Blockchain technology adds high-end security, transparency and immutability into an economic system’s essence.
To encourage Blockchain development within their work ecosystems, large-scale investments are being made by firms. This article highlights the most promising uses of blockchain technology in real life. Let’s now see how blockchain technology empowers real-world companies through its decentralized structure.
Blockchain is a distributed, shared and decentralized ledger that allows for the systematic recording of transactions. Each transaction is stored in blocks interconnected to form a chain of transactions. The data is not subject to validation by a central authority, as in a centralized network. They are verified and maintained by node operators, who oversee the entire decentralized ledger. To ensure transparency, transactions are encrypted and time-stamped. All participating nodes have full access to all data on the blockchain. Hackers cannot hack the data because there is not one point of attack, but a whole chain of nodes. Transactions cannot be altered, deleted or modified by anyone once they are entered. This makes blockchain impervious to hackers. One of the most important characteristics of a blockchain network is its immutability. This decentralized technology is packed with many unique features that make it an excellent resource for industrial expansion and use.
Top Cases of Blockchain Use
Accountability is a major obstacle to crowdfunding. Each project has its own set benefits and limitations. Investors often don’t have all the information they need about the project in which they want to invest their money.
Blockchain can be an ideal partner for less-informed investors. Blockchain provides transparency and high security by storing the data in blocks. It is easy to find the most important information about the company, their team and their future plans. smart contract works like an escrow account for creators and investors. Contracts lock a portion of the funds and release it only after the work goal is met. To earn more support, project developers can use blockchain to make minimal expenditures.
Wefunder and Coinstarter are just a few of the well-known crowdfunding platforms that use blockchain technology.
It can be costly to transfer money internationally. Customers pay fees to Western Union and Visa for their payment services. Blockchain allows cross-border transactions for a lower fee than other payment options.
Ripple is one the most used blockchain platforms to wire money all over the world at minimal cost. Market cap is the top metric for Ripple’s native currency XRP. The network aims to make crypto more easily accessible for all.
Easy Money Lending
It can be difficult and costly to borrow money from banks or other financial institutions. Many countries that are less developed do not have an adequate banking system from which they can lend money. By allowing everyone to have access to a secure payment system, blockchain empowers them all. An excellent blockchain course will help you understand all the infrastructure required to process money in a blockchain network.
Decentralized lending is possible without the involvement of central banks. Blockchain allows users to transact anonymously in a decentralized marketplace. To ensure that funds are safe, all transactions are made via digital wallets. Banks and intermediaries are not exempted from the interest rate.
AAVE, Binance and MakerDAO are some of the most popular blockchain-based lending platforms.
Insurance is one of most vulnerable sectors. Insurance scams cost thousands of dollars every year. This occurs when the insurance company doesn’t have enough information or security breaches. Blockchain technology can help reduce insurance fraud. The technology can be used by firms to create smart contracts that automate and speed up payment processes and manage insurance claims.
Blocks of data are time stamped and irrevocable. This ensures that the applicant’s source of information is reliable and prevents data manipulations. In the case of health insurance, the blockchain records medical information like reports and hospital bills. This allows for verification at the time payment is made.
IBM, a tech giant, partnered with Cateina Technologies to create a blockchain solution in the insurance industry.
Blockchain for stock trading is a possible use case. Top-tier stock exchanges, such as the London Stock Exchange, are now using blockchain to facilitate stock trading. Blockchain simplifies stock investment processes, including registration, issuance and trading. Transparency is possible at every step. Blockchain Council offers courses on blockchain technology that will teach you how to trade stock using blockchain.
Many rewards and loyalty incentives are offered by tourism companies to customers. These promotions keep customers coming back to them. Although getting coupons for free food or discounts on shopping may sound appealing, they lose their appeal over time. People prefer long-term rewards. The popularity of blockchain loyalty tokens is rapidly growing in the tourism industry. These tokens allow token owners to gain access to many privileges, and also offer passive income.
Sandblock, a France-based travel company, allows customers to design their own loyalty tokens that can be exchanged for tasty rewards. Owners have the option to exchange their coins for fiat currency or use them as real coins.
Many travel enthusiasts are obsessed with hotel and travel bookings. Although making payments for expeditions is the most important, it can also be the most exhausting. With blockchain, things will be easier. With the help of crypto and other blockchain-supported payment channels, it is possible to quickly transfer funds without worrying about data theft. Hotels sometimes offer reward points to customers who make crypto payments. This can be a great perk.
Winding Tree uses blockchain technology to connect travelers with airlines, hotels, and guides. LIF is the currency used by the portal.
Real estate needs a transparent interface that allows records to be stored, maintained, and used as needed. The process of document verification is essential. The blockchain technology provides a transparent, secure, and verifiable platform for real estate businesses. It grants land buyers full ownership rights and ensures integrity and security for all forms. The information can be traced by all parties as it is stored on the blockchain. The fairness of the locked deal can be assured by smart contracts and digital signatures.
