Blockchain is said to be a shared or immutable ledger that enhance the process of recording transactions and tracking assets in a business network. Blockchain has increases its popularity industrial applications, by skyrocketing its innate qualities – the ledger distribution and immutable decentralization is completely transparent. Therefore, there’s no need for a centralized authority to manage a Blockchain network. All the peers-to-peers in these networks verify the information stored in the Blockchain ledger. These transactions are highly secured and reliable as well as free from any cyber-attacks.
The qualities of Blockchain technology revolutionary stands as one of the Basic technological tools of the 21st century. As a tamper-proof ledger Blockchain technology, it has offered many possible use cases for businesses across industries and organizations.
Showing that the blockchain market has a projected growth of 67.3% CAGR and will be US$ 39.7 billion between 2020-2025.
Let discuss some of the best use cases in Blockchain technology
Each of these use cases categorized under specific industries/applications:
- Smart Contracts
Smart contracts Blockchain use cases, these are said to be an encrypted contract, created as an agreement between two or more parties without the involvement of any intermediary. This contract exists across a distributed and decentralized Blockchain network. Smart contracts are now a staple in real estate, government agencies and Health care use cases:
healthcare uses these blockchain smart contracts to facilitate the transfer of sensitive medical records and data between patients and doctors. These contracts specifically and clearly outline the parameters for data sharing. They as well contain personalized health plans and other relevant details for individual patients.
2. Internet of Things (IoT)
This industry is one of the fastest and rapidly growing use cases with billions of connected devices. The latest forecasts suggest that by 2030, there’ll be over30 to 50 billion devices in use globally. As this number continues to grow, it will increase vulnerabilities as hackers can easily breach your data through a single connected device. By integrating Blockchain technology in IoT devices, the possibility of data breaches can be reduced to a great extent
3. Money Transfer
Money transfer stands as one of the most uses and excellent blockchain tech in use case and payment processing to enables lightning-fast transactions in real-time. The Bank, Financial Service and Insurance (BFSI) performing transaction on the Money Transfer system is faster and as well reliable.
Chainalysis which falls under the FinTech and cybersecurity system offers Blockchain data and analysis reports to financial institutions, Crypto exchanges, and government agencies in over 50 countries across the globe. Essentially, these systems focus more on helping institutions monitor exchanges cryptocurrency line of Business.
- Personal Identity Security
Personal identity which dictates all the cybercrimes, theft and hacking in the cybercrime domain. Millions of people have fallen victim to identity fraud, that is to say 1 in 15 people have experience the pains involved in cybercrimes not just financially but also emotionally which sometimes affect their physical and mental behaviors, from hacking, violating personal files, and forging documents and means of one’s personal identity to help them performed such transactions. Identifying theft comes in different forms. Blockchain monitors and help combat this menace by storing crucial personal information (National Identity, social security numbers, birth certificates, mails/ home address etc.) on an immutable and decentralized ledger.
Since thousands of individuals, Business, and organization and company’s perform transaction on this domain, there shouldn’t be lack of communication and transparency.
The logistics industry has built greater trust and transparency within their systems, which has help propel costing, timing and money in business. By so doing, this is where the Blockchain’s data transparency comes in. Blockchain tech has helped in acknowledging data sources and automate processes, thereby gaining trust and transparency within the logistics industry.
Seamlessly, integrated Blockchain technology can be used to control systems and document storage. The main function of this blockchain use case is the modification and ability save data into the system. This information can be added but cannot be overwritten. In as much as that, the document’s legality can be easily confirmed because everybody can observe who wrote it and how it has been written and the purpose for writing and data storage and when
It was lately discovered that one of the pioneers of this use case is the University of Nicosia in Cyprus. This university used blockchain technology to store certificates and degrees and other personal document. it is the first university to accept cryptocurrencies as payment for tuition.
- Medical Field:
Using of blockchain technology in the healthcare industry has been a lifesaver through data processing. The medical business has long been exploited. Since medical data is massive, blockchain technology is useful in storing of information. Healthureum system is one of the best blockchain use cases in the medical field. Based on blockchain technology, this particular blockchain tool is use to control data modifications and medical records keeping. It means that the answer was for data to be saved outside the blocks, whereas the links directing to huge files will be saved on the blockchain. Encrypted initiatives are available to manage the data problems, like restricting the type of access to patient data or preparing a closed array on the blockchain with restricted access to a supervisory body or other regulatory field:
Some of the most use Blockchain use case are as follow:
- Connecting Care
The entertainment industry stands to be one of the prolific and outstanding industries in the world, therefore making it to be one of the most interesting and prevailing blockchain use cases. This Blockchain technology helps prevents gambling which are being sanction in several jurisdictions due to cryptocurrency’s non-recognition in property or cash transaction.
Blockchain use cases in entertainment:
- Plague Hunters.
- Beyond the Void:
- Real Estate:
This specific blockchain deals with many issues, since real Estate is a big and outstanding industry on its own. The real estate blockchain stands as a connecting rod to buyers and sellers. Buyers might not need to meet with seller or brokers to finalize a transactional deal. They might be so many typical issues in regards to paperwork, therefore in order to deal with these issues the blockchain ledger has created a decentralized system which will be use to proper document any ledger paperwork which has to ownership and transfer of ownership with parties.
Benefits of Real Estate use cases of blockchain
- Safe and smooth transactions
- Ownership verification
- A global marketplace for the real estate
- Eliminates middlemen(s)
Famous Real Estate Blockchain Projects
- Propy: Allows purchase via blockchain
- Harbor: Helps liquidate assets
- StreetWire: Enhances technology adoption in the real estate market
Perspective wise blockchain certifications provide an excellent, fastest, secure and most reliable opportunity for students, Organizations, industries and professionals to well-versed with this emerging technology through the adaptation of Artificial Intelligence (AI)