Blockchain Use Cases

Applications for blockchain go beyond bitcoin and other cryptocurrencies. Due to its popularity, Bitcoin has come to represent all blockchain-based applications. This is false, though, as more blockchain applications are being developed for usage across a range of business sectors to cut costs, improve transparency and justice, and boost efficiency.

Read on to find out more about the use cases of blockchain in various fields of business.

Applications for Blockchain in Healthcare

Blockchain in healthcare is still in the early stages of adoption, but it already shows some potential. Early blockchain solutions have shown the ability to lower healthcare costs, increase stakeholder access to information, and simplify business processes.

To ensure that an already bloated business lowers extravagant expenses, medical healthcare providers may need an enhanced ecosystem for gathering and sharing private information. The Estonian X-Road solution, which links multiple information systems for diverse services, serves as an illustration.

In the healthcare industry, a blockchain network is used to store and share patient data amongst hospitals, diagnostic centers, pharmacies, physicians, and nurses. The performance, security, and transparency of sharing medical data in the healthcare industry can all be improved by using blockchain technologies.

Retail and e-commerce

The Ethereum virtual machine, which gives eCommerce firms a platform to manage their blockchains, is the most popular technology utilized in e-commerce. Customers can make purchases using the cryptocurrency Bitcoin on websites and applications that support it.

Blockchain applications are advantageous for both businesses and customers since they increase the security of online financial transactions. It also provides the added benefits of lowering expenses, enhancing business operations, speeding up transactions, and enhancing the overall consumer experience.

The immutability of retail blockchain applications ensures that manufacturers cannot replace your purchase with a less expensive product when you make a purchase and retailers cannot attempt to upsell you on a different, more expensive product. This also means that you can’t return a ‘fake’ product and get a replacement. If the product is what you ordered, it will be what you received.

Applications for Finance

With its benefits, blockchain has the potential to significantly change the financial services sector by improving payment procedures.

For instance, sidechains like Arbitrum and blockchains like Polygon and Solana may settle transactions in split seconds for $0.01 or less, which is significantly less expensive than Visa, Mastercard, and Amex. Applications for the blockchain in finance, such as Ripple, saves costs for financial institutions, their clients, and customers. Financial blockchain applications enable financial institutions to reduce the cost of cross-border transactions, with banks possibly saving $27 billion by 2030.

Blockchains offer distributed, unchangeable transaction records, allowing financial organizations to use them for record-keeping, bookkeeping, and regulatory agency compliance. Existing financial services could be improved by the quicker transaction settlements provided by finance blockchain applications.

Lenders will be able to fund loans more quickly, vendors will get paid more quickly, and stock exchanges will be able to settle securities purchases and sales instantly, for instance.

Applications in Media

Data privacy, royalty payments, and intellectual property infringement are major media problems. Deloitte’s analysis indicates that extensive content sharing and copyright violations have resulted from the digitalization of media. Media blockchain technologies, according to Deloitte, can provide the industry a much-needed facelift in terms of data rights, piracy, and royalty payments.

The media industry can prevent a digital asset, like an mp3 file, from being duplicated in many places thanks to media blockchain applications. With the ability to be shared and distributed while maintaining ownership, piracy is practically unheard of thanks to the transparent blockchain ledger technology.

Furthermore, media blockchain solutions preserve data integrity, enabling marketing departments to target the relevant consumer segments and musicians to be paid appropriately for their original compositions.

Applications for International transactions

The world’s first cryptocurrency, Bitcoin, served as the inspiration for the emergence of money transfer apps. Blockchain solutions for cross-border payments are proving to be very popular in the fintech industry due to the lower rates and increased speed they may provide for both new firms and consumers.

For instance, money transfer blockchain applications can save the biggest banks $8-$12 billion annually by decreasing third-party costs, streamlining bureaucratic red tape, and creating digital ledger systems in real-time.

Blockchain-based Internet of Things Applications

New blockchain applications are ideally suited for the Internet of Things (IoT). Millions of applications on IoT devices are vulnerable to security and hacking issues. As there are more IoT products available, there are more opportunities for hackers to steal data or use online passwords or other sensitive information to defraud or scam.

Applications for the Internet of Things (IoT) that use blockchain technology will increase security by preventing data breaches via utilization of the technology’s transparency and theoretical incorruptibility.

Anti-money Laundering Apps

Blockchain applications for anti-money laundering have built-in qualities that may be able to stop money laundering. A permanent trail of unchangeable data is left behind for every transaction made using blockchain technology. As a result, it makes it simpler for authorities to determine where the money came from.

Each transaction’s whole history may be monitored, verified, and recorded in a public blockchain ledger. The transaction is immediately blocked if any of the transaction stages, including the destination wallet, departure wallet, currency type, and amount, are left unconfirmed.  Analysis of money laundering risk and reporting methods are also made possible by blockchain. It enables system-wide examination as opposed to merely focusing on entry and exit points.

Personal identity security blockchain applications

More than 16 million Americans have reported identity fraud and theft, with one identity being taken every two seconds, according to data from LifeLock and identity theft experts. This kind of deception can take many forms, from falsified paperwork to hacking into private files.

Birth certificates, birth dates, social security numbers, and any other sensitive information might be stored on a decentralized blockchain ledger, which could result in governments using personal identity security blockchain applications with a significant decrease in identity theft.

Moving Forward

Applications for blockchain technology go well beyond bitcoin and cryptocurrencies.  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” through enhancing organizational processes between businesses, organizations, and individuals. As a result, adopting tomorrow’s technologies will offer much larger returns on investment.