Ubitquity is the first SaaS provider for the real-estate industry. It runs on the blockchain network and is highly secure. The trade is conducted without the involvement of any central authority and users are granted full ownership.
Buy and Sell Land
Property transactions can involve large sums of money. It requires a transparent and fair ecosystem that meets all verification standards. The blockchain is secure because it records data and can be accessed without intrusions. The blockchain network allows for the purchase and sale of properties. This provides security and traceability to both parties. Once the transactions are made public on the blockchain network, no one can alter the data or make dwindling payments. You can also use blockchain technology to facilitate cross-border transactions.
Propy, a blockchain-powered platform, allows users to sell and buy properties. It aims to eradicate frauds in payment and documentation that are common in real estate.
Blockchain can be used to create a secure, decentralized network that allows land owners to store digital assets and properties with full control. You can register your property and make it an asset on the ledger. Cryptography, smart contracts and digital signatures can be used to support the asset.
Personal Data Security
Cyberspace has become a common place for identity theft and identity hacking. These well-planned scams are affecting people all over the globe every day. Over the years, identity theft, document forgery, and data alterations have resulted in huge losses. Blockchain can solve this problem by storing personal information on an immutable ledger. Some platforms allow users to save their most important information on a blockchain network.
Civic, a blockchain-based portal with a reputation for its digital wallet and digital ID card, is well-known. It allows identity verification, health status and P2P cryptocurrency transfers. Users have full control of their digital identities. Customers can share their IDs and data with other users at will.
The logistics industry is dependent on a continuous and transparent supply flow. It can be disrupted by lack of communication, data siloing or theft. Blockchain technology is a great tool to help this sector thrive. Blockchain technology can verify data sources, automate processes, and store large amounts of data. It can help build trust, assure transparency, and achieve maximum output at minimal cost.
DHL, a global shipping company, uses blockchain-support logistics to access the data. The blockchain network stores all records relating to shipment. Blockchain ensures transactions are secure, immutable, and inviolable.
Media and Entertainment
Digital media is a multi-billion dollar industrial sector. There are many loopholes in this sector due to the constant growth. Data privacy, copyright theft and fraud related to IP rights are all becoming more common. Integrating blockchain technology into entertainment and media can help to address security and privacy concerns. Blockchain technology makes it easy to track royalty payments for artists.
Steem is a social media platform that uses a blockchain network. Users can earn crypto rewards for uploading their creations to the platform. Steem’s creators are now shareholders and receive tokens in exchange for their contributions.
Blockchain technology can be used to improve the healthcare sector’s functionality and make it more affordable. The blockchain can be used to store and access our medical records and allow us to view them online from any location. They are protected by smart contracts that prevent unauthorized access. The patient can easily share digital files with their doctor at any time. Because everything is tamper-proof there’s no chance that documents could be stolen or mixed up by another patient. Users can access their medical records online and share them with professionals using digital signatures.
Blockverify uses blockchain technology to keep an eye on the supply chain for medical products. Customers can track the supply chain of products and verify their authenticity through the portal.
It can be difficult and expensive to sell and buy space for advertisements and promotions. This problem can be solved with blockchain technology. Thrive, a blockchain platform, allows buyers and sellers to buy advertising space at minimal costs. Users can also earn passive income by sharing data or reviewing websites.
Customers can also see behind the veil with this technology. They can track the product from its beginning through the end of the supply chain. The blockchain network stores data that allows owners to verify the authenticity of the product and provide information about the creator.
Openbazaar, an online marketplace that deals in crypto and blockchain, offers customers a P2P trading platform. Sellers don’t have to pay any fees for placing their products. The sellers have full control over their collections and there are no middlemen.
Blockchain technology can be used by firms to gain access to location data. This is very important for rental companies and airline operators. XYO Network, a well-known service provider, provides accurate location data via several interconnected resources. This service allows car rental companies to locate lost products and airlines to locate luggage. It also allows e-commerce businesses to deliver products to remote areas.
Parkgene is another platform that allows you to rent temporary parking spaces. This allows people to rent out their parking spaces to those in need. Users can use the website to track these places.
LaZooz, a community-managed ridesharing platform, uses blockchain technology for a more efficient rental experience. This interface connects empty seats with travelers and matches them up with people who share similar interests. As rewards, both drivers and passengers can earn digital tokens.
Technology evolution is accompanied by innovation, development, and a change in working practices. We made a significant step towards a more liberal economy by moving to a decentralized system that uses blockchain technology. This technology opens up new opportunities for individuals and firms. Blockchain is rapidly growing. If recent reports are any indication, blockchain will be more common than any other resource in a few years. This technology holds immense potential to revolutionize our thinking and we should expect its expansion into more complex areas of industry and economy.