Blockchain has gained massive popularity in the past decade, thanks to Bitcoin. However, Blockchain use cases have expanded way beyond cryptocurrency now. Blockchain technology is emerging as a game-changer for multiple industries, including BFSI, healthcare, education, real estate, supply chain & logistics, and IoT, to name a few.
Blockchain’s popularity and increasing industrial applications are skyrocketing because of its innate qualities – the decentralized and distributed ledger is immutable and completely transparent. There’s no need for a centralized authority to manage a Blockchain network. All the peers in the network verify the information stored in the Blockchain ledger. The bottom line – it is highly secure and reliable with hardly any point of entry for attackers.
Read: Blockchain jobs and their career opportunity for non-techies.
Essentially, these qualities of Blockchain technology make it one of the most revolutionary technological tools of the 21st century. Being a tamper-proof ledger, Blockchain technology offers many possible use cases for businesses across all industries.
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According to the latest data, the global Blockchain market is projected to grow at a CAGR of 67.3% to reach a value of US$ 39.7 billion between 2020–2025.
In this blog, we’ll discuss some of the best Blockchain technology use cases. By the end of it, you’ll realize just how powerful Blockchain tech is and what it has to offer to the world!
Blockchain Technology Use Cases
Here are the hottest Blockchain technology use cases categorized under specific industries/applications:
1. Smart Contracts
Smart contracts Blockchain-based contracts enforced in real-time. They are created as an agreement between two or more parties without the involvement of any intermediary. The contract exists across a distributed and decentralized Blockchain network. Smart contracts are now a staple in healthcare, real estate, and even for government agencies.
BurstIQ used Big Data-based smart contracts to facilitate the transfer of sensitive medical data between patients and doctors. These contracts specify clear outlines and parameters for data sharing. They contain personalized health plans and other relevant details for individual patients.
Propy (real estate)
Propy is a real estate platform that uses a Blockchain-based title registry system. It automates all transactions for brokers, realtors, and their clients. Thanks to Blockchain tech, Propy makes title issuance instant and allows the buying/selling of properties via cryptocurrency.
2. Internet of Things (IoT)
The Internet of Things (IoT) industry is growing rapidly with billions of connected devices. The latest forecasts suggest that by 2030, there’ll be 50 billion devices in use globally. As this number continues to grow, it will increase vulnerabilities as hackers can easily breach your data through a single connected device. By integrating Blockchain technology in IoT devices, the possibility of data breaches can be reduced to a great extent.
HYPR takes cybersecurity to the next level by combining smartphone technology with the highly secure FIDO token. This is the secret behind its True Passwordless Authentication feature. Through its decentralized credential solutions and biometric authentication, HYPR makes IoT devices tamper-proof.
Xage boasts of being the world’s first Blockchain-based cybersecurity platform exclusively for catering to IoT firms functioning in energy, transportation, manufacturing, etc. Xage’s technology can handle and manage billions of devices simultaneously. It extends zero trust identity, data security, and local/remote access for physical and digital operations in the cloud, OT, and IT.
Also Read: Blockchain Technology Use Case in Banking
3. Money Transfer
Money transfer and payment processing are the most excellent Blockchain technology use cases. Blockchain tech enables lightning-fast transactions in real-time. This has already transformed the BFSI sector for good as it saves both time and money (mostly eliminates transaction fees charged by banks/financial institutions).
Circle uses USD Coin (USDC), the fastest-growing regulated Stablecoin, to help individuals run and establish their internet business. The platform offers around seven cryptocurrencies (Bitcoin, Monero, Zcash, etc.). Every month, Circle handles over $2 billion in cryptocurrency investments and exchanges.
Chainalysis offers Blockchain data and analysis reports to financial institutions, exchanges, and government agencies in 40 countries across the globe. Essentially, it focuses on helping institutions monitor cryptocurrency exchanges. Chainalysis’s compliance and investigation tools enable you to monitor and identify fraudulent transactions, money laundering, and compliance violations, thereby building a reliable Blockchain-based economy.
4. Personal Identity Security
Personal identity theft and hacking are hot crimes in the cybercrime domain. In 2019, nearly 14.4 million people fell victim to identity fraud, which roughly translates to about 1 in 15 people. From hacking and violating personal files to forging documents, identity theft comes in many different forms. Blockchain can help combat this menace by storing crucial personal information (for example, social security numbers, birth certificates, address, PAN, etc.) on a decentralized and immutable ledger.
