Blockchain platforms have completely changed our way of life by bringing relevant changes in technology. In many areas, Blockchain fundamentally transforms the way we live life for a good reason. Many eminent personalities of different industries have called Blockchain “Magic Beans” due to the endless possibilities presented by high-level use cases promised by Blockchain. Undoubtedly, Blockchain technology is a revolution that occurred in systems of record. Entrepreneurs in different industries worldwide have recognized the significance and utility of the implications of Blockchain technology, right from its invention. In this article, we will discuss how can gain ease in business by learning Blockchain and also about the most promising use cases of Blockchain across various sectors that’ve changed the way we do business:
- SMART CONTRACTS USE CASES: They are similar to regular contracts except for the enforcement of the contract rules in real-time on Blockchain to eliminate the middlemen and ensure high-level accountability for all parties, which seems impossible with traditional agreements. It helps businesses saving time and money, and ensures compliance from everyone involved. Blockchain smart contracts are being increasingly popular in different sectors like government, real estate, and healthcare. Some prominent examples of Blockchain smart contracts are- BURSTIQ in the healthcare sector, MEDIA CHAIN in the music industry, and PROPY in real-estate.
- MONEY TRANSFER USE CASE: Started with Bitcoin, the popularity of cryptocurrency transfer apps is increasing presently. Blockchain has gained an exclusive reputation in the finance sector for saving time and money for companies of almost all sizes. Ending the role of bureaucratic red tape, Blockchain has made ledger system real-time and has reduced third party expenses. Few examples of companies using Blockchain technology for transferring money are- OPSKINS in the Gaming industry, CIRCLE in Fintech and cryptocurrency, CHAINALYSIS in the Cybersecurity industry, and CHAIN in Cloud Computing.
- INTERNET OF THINGS USE CASES: The Internet of Things is the upcoming trend in Blockchain applications. IoT comes with numerous applications and significant safety concerns. An increase in the use of IoT products like Amazon Alexa or a smart thermostat enhances hacker’s chances to break the security of data. Here, Blockchain-based IoT ensures a higher level of data security by preventing breaches as Blockchain keeps things smart with transparency and virtual incorruptibility of the technology. Few examples of companies making IoT smarter and safer with Blockchain are- FILAMENT working in IoT, hardware, and software; HYPR in IoT and Cybersecurity; and XAGE SECURITY in IoT and Cybersecurity industry.
- PERSONAL IDENTITY SECURITY USE CASES: millions of people in the USA complain about identity fraud and theft every year. This way, the security issue can be with anything from forged documents to personal files. With Blockchain, the government can eliminate identity theft by maintaining all the sensitive information, including social security numbers, birth certificates, birth dates, etc. in decentralized platforms on Blockchain ledger. Few examples of Blockchain-based enterprises using Blockchain for identity security are- ILLINOIS BLOCKCHAIN INITIATIVE deals in technology, CIVIC in identity security and Fintech, OCULAR in the cybersecurity industry.
- GOVERNMENT USE CASES: It is crucial that not only in the private sector but also for improving governance, Blockchain technology is used. Some state governments in the USA like Illinois are taking benefits of Blockchain in securing government documents, improving bureaucratic efficiency and accountability, and reducing massive financial burdens. Few examples of Government ventures using Blockchain technology are- VOATZ active in cybersecurity and politics, FOLLOW MY VOTE active in the Software industry, and the STATE OF DELAWARE.
Some other critical use cases of Blockchain contribute significantly in different industries such as LOGISTICS including DHL and Block-Array, MEDIA including Madhive, Steem, and Civil, etc. The list doesn’t end here as even more exciting and revolutionary Blockchain Use Cases are expected in the future, including Access Control and Management Solutions. Blockchain web applications play a crucial role in many aspects. Industries tend to use Blockchain technology. This way, the high demand for Blockchain professionals is observed, which has opened the scope for Blockchain education to satisfy the demand. The use of Blockchain can extend the benefits of technology to all sectors across the globe.