Contracts, monetary transactions, and record-keeping form the essence of any given economic infrastructure. So, when Bitcoin was introduced, people rushed to test its potential based on the aforesaid criteria. Rigorous tests and trials pulled mass attention towards the underlying principle working behind cryptocurrencies called ‘Blockchain Technology.’ Just like any other new project, blockchain took time to come out of the shadow of cryptocurrencies. With deeper research, experts managed to unravel the exorbitant potential hidden behind the decentralized ledger network.
In no time, blockchain technology started widening its wings to explore industrial fields other than crypto. This is how we found blockchain revolutionizing the working paradigms across financial and non-financial sectors. Decentralized Ledger Technology brought the much-needed change in the core ecosystem that shifted from a centralized setup to a full-fletched decentralized cluster. Education, healthcare, supply chain, logistics, media and entertainment, sports, etc., are some of the top non-financial domains that have gracefully welcomed blockchain technology into their core systems. The sectors presently have a strong blockchain platform cluster offering unprecedented services to users.
The scope of blockchain is infinite as it does not stick to the age-old, rudimentary working channels. It speaks about freedom, ownership, and creativity. With decentralization, blockchain strives to give full freedom to the users to own, create, and earn at their will. The technology infuses high-end security, transparency, and immutability to the essence of an economic system.
Firms are investing in bulk to encourage blockchain development within their working ecosystems. This article highlights some of the most promising real-world use cases of blockchain technology. So, let’s understand how blockchain empowers real-world businesses with its decentralized setup.
What is Blockchain?
Blockchain is a shared, distributed, and decentralized ledger that facilitates the recording of transactions in a structured setup. Each transaction is stored in blocks that are interconnected, forming a chain of transactions stored there. The data stored does not require validation from a central authority like in a centralized network. They are verified by node operators who manage the entire decentralized ledger. The transactions are secured using encryption and are duly time-stamped to ensure full transparency. All the participating nodes have access to the data entered on the blockchain. This makes it difficult for intruders to hack the data as there is no single point to attack but a chain of nodes. Once entered, transactions cannot be changed, deleted, or manipulated by any person, thus making blockchain tamper-proof. Immutability is one of the most popular characteristic features of a blockchain network. The decentralized technology comes packed with a plethora of unprecedented features that make it a good resource for industrial use and expansion.
Top Blockchain Use Cases
When it comes to crowdfunding, one of the major roadblocks is accountability. Investing your hard-earned money in a project comes with its own set of perks and limitations. Often, investors do not have complete information about the project they are willing to invest their funds.
At this point, blockchain can be a perfect partner for less-informed investors. The data remains stored in blocks ensuring high-end security and transparency. One can easily find all the crucial facts related to the firm, the team, and their future plans. Also, smart contracts work like escrow accounts for investors and creators. The contract locks a portion of funds and releases it only when the set work target is achieved. On the other hand, project developers use blockchain to earn greater support with minimum expenditure.
Wefunder, Coinstarter, TallyCoin, Gitcoin, Meridio, QuantumRE, RealBlocks, PancakeSwap, GameFi, Pledgecamp, etc., are some renowned crowdfunding platforms using blockchain technology.
Transferring money across international boundaries can cost you a good amount of money. Payment service providers like Western Union and Visa fetch fee charges from customers from their services. Blockchain facilitates cross-border transactions at a lower charge compared to other payment resources.
Ripple is one of the most popular blockchain platforms for wiring money around the globe at minimum cost expenses. Its native currency XRP falls in one of the top slots in market ranking based on market cap. The network strives to make crypto more accessible for people in common.
Easy Money Lending
Lending money from banks and other financial institutes can be a cumbersome and expensive process. Some underdeveloped nations do not have a proper banking setup from where they can lend money. Blockchain empowers every person by providing them access to a safe payment system. A good blockchain course can help you understand the complete infrastructure involved in money processing in a blockchain network.
The decentralized cluster allows borrowers and lenders to indulge in P2P lending without an interplay of a central banking institute. With blockchain, users can transact with an anonymous identity in a decentralized marketplace. All the transactions take place via digital wallets that use private keys to ensure the safety of locked funds. The interest rate is also low as no cut is reserved for banks or intermediary parties.
