With the introduction of Bitcoin, Blockchain has become the buzzword of the past decade. Blockchain has gained massive rage and altered how people approach industries like BFSI, real estate, healthcare, logistics, supply chain, and IoT. Let's dive deep into Blockchain learning and some use cases across various industries.
The rage for the Blockchain has increased because of its embedded qualities - the decentralized and distributed ledger technology that is immutable and completely transparent for secured and seamless transactions. There is no necessity for the central authority to manage the Blockchain network. Transactions are highly secured and reliable without the threat of hackers. These Unique features of Blockchain technology make it stand unique from other cutting-edge technologies of the 21st century. Being a highly tamper-proof ledger, Blockchain technology offers many possible use cases for businesses across diverse industries.
Trust is the key factor in blockchain technology and is essential for commerce. We always go to third parties for our online transactions. But with the introduction of blockchain technology, that trust is provided through this immutable ledger technology. Each transaction is registered in the blockchain network with verified participants. Users know whom they are dealing with, even if they have never met the person. Transactions are transparent and unchangeable and Encryption prevents the influence of hackers. As the platform is decentralized, there is no central authority to control a specific ledger.
Here are the breathtaking use cases classified under specific industries/applications
Blockchain-backed Smart Contracts executed in real-time. Smart Contracts are an agreement between two or more parties without the participation of third parties. The contract is made on the decentralized Blockchain network. Smart contracts are now predominant in health care, real estate, and even for government agencies.
The Internet of Things (IoT) industry is evolving rapidly with numerous connected devices. In the future, there will be many more devices that will use this globally. As this count continues to rise, it will risk hacking your data as this is connected to a single device. The possibility of data hacking is impossible with the incorporation of Blockchain technology.
Money transfer and payment processing are the most incredible Blockchain technology use cases. Blockchain tech allows lightning-speed transactions in real-time. This technology has already altered the BFSI sector as it saves both time and money.
In the cybercrime domain, personal identity theft, and hacking are major crimes. Identity thefts are happening in various forms like hacking and forging documents. Hence, integrating Blockchain technology, in storing important personal information(social security numbers, addresses, PAN, birth certificates) on an immutable and decentralized ledger will be a wise choice. The Centralized Web 2.0 meets concerns like Vending personal data, identity theft, and more. So, by deploying an (SSI) self-sovereign identity for the users. However, blockchain can provide users with complete control of their information over their ID and digital identities. So, Personal Identity Security is one of the best use cases that unlocks the way for SSI.
The most existing issue in the logistics industry is the lack of communication and transparency. Such barriers exist even more in this domain when numerous companies operating in this domain, costs more time and money. With the intervention of blockchain technology can build concrete trust and transparency within the logistics industry.
Digital media companies are loaded with many challenges including data privacy, the plundering of intellectual property, royalty payments, copyright breaches, etc. By integrating Blockchain technology, with the digital media infrastructure, companies can save their intellectual property, retain data integrity, target suitable customers, and assure that artists acquire their royalty payments in due time.
In the educational domain, blockchain can be incorporated into control systems and document storage. The key benefit is that no one can alter the saved data in the system. The added information can never be overwritten and the document's legality can be ensured as anyone can view who wrote it and when.
Blockchain technology in the healthcare industry has been a lifesaver in the data processing. Blockchain technology is beneficial in the medical field as it needs to store a massive amount of information.
One of the most prevailing blockchain use cases is entertainment. Blockchain technology can store data of each transaction encrypted on finance, ownership rights, and smart contracts.
In the real estate market, connecting buyers and sellers are tricky as they need to meet in person with the sellers or brokers to finalize the contract, and the paperwork can be a tiresome task. The problematic task here is to verify the property's ownership because more fraud can happen in more ways which will cost the buyer's money.
After the emergence of AI, Big data, and ML, Blockchain applications originating from hyper-ledger projects are predicted to be the next booming enterprises in the upcoming years. Venture into this most profitable Blockchain industry by understanding these use cases in various domains.
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