Top 10 Promising Blockchain Use Cases

Introduce

Blockchain is a term that keeps coming up whenever we talk about how technology has changed the way we live. For a good reason, blockchain is fundamentally transforming the way we live for the better in many areas. Blockchain is certainly a remarkable revolution in recording systems. Some of the industry’s brightest minds have even described blockchain as a ‘magic bean’ due to the plethora of high-level use cases promised by blockchain. Since its invention, entrepreneurs in industries across the globe have understood the positive implications of this development.

Before diving into the list of blockchain use cases, let’s understand the basics of blockchain.

So, what is Blockchain?

Blockchain is a digital, decentralized technology that maintains a record of all transactions that occur over a peer-to-peer network. These records are stored in decentralized systems that are interconnected. Blockchain reduces vulnerability and increases transparency in all areas of business because information is stored digitally and it has no centralized or intermediary point to conduct transactions. Each group of transactions on the blockchain is called a block, and each block is combined chronologically to form a chain. Each and every piece of information recorded on the blockchain is public, and every participant has a copy of the blockchain. A blockchain is distributed because it is not controlled by a single entity.

Since we now have a fair understanding of blockchain, we will now analyze the top 10 promising use cases of blockchain across different verticals.

1. Supply Chain Management

The main problems faced here are:

  • Lack of transparency as the product moves along its supply chain.
  • Product authenticity issues as consumers can sometimes receive fakes.

As we all know, a supply chain is an established network between a business and its suppliers. Blockchain promises to find solutions to supply chain problems through the digitization of assets. It allows products to be tagged and assigned a unique identity, which is then implanted into an immutable, transparent, and secure blockchain. Blockchain helps in tracking important product information such as the product’s status, expiry date, time and location. With the digitization of blockchain-enabled assets, the supply chain of a product can be effectively implanted into the supply chain.

Consumers can verify the authenticity of purchased goods through a blockchain-enabled supply chain. Products can be accurately tracked across different locations and stages in the supply chain. This way, stakeholders will be able to isolate and resolve any potential issues.

2. Digital Identity

Today, digital identities are becoming problematic as centralized entities become increasingly vulnerable to identity theft and data breaches. Ownership is concentrated in the apps and services with which we agree to use our data. A digital identity can be described as an online record of information relating to individuals and organizations.

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In a blockchain, users can control their information. Instead of giving consent to multiple service providers, users can store their digital identity data in an encrypted digital hub. Individuals can control access to the hub and can also revoke access, if necessary. Using blockchain technology, users can control their digital data and how it is used.

3. Voting

Voter fraud is a major problem plaguing today’s voting structures. This calls for a voter present at the polling station to cast their vote. This reduces the total voter turnout. Voting is an optional must-have activity done online. However, online voting has been opposed by many due to concerns such as security and fraud. Blockchain can successfully eliminate these concerns as it will present a clear record of the votes cast. The tamper-proof feature of a blockchain makes it difficult to hack a blockchain-powered voting system. With blockchain, the voting process can be done from the comfort of a voter’s home. This could lead to a significant increase in turnout.

4. Fundraising (Security Token Offering)

While the Initial Coin Offering helped democratize the funding process, this funding model has several drawbacks. An ICO investment does not represent traditional equity and, therefore, the investor has limited rights over the investments. Some limitations of traditional financial markets are intermediaries fees, floating costs and delays in clearing.

Security tokens are blockchain-based tokens that allow companies to sell tokenized financial instruments such as debt and equity. The advantages of security tokens are:

Lower minimum investments by allowing fractional ownership.

They are instantly transferable and traded on the secondary markets 24/7.
This reduces the cost of the investment process as the tokens are held by individuals, thus eliminating the need for brokers and custodial accounts.

Security Token Offering (STO) is a much more mature and regulated form of investment than Initial Coin Offering (ICO). STOs are often less entangled in regulatory issues as stakeholders must legally register their products and services with their respective national regulatory authorities.

5. Health Care

Current issues:

  • Medical practitioners lack a clear and complete understanding of the patient’s medical history. This hinders the delivery of effective healthcare solutions.
  • Counterfeit or counterfeit drugs are also a major problem in the medical supply chain.
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Blockchain will act as a secure and tamper-proof database to alleviate the problems faced in the healthcare industry. Patient medical records can be stored on a blockchain. This will make it easier for doctors to better understand a patient’s medical history. Blockchain will also help to tag and track drugs at every stage of the supply chain. It will act as a means to ensure the authenticity of the drug. Patients will also have control over the data stored in the blockchain. Others can only view their data if the patient gives them permission to do so.

6. Notary public

Most assets are owned in the form of papers. This makes it possible for records to be forged or fraudulent. Notarization is a fraud prevention process that assures the parties of a transaction that a document can be trusted and authenticated. Blockchain technology will add significant value to the notarization process. The blockchain’s tamper-proof and transparent features make it a suitable candidate for notarization. Blockchain can be used in notarization to ensure proof of existence. Blockchain helps to prove the existence of a document from the moment it was created and modifications can also be detected. Verification of whether a document has been altered can be done by hashing the document. If there is any change, the document will result in a different hash and the owner will know about the change.

7. Food Safety

Food supply chains are getting longer and more complex. There is no transparency regarding the journey of our food. This leads to an increase in contaminated food. There is potential for inaccurate data collection as records of food movement are often paper-based. This leads to costly delays.

Blockchain technology allows for quick and easy verification of the history, location and status of a specific food product. Farm provenance details such as batch number, storage temperature, shipping details, expiration date, plant and processing data can be digitally recorded on the blockchain. End-to-end traceability will improve the efficiency of the food supply chain. The data will be entered digitally on a blockchain, and thus everyone with access to the blockchain can access the data.

8. Intellectual Property (IP)

Poorly maintained IT protocols cause unnecessary legal disputes. Adding a blockchain system can act as a platform providing precise and unambiguous ownership of IP assets. Tamper-proof blockchains can provide timestamps to indicate the exact recording time of an idea. This will resolve any disputes regarding the origin of an idea. Blockchain also gives intellectual property owners the added advantage of protecting their intellectual property infringers, such as patent scammers.

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9. Energy Market

Blockchain helps decentralize the energy market, which is controlled by large corporations. Blockchain enables smart measurement of electricity generated through individual solar panels to be recorded, transacted and settled on a single ledger. If electricity could be bought and sold like any other commodity, the price of energy would react to the forces of supply and demand instead of operating at a fixed price. In this way, individuals can be both consumers and producers of energy. This helps to improve efficiency and reduce costs.

10. Real Estate

Using blockchain technology in real estate has the potential to revolutionize rental property payments. A shared database will enable better decision making and cost savings as stakeholders, tenants, owners and service providers can interact with transaction history or information secure ownership. Smart contracts help to streamline various processes such as rental documentation and release of apartment ownership. Automating all processes on a decentralized blockchain platform can cut the cost of additional checks, property taxes, and registration and lending fees.

Inference

Blockchain is making the impossible possible by allowing people to protect digital relationships. Thanks to the advent of blockchain, data is now being recorded, disclosed and secured in a different way. Due to its huge potential, blockchain is being leveraged by many smart and innovative companies to enhance their business processes and eventually become business leaders in their respective industries.

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