Blockchain technology grabbed the general public’s attention with cryptocurrency’s popularity. Well, let me inform you that blockchain use cases exist beyond cryptocurrency. However, we can’t deny that its use in crypto accounted for its potential as an emerging technology. With cryptocurrency catching the spotlight due to its market caps, blockchain gradually has set its foothold in the tech industry.
According to a forecast published by the Statistica Research Department, global spending on blockchain solutions might reach 19 billion US dollars by 2024.
Many still struggle to understand the concept of blockchain. It’s simply a technology which contains shared databases whereby multiple computers are connected that confirm entries in the digital ledger.
Besides minting cryptocurrencies, this emerging technology has multiple uses case; let’s explore them in this blog.
Figure1: Blockchain Use Cases
Blockchain Use cases in Business Sector
- Real estate
Real estate is an expensive market and remains susceptible to fraud. The use of blockchain technology in this sphere safeguards investors against any inadequacies. Parties involved in the real estate transaction can access data on property valuations stored on the blockchain. Another mind-numbing task solved by blockchain in real estate is allowing property buyers and sellers to get respite from mortgage brokers. The buying and lending process gains swiftness as the role of intermediaries is eliminated.
- Supply chain management
Tracking goods and services in an industry is perhaps the most laborious and time-consuming task. The digital ledger brings ease and better efficacy in monitoring the transportation of goods and services in a supply chain. The use of blockchain technology makes the process of queuing up events concerning the shipping and transportation of items in an organized manner. Companies can find fewer errors and better supply chain management using this emerging technology.
Blockchain use cases in the Government sector:
Election processes often involve corruption and prejudices, which voting blockchain applications can solve. It won’t be wrong to say that voting based on the blockchain might reduce the level of corruption and help to improve civic engagement. The creation of fake voter IDs can be curbed because blockchain stores information in multiple interconnected networks. Votes would be attributed to a single authentic ID. It will definitely enable the government officials to conduct the election process conveniently without any possibility of illegal activities.
- Data management
Data management is a huge responsibility which every government organization needs to conduct. Certain state or local bodies collect information on people’s birth date, death date, number of earning members and many more. Managing such expansive records might prove challenging to maintain, and data loss incidences become commonplace. The blockchain serves as the only solution to the problems operating to conveniently keeping records of a massive population. Besides data management, this emerging technology will also help in providing security for data.
Blockchain use cases in the financial sector:
- Trade finance
Since time immemorial, Cross-border trading has posed a host of challenges. Among other factors, liquidity management turns out to be a major one. Issues concerning financial management while conducting trading beyond borders can be solved through the inclusion of blockchain. This emerging technology possesses the capability to simplify trading processes. Both government and private companies could conveniently carry out business processes without facing geographical barriers. In fact, besides financial solutions, blockchain can manage documentation which is another issue in cross-border trading.
- Audit and compliance
One of the primary benefits of blockchain technology is its security feature. This is perhaps why the financial sector has begun to include it in its processes. Audit and accounting processes gain new momentum when a business utilizes blockchain technology. Incidences of human error, which are commonplace when handling audits or maintaining an accounting process, eliminate with blockchain. The best part is that once you store a record on the digital ledger, it’s impossible to delete or tamper with the data.
Blockchain’s use cases in other industries:
Blockchain in advertising is a new revolution that can enable advertisers or firms to maintain a proper record of the total amount spent on an ad campaign. An ad agency’s significant challenge is following up with the inventory and fulfilling its advertising targets. Using a digital ledger allows them to store and access transactions quickly. Once submitted on the blockchain, you must be aware that transactions can never be removed or modified.
- Content creation
Content creators come up with unique ideas and try showcasing them on social media channels. Still, few really could reap benefits from their content. Many intermediaries restrict creators from receiving the money they deserve for their efforts. Though social media platforms help digital creators earn cash, a large part of the profit is cut and paid as revenue. Blockchain applications allow artists to showcase their skills directly to the audience and make a profit without third-party interference.
Blockchain encrypts data in the most secure manner, and there’s hardly any chance of loss or security breaches. This feature makes it a great technology to mint crypto and store transactions in each wallet. A queue of unalterable records is generated on the digital ledger that helps authorities track a capital’s origin. Some anti-money laundering agencies lately realized the emerging technology’s importance and are tiling its benefits.
Blockchain is an emerging and revolutionary technology that guarantees to streamline organizational processes from finances and record keeping to cybersecurity. Initiatives are required to make this technology accessible to people, and education on blockchain applications should be fostered so the technology can be utilized correctly.