Some of the top blockchain-based lending platforms are Celsius, AAVE, Binance, MakerDAO, YouHodler, CoinLoan, etc.
The insurance sector is one of the most risk-prone sectors. Every year, thousands of dollars are lost in insurance scams. This happens when there is a lack of proper information about the applicant or a security breach on the part of the insurance firm. We can reduce insurance fraud using blockchain technology. Firms can use the technology for creating smart contracts to manage insurance claims, automate and speed-up payment processes, and ensure enactment of cybersecurity protocols.
The data entered in blocks is duly time stamped and immutable. This assures the reliability of the source of information filled by the applicant and avoids all sorts of data manipulations. The recording of medical information such as reports and hospital bills in case of health insurance on the blockchain helps in verification at the time of payment.
Tech giant, IBM partnered with Cateina Technologies and fifteen Indian insurers to create a blockchain solution for insurance industry.
The use of blockchain for stock trading has emerged as a potential use case for the technology. Today, top-tier stock exchanges like London Stock Exchange are moving to blockchain for stock trading. Blockchain streamlines the processes involved in stock investments, such as registration, issuance, and trading. The technology facilitates transparency at each step. To learn about blockchain-based stock trading, you can enroll in blockchain technology courses offered by Blockchain Council.
Tourism companies offer a plethora of rewards and loyalty incentives to their customers. These promotion tactics help keep the customers hooked to their platform. Well, getting coupons for free meals or discount cards for shopping might sound attractive, but they have lost their charm over time. Today, people prefer incentives that give them long-term benefits. Blockchain loyalty tokens are quickly becoming a hot trend in the tourism sector. They allow token owners to access several privileges and a fair chance to make some passive income as well.
France-based travel firm, Sandblock allows customers to create their customized loyalty tokens which are exchangeable for juicy rewards. Owners can exchange coins for fiat money or use them as actual coins.
Travel fans often find themselves fussing over travel bookings and hotel bookings. Though making payments for reservations is undoubtedly the most important part of an expedition, it is also one of the most tiring. However, with blockchain, you can expect things to become less strenuous. Using crypto and other blockchain-supported payment streams help to make swift transfers without any risk of data theft. Sometimes, hotels offer rewards to customers for making crypto payments. So, this can be an added perk for you.
Winding Tree, uses blockchain technology to directly connect travelers with airline operators, hotels, and guides. LÍF is the native currency of the portal.
Real estate requires a transparent interface where records are maintained, stored, and used when required. Document verification is an essential part of the whole process. Blockchain technology offers a secure, transparent, and verifiable system for the real estate business. It gives full ownership rights to the land purchasers while ensuring integrity and security of all forms. As everything is recorded on the blockchain, the information is always traceable by the parties involved. Using digital signatures and smart contracts ensures that the locked deal is fair.
Ubitquity serves as one of the first SaaS providers for the real estate industry. The service runs on top of the blockchain network, making it a highly secured record-keeping source. No central authority is involved, and the users gain full ownership of the property post the trade.
Buy and Sell Land
Property transactions involve a hefty amount of money. Thus, it needs a fair and transparent ecosystem that satisfies all the verification standards. Recording of data on blockchain makes it free from intrusions. Purchasing and selling properties via a blockchain network offers security and traceability for both parties involved. No party can change the information or dwindle payments once they are recorded on the decentralized ledger. One can easily indulge in cross-border deals as well using blockchain technology.
Propy is a blockchain-powered platform that allows users to buy and sell properties. It strives to eliminate payment and document frauds that are quite common in the real estate business.
Blockchain can work as a robust decentralized network where land owners can store their properties and digital assets with complete control. One can register their property and store it on the ledger as an asset. The asset is supported via cryptography, smart contracts, and digital signatures.
Personal Data Security
Personal information theft and identity hacking have become common issues in cyberspace. Every day, people from around the world, unfortunately, become a victim of these well-planned scams. Identity theft, data alterations, and document forgery have caused huge losses to people over the years. Blockchain can help resolve this by storing personal data on its immutable ledger. There are platforms that allow users to store their vital information on a blockchain network.
