Blockchain technology has been around for just 12 years but has impacted businesses and industries in countless ways. As the volume of digital data in our daily lives keeps rising, there is a growing need for better security, privacy, and integrity of this data. Blockchain is a superior technology that accomplishes all this and much more. According to MarketWatch, the global market for blockchain technology will expand at a rate of 42.8% and yield revenue worth $19.9 billion by 2023. The stakes are high and hence its potential is worth exploring.
This article looks at the multiple scenarios of blockchain usage around us.
Blockchain is ideal for supply chain management and logistics. It eliminates paper-based records as all data would stay safe on the blockchain. The new system removes the inefficiencies of the traditional supply chain.
Use of blockchain in logistics:
- Ease of communication: Data will be accessible over a secured public ledger, and correspondence can happen smoothly over the blockchain.
- Tighter Security: Blockchain keeps data secure and free from tampering.
DHL, the worldwide logistics leader, uses blockchain technology to maintain a digital ledger. Plus, blockchain helps it to keep operations safe and secure. DHL is one of the biggest shipping companies to adopt blockchain.
Smart contracts are contracts that exist on blockchain in real-time. It is a contract that is self-executing in nature and is written into a blockchain as line of code. The code can execute tasks and carry out transactions while keeping all the actions trackable. The best part is the high security it offers. All blockchain records are encrypted and difficult to hack.
Due to its heightened security, smart contracts find applications in all sectors like government and healthcare.
Use of using blockchain for smart contracts
- Eliminates mediators: All parties involved in the smart contract will be more accountable as there will be no intermediaries.
- Saves time and money: No middlemen means no extra expenses.
Media chain is a media company that helps musicians earn their worth by building transparent, decentralized contracts. The contracts ensure musicians get paid on time along with higher royalties.
Blockchain technology allows medical professionals to access up-to-date information about patients. Easy and quick access to blockchain-based medical data makes the sector more time and money-efficient.
Uses of blockchain in the healthcare sector
- Improved access to information: Blockchain solutions ensure the safety of data and access to the right set of individuals.
- Reduced costs: Blockchain offers an advanced structure for collecting and sharing private data. It allows the creators to bring down their expenses significantly.
Patientory is a blockchain-backed medical record system made for patients and doctors. The platform brings together a patient’s data, such as medical records, history, and other relevant details. The best part is the platform keeps the patients in touch with the doctors. It arranges all information clearly and has a constant communication channel making treatments easier.
Using blockchain, you can transfer money faster and pay a lower transaction fee. Besides, blockchain allows easy cross-border transactions, which are expensive otherwise. In fact, 90% of banks in Europe and the USA started considering blockchain in 2018, according to Earthweb.
Uses of blockchain in money transfer
- Eliminates parties: Blockchain ensures no third parties are needed to transfer your funds. It can also save billions of dollars worldwide in transaction fees.
- Money transfer made quick: A traditional system like a bank may take days for money transfer while it takes minutes via blockchain.
Algorand is a money transfer technology for decentralized products and promotes new protocols for better financial transactions. Use cases of this application include gaming, smart contracts, insurance, security, and even supply chains.
Blockchain technology can help governments greatly through multiple use cases. Governing bodies can use it to secure documents, improve governmental efficiency, and bring more accountability. It can even help in elections by tightening security and making voting possible using smartphones.
Use of blockchain in governments
- Management of documents and activities: Governments can tighten security by storing documents and important data on the blockchain.
- Public records: By moving governmental activities to a blockchain ledger, authorities can show a transparent record to the public.
Voatz is a blockchain-based platform accessible through mobile phones. It has an encrypted biometric system which makes secure smartphone voting possible and is hack-proof. The state of West Virginia in the USA used the system to collect votes from eligible voters who were abroad during the elections.
One of the most uplifted sectors by the arrival of blockchain is art. Artists and creators have much more exposure, ownership, and income, thanks to NFTs. These are non-fungible tokens stored over a blockchain using smart contracts. It establishes ownership while letting them trade as they wish.
Uses of blockchain in Artspace
- Establish ownership: By turning their art into NFT pieces, artists can enjoy unique ownership of their works. NFT prevents any copying or replacement.
- Earn from trade and royalty: As the owner of an NFT, the artist can choose to sell their works along with a fixed royalty they can earn every time the piece is sold.
Candy is an NFT ecosystem and a platform where fans and collectors can interact with creators, artists, and icons in the music, art, or sports industry. It also lets users buy and sell NFTs. The company comes up with unique collaborations and campaigns that keep the trading floor alive.
Blockchain games are those that include elements of blockchain technology such as NFTs, cryptocurrencies, and so on. Players can sell and buy game elements with other players, and the game developers can earn through transaction fees. Besides, they are cryptography-based. Smart contracts ensure that the actions are accountable.
Uses of blockchain in gaming
- Play-to-earn model: Blockchain games allow users to earn cryptocurrency while playing. Players would be able to redeem it in the real world.
- Monetization: Game developers would be able to monetize the services while ensuring a secure payment system by bringing blockchain into the equation.
CoinFantasy is a play-to-earn fantasy trading game based on blockchain. It allows you to select a line-up of 7 crypto tokens and build a portfolio. Join any game pool of your choice and win rewards just by playing the game. The game uses a lossless model—you do not risk losing the cash you invest in it. The platform also has advanced security features safeguarding the user.
Blockchain helps the digital media sector by preventing the same digital files from existing in multiple places at once. The technology ensures ownership, protects files, and keeps the system transparent for all participants.
Use of blockchain in digital media
- Data protection: Every digital asset such as a video, image, or mp3 file is safe in the digital ledger of a blockchain. Its security prevents piracy and copyright infringement.
- Distribution: Blockchain allows media owners to share files as needed. Further, it lets companies target the right set of customers.
MadHive is a digital marketing solutions provider that lets users save and generate a report on customers by storing all data over a blockchain. Their audience reports are insightful and keep data 100% safe.
Initially brought in as a system to support Bitcoin, blockchain turned out to be effective in bringing more transparency and authenticity to multiple sectors, as we see above. We can only expect blockchain technology to impact even more sectors in the coming years. Head over to this article to read more about blockchain technology and how it prevents data hacking.