Civic is a blockchain-based platform integrated with a digital wallet that doubles as an identity card. It empowers people by giving them more control over their digital identities. It seeks to accomplish this goal through Blockchain-powered identity verification, privacy-focused health status, and peer-to-peer Bitcoin transfers. With Civic, you enjoy the flexibility to share your identity and personal information only with the companies you trust.
Evernym allows you to manage and control your identity on the Web by leveraging its Sovrin identity ecosystem. Sovrin stores your personal information, and for each transaction, it functions as a communication agent between you and entities demanding your private information and verifies the data in real-time. You can develop and deploy self-sovereign identity solutions by using Evernym’s tech stack and market resources.
Data siloing and lack of communication and transparency are the most pertinent issues of the logistics industry. Such obstacles become even more pronounced since thousands of companies operate in this domain, costing business time and money. This is where Blockchain’s data transparency comes in handy. Blockchain tech can acknowledge data sources and automate processes, thereby building greater trust and transparency within the logistics industry.
DHL (Supply chain management, Logistics)
Everyone knows that DHL is a shipping giant DHL that has a global presence. It leverages Blockchain-powered logistics to track and record information related to shipments while maintaining the integrity of transactions.
Maersk (Supply chain management, Logistics)
Another shipping giant, Maersk, has collaborated with IBM to bring Blockchain into the global trade scenario. Through this partnership, Maersk aims to leverage Blockchain tech’s potential to better understand and optimize supply chain management and digitally track products across international borders in real-time.
6. Digital Media
Digital media companies are burdened with many challenges like data privacy, piracy of intellectual property, royalty payments, and copyright infringement, among other issues. By incorporating Blockchain technology into the digital media infrastructure, companies can protect their intellectual property, maintain data integrity, target the right customers, and ensure that artists receive their royalty payments in due time.
MadHive (Media & Advertising)
MadHive is a New York bases advertising agency that delivers full-stack solutions to digital marketers. You can use MadHive to monitor, record, and create reports on customertarget=”_blank” rel=”nofollow” activity and stores all the information in a private Blockchain ledger. By offering real-time data monitoring and audience analytics reports, MadHive allows marketers to understand their target audiences better.
Steem is a social media or a “Social Blockchain” platform that encourages users to create original content by rewarding them with cryptocurrency. When you use Steem, you become a stakeholder of the platform with full control over your data. For each contribution you make, you earn cryptocurrency tokens. So far, Steem claims to have paid over US$ 59 billion to platform creators.
These real-world examples of Blockchain technology use cases prove that Blockchain is fast-permeating across different industrial sectors as we speak. Interestingly, Blockchain applications are both unique and diverse. Businesses that adopt Blockchain technology can take advantage of the transparency, security, and immutability that it is known for, thereby engaging in fair trade and delivering reliable products/services to customers.
In this perspective, upGrad’s blockchain certifications provide an excellent opportunity for students and professionals to be well-versed with this emerging technology. After large-scale adoption of AI, ML, and big data in recent years, blockchain applications emanating from Hyperledger projects are expected to be the next growth driver for enterprises in the coming years.
So, professionals with deep domain knowledge in blockchain technology will see rapid demand for their skill sets going ahead.
If you’re interested to become a blockchain developer and build smart contracts and chaincodes, checkout IIIT-B & upGrad’s Advanced certificate program in blockchain technology.
What is the difference between a public and private blockchain?
Decentralization, transparency, and immutability are just a few of the advantages that public blockchains have over private blockchains. These advantages make public blockchains more secure and trustworthy, as well as more user-friendly. Public blockchains are also rapid and efficient at processing transactions. As a result, they're perfect for applications that need to manage many transactions. A private blockchain is more secure than traditional networks, one of its key advantages. Hackers will have a much harder time gaining access to sensitive data because the network is decentralized. Conventional systems are inefficient; thus private blockchain networks are far more efficient. Private blockchain networks are also transparent, which means that all network participants can see all of the transactions that have occurred. This can assist businesses in increasing stakeholder trust and openness.
What is the difference between a blockchain and a traditional database?
A database and a blockchain differ in several important ways. A database is centralized, whereas a blockchain is decentralized. For centralized applications, a database is faster and more efficient. Because of its distributed nature, a blockchain is more secure and tamper-proof. Because of its open ledger, a blockchain is more transparent. The cost of maintaining a blockchain is higher. A private blockchain can be used for remote applications, whereas a public blockchain can be utilized for public applications. For decentralized applications, a blockchain is preferable. Hacking a blockchain is more complicated.
How is blockchain technology used to create trust between parties?
By allowing parties to share a secure, tamper-proof ledger of transactions, blockchain technology is used to build trust between them. All parties are engaged in a transaction update so that they could all be confident that the information is correct.