Civic is a renowned blockchain-supported portal incorporating a digital wallet that also serves as a digital ID card. It facilitates identity verification, health status, and P2P crypto transfers. The users get full control over their digital identities. The platform helps customers to share their ID and data with others at their will.
Maintaining a transparent and continuous supply flow is an important part of the logistics industry. Sometimes it gets disrupted because of lack of communication, data siloing, or thefts. This is where blockchain technology can help the sector to flourish. The decentralized ledger can validate data sources, automate activities, and store voluminous data. It can strive to build trust, ensure transparency, and attain maximum output at minimum costs.
The global shipping giant DHL uses blockchain-supported logistics to tap into the information. All the records related to shipments are maintained on the blockchain network. The use of blockchain ensures the integrity, security, and immutability of transactions.
Media and Entertainment
Digital media is sprawling as a multi-billion-dollar industrial domain. The continuous surge in the sector is opening loopholes as well. Issues like data privacy, copyright theft, fraud related to IP rights, etc., are becoming quite common. One can easily counter privacy and security challenges by integrating blockchain technology into the media and entertainment industry. Keeping track of royalty payments of artists becomes easy when managed on a blockchain.
Steem serves as a social media platform that runs on a blockchain network. It allows users to earn juicy crypto rewards against their original creations uploaded on the portal. The creators become stakeholders of Steem and get showered with crypto tokens for each contribution.
Integrating blockchain technology in healthcare can not only strengthen the functionality of the sector but also make it less expensive. We can store our medical records on the blockchain and access them digitally at anytime and from anywhere in the world. Smart contracts make them safe by restraining intruders to access them without the owner’s will. At the time of need, the patient can share the digital files with the doctor easily. As everything remains tamper-proof, there is no way the documents will get stolen or mixed up with another patient. Digital signatures work as IDs for users to access their medical records and exchange them with professionals.
To keep a check on the supply chain of medical products, Blockverify uses blockchain technology. The portal allows customers to track products in the supply chain and ensure their authenticity.
Selling and buying space for promotions and advertisements can ne cumbersome and cost quite you a lot. However, with blockchain technology, this issue can be resolved to some extent. Blockchain platforms like Thrive offer an interface where purchasers and sellers buy advertising spaces at minimum costs. By reviewing websites or sharing data, users can fetch some passive income as well.
The technology also allows customers to look behind the veil. They can trace the product right from the start of the supply chain and through the end of it. Owners can get complete information about the creator, idea behind the product’s origin, and verify its authenticity via the data stored on the blockchain network.
Online marketplace, Openbazaar deals in blockchain and crypto to offer a P2P trading portal for customers. Sellers can place their products without spending a penny as fee charges. There are no middlemen and the sellers get full freedom to trade their collection.
Firms can use blockchain technology to seek access to location data which is quite important for airline operators and rental services. XYO Network is a popular service provider that offers accurate location data through several interconnected resources. The service helps car rentals to find lost products, airlines to locate lost luggage, or e-commerce firms to deliver products in the remotest areas.
Another platform called Parkgene serves as an Airbnb for temporary parking places. It lets people rent their empty parking spaces to others in need. The users can track such places using the website.
Community-managed, ridesharing service, LaZooz uses blockchain technology to make rented ride experience more convenient. The interface syncs vacant seats with travelers in real time and matches them with people sharing same interests. The drivers and passengers earn digital tokens as rewards.
With technology evolution comes development, innovation, and change of working. Shifting to a decentralized system using blockchain technology helped us take a huge step towards a liberal economy. The technology paves the way for new growth opportunities for firms and individuals. Blockchain is growing at a fast pace. If reports are anything to go by then within a few years, blockchain will become more mainstream than any other resource. The technology has immense hidden potential to revolutionize the way we think and so we should look forward to its expansion in more complicated areas of economy and industry.
If you are willing to learn about cryptocurrency concepts then you can go to Blockchain Council’s official web portal. The platform offers access to best blockchain certification programs to users. The participants can gain subjective knowledge and indulge in blockchain technology training sessions to get practical knowledge easily.