What are some Real World Uses of Blockchain?
Blockchain, also known as distributed ledger technology, was once the realm of esoteric digital financial transactions. However, other industries are finding blockchain technology useful. In this article, we show you 60 real uses of blockchain.
Any transaction requiring a virtual handshake and immutable agreement could benefit from this technology. Further, it cuts out the need for a third party to broker the deal, preserving anonymity and confidentiality — and saving costs.
Learn more about the purpose of a blockchain and find out how this disruptive technology is impacting the supply chain, real estate, banking, and manufacturing.
What Is the Purpose of a Blockchain?
A blockchain (from block-chain or a chain of blocks) serves as an anonymous digital ledger to simplify transactions. Users can manipulate the ledger securely without the intervention of a third party such as a bank or legal representative. This is why more and more businesses must think about their uses of blockchain.
What Are the Advantages of Blockchain Technology?
Blockchains are decentralized systems, which prevents any single authority from taking control. By using a blockchain, you can share a database with no central administration. Eliminating data storage in a computer system prevents unauthorized access to the details of the transaction.
By using blockchain, individuals and companies can reduce the cost associated with hiring experts to coordinate transactions and contracts. Further, blockchains prevent cyber-attacks by using cryptography.
All data in the blockchain is viewable to everyone. This includes changes made, which are publicly viewable. Take cryptocurrency for example. Every transaction gets recorded and displayed publicly.
If you use cross border transactions in your business, you already know that banks can take days to complete transactions. With blockchain technology, you can transfer digital currency via decentralized blockchain transactions. No paperwork is required. This tends to be faster than traditional transactions.
It’s not easy to change data recorded in a blockchain. Unlike traditional Ledger systems, you can’t go back and make corrections to the prior week’s transactions. This prevents changes to every block of data that comes after the transaction. A separate transaction is required to make changes to the original transaction results.
The unchanging nature of blockchain lends itself to use as a historical record. Bitcoin has transactions dating all the way back to the day it began. Also, because there is no central data repository, there is no downtime for blockchain technology.
Where Is Blockchain Used?
This game-changing technology is currently used in the real world. Uses of blockchain are manyfold as the number of business cases we have. Next, we introduce you to some of the ways that industries have started using blockchain technology to create more secure transactions.
Starting from payment processing, up to monitoring supply chains. Even Retail loyalty rewards programs are done by using blockchain technologies. One of the biggest advantages of the blockchain is security. Therefore, digital ID’s are major use cases, same as digital e-voting. Data sharing is in the nature of this technology.
Copyright and royalty protection are huge advantages for the media and entertainment industry. Even real estate transfers can be done without the need for a notary or any other 3rd party. When it comes to Agriculture and grocery stores, then blockchain is the big enabler food safety. In Healthcare, for example, medical recordkeeping is not just easier but much more secure. Finally, we all benefit from saver internet connections while blockchain is managing the Internet of Things (IoT).
60 Amazing Blockchain Use Cases
We have collected 60 uses of blockchain in real life. Have a look at some major industries and applications in which blockchain technology has already found its way:
What are the True Cases of Blockchain Technology?
Let’s start by looking at the latest uses of blockchain and leading industry cases of today:
- Ubiquity – This is a startup that used blockchain to track complex legal processes involved with real estate transfer from one owner to the next.
- Kodak – Kodak is using blockchain to build a system for tracking intellectual property rights as well as payment to artists or photographers.
- earth – This open-source platform facilitates the organization of democratic organizations using blockchain technology.
- SKUChain – This blockchain traces goods throughout the supply chain.
What are Ethereum’s Real-World Use Cases?
Amazing Blocks, founded in August 2020, started with an Ethereum (ETH) contribution. The company registered in Liechtenstein, the first country to allow company creation with no associated bank account. Instead, it uses cryptocurrencies such as Bitcoin and Ether.
Why is Blockchain so Popular?
Blockchain technology provides distributed control that can be applied to local or global transactions without using a third party. This makes it easier to cut through tough complexities in global transactions. Instead of dealing with. Furthermore, this technology is the base of the bitcoin cryptocurrency. Why people like Satoshi Nakamoto had to implement a digital currency?
The main reason why blockchain is so popular is based on human nature. We all like security, privacy, independence, and freedom. On top, the blockchain technology offers a simple way to make data immutable and validated. No intermediary is in between, so now we can trust. Trust in the transaction and trust in the data we receive.
As you know now the cutting-edge uses of blockchain we have to look into the future as well.
What’s the Future of Blockchain?
Blockchain is still emerging as a viable technology. However, given the massive response favoring this self-help, no-middleman option, we can expect blockchain to continue infiltrating many industries in a wide variety of applications. We will see more and more uses of blockchain in the near and far future.
As shown in a TechRepublic Research study, seven out of ten professionals hadn’t yet used blockchain. However, 64% thought blockchain would impact their businesses in the coming years. Most thought this represented a positive change. The ability to thwart cybercriminals make transactions public knowledge and lock-in agreements without signing any paperwork make this technology highly valuable and attractive.
Data supports this conclusion, showing that at least 10% of businesses will begin a radical transformation of their business thanks to blockchain technology. By 2022, it’s expected that one or more blockchain-based companies will reach the $10 billion mark. These are hopeful conclusions since, in many ways, this technology is still in its infancy. By 2026, the blockchain value may reach $360 billion.
How can You Learn more about Blockchain?
It’s intriguing to consider how your business would benefit from blockchain technology. Block consulting firms can evaluate your processes and operations to determine whether it would benefit from blockchain technology. Applications include contracts and transfer to cryptocurrency across national borders.
There are many ways to learn blockchain basics, include reading informative posts online. It’s also useful to attend blockchain webinars where you can ask questions and learn from other attendees. Building a community of others delving into blockchain for the first time can give you the confidence to move forward with your own plans.
Blockchain technology is still advancing and has already revolutionized many industries. Chances are, your organization has much to benefit from looking into the various applications specific to your business.
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