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Top 10 Blockchain Use Cases

by ImmuneBytes
Blockchain Uses cases in real world

It wouldn’t be an exaggeration to call today’s era a blockchain technology-driven era. The core characteristics of this technology include automation, decentralization, immutability, and transparency. These elements usher a multitude of applications for the users. 

Bitcoin was the first established implementation of this technology. Since its inception, people have acknowledged it as a payment method and a store of value. 

Choosing the most pertinent use cases for businesses, governments, and institutions is a tough choice among all the applications. Worry not, for we are all geared up to give you precisely what you’re looking for. 

This blog will brief you on the top 10 blockchain use cases, so you know how to utilize this technology to get the most out of every industry. Without any further ado, let us get started. 

Top 10 Applications Of Blockchain Technology That Everyone Must Know

The applications of Blockchain technology go way beyond just bitcoin and cryptocurrencies. Some use cases of Blockchain might even surprise you as you might not have even thought about them. 

  • Financial services (46%)
  • Industrial products and manufacturing (12%)
  • Energy and utilities (12%)
  • Healthcare (11%)
  • Government (8%)
  • Retail and consumer (4%)
  • Entertainment and Media (1%)

Let us now proceed with discussing the blockchain applications that one must know. These include: 

Money Transfer

Did you know blockchain is used in transferring money? 

Blockchain saves a lot of money and time for all financial companies, which is why it has become so popular in the financial sector. Pioneered by Bitcoin, nowadays, cryptocurrency transfer apps are in huge demand. 

Since its inception, this technology has contributed immensely to eliminating bureaucratic red tape. As a result, it has simplified transactions and reduced third-party fees, making the ledger system real-time. So, different companies use blockchain to transfer money efficiently. 

Since its inception, this technology has contributed immensely to eliminating bureaucratic red tape. As a result, it has simplified transactions and reduced third-party fees, making the ledger system real-time. So, different companies use blockchain to transfer money efficiently. 

Having said that, the absence of a central authority also paves the way for a large number of blockchain cybersecurity hacks that happen day-to-day within the crypto space. 

October, popularly known as ‘Hacktober’ has been the worst month for crypto investors who have lost millions of crypto assets to a wide range of security exploits. After October, November has already recorded 3-4 exploits that are pointing to the near-approaching ‘Hackvember’, if proper security measures aren’t taken. 

The best way to eliminate these hacks is to hire a professional blockchain security company that has erudite auditors who can take care of the security of your smart contracts and save it from malicious hackers. 

Use Case- Banco Santander

In 2018, Banco Santander introduced the world’s first money transfer system based on blockchain technology. It automated the process and improved the efficiency of the transactions. With the help of “Santander One Pay FX,” clients can quickly transfer money internationally in just a day.

Internet of Things (IoT)

The Internet of Things (IoT) cluster currently includes billions of connected devices. Digitalization is at its height. Thus it’s expected that IoT will advance further. According to the most recent forecasts, the IoT hub will connect to 50 billion devices worldwide by 2030. 

The rise in connected gadgets will make it easier for hackers to access users’ personal information, creating more severe problems. Blockchain technology can significantly reduce data leaks by being used in IoT devices.

Use Case- HYPR

By merging the FIDO token with smartphone technology, HYPR has revolutionized cybersecurity. Because of its True Passwordless Authentication, the portal is an industry leader in cybersecurity. HYPR’s decentralized credential systems and biometric authentication make IoT devices impenetrable to hacking.

Real Estate

Are you someone who has ever bought or sold a property? Probably, then you know the amount of paperwork that this area involves. With the help of Blockchain technology, users can eliminate this stress and money. 

The widely adopted blockchain design restores the authority of real estate owners and buyers by getting rid of brokers, mediators, or negotiators who prevent direct communication between real estate agents and clients.

Use Case- Ubitquity

It is a SaaS blockchain platform and API for maintaining real estate records, and it was founded in 2015. Customers of the platform can enter real estate information and keep documents on the blockchain. A solution provided by Ubitquity enables the simultaneous recording and tracking of legacy document records that already exist.

Personal Safety

Hacking and stealing personal information are among the most popular cybercrimes today. Identity thefts can take shape in the form of producing fake documents to tampering with personal data files. 

It is completely secure to store sensitive personal information on a decentralized, immutable ledger channel, such as bank account information, a person’s birth date, address, PAN information, etc. Blockchain’s immutability makes it easier to prevent data fraud, manipulation, and theft.

Use Case- Evernym

Evernym gives consumers the ability to control and maintain their online identities through its Sovrin identity network. Sovrin serves as a mediator between the user and the parties demanding the former’s private information in each transaction. 

Real-time information verification is performed, and a decentralized cluster is used to store user personal data. Self-sovereign identity solutions can be developed and put into use by employing the Evernym tech stack and commercial resources.

Supply Chain Management

The immutable ledger of blockchain makes real-time tracking of goods possible as and when they move in the supply chain. The use of a blockchain expands the possibilities available to businesses that deliver these items.

Events related to a supply chain can be queued up using entries on a blockchain, such as allocating recently received items to various shipping containers. Blockchain offers a fresh and dynamic way to arrange monitoring data and utilize it.

Healthcare

General information like age and gender, as well as perhaps more fundamental medical history information like immunization records or vital signs, are examples of health data that is appropriate for blockchain. 

None of this data by itself could be used to specifically identify any one patient, which makes it possible to place it on a public blockchain that many users may access without having their privacy violated.

Media

A wide range of media companies has already adopted blockchain technology to get rid of fraud, cut the costing, and safeguard Intellectual Property (IP) rights of different types of content like music records. 

MarketWatch projects that by 2024, the worldwide market for blockchain in media and entertainment would be worth $1.54 billion.

Eluvio, Inc. is one platform that has captured attention for using blockchain for media. Eluvio Content Fabric, which was formally introduced in 2019, leverages blockchain technology to let content creators manage and distribute premium videos without the aid of content delivery networks to customers and business partners.

Voting

Blockchain technology has made the voting process simpler while enhancing security. Blockchain technology would be impenetrable to hackers since even if they had access to the terminal, they couldn’t modify other nodes. Each vote would be associated with a single ID, and since it would be impossible to produce a false ID, election officials could count ballots more quickly and accurately.

Insurance

Smart contracts are possibly the biggest blockchain used for insurance. Customers and insurers can manage claims in a clear and secure manner thanks to these contracts. 

Since the blockchain would reject numerous claims on the same accident, all contracts and claims could be recorded there and verified by the network. This would eliminate any claims that were not valid.

Government Record Management

All the details like the date of birth and deaths of citizens, their marital status, property inheritance, etc are maintained by the national, state, and local governments. However, having such important data in paper form is the reason why these get lost, or the citizens need to spend so much time making changes to them. 

Blockchain technology simplifies record-keeping and management for both the government and the citizens. 

Bottom line: 

It’s important to think about blockchain technology as a new breed of business process improvement software from a commercial standpoint.

Blockchain and other collaborative technologies promise to significantly reduce the “cost of trust” by enhancing organizational processes between businesses, organizations, and individuals.

Because of this, adopting tomorrow’s technologies will offer much larger returns on investment.

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