Blockchain as a technology has shown remarkable growth over the
Blockchain as a technology has shown remarkable growth over the years and given the the transparent, distributed, decentralized and immutable elements of blockchain, many companies are exploring new ways to use it.
If you are wondering what the best use cases are, with regards to blockchain, fifteen of those have been listed here.
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1. Cryptocurrency
Cryptocurrencies are probably the most popular use case of blockchain technology.
Blockchain provides a foundation on which cryptocurrencies can be built. Conducting cross-border payments can be both a rapid and inexpensive process, as the blockchain can facilitate peer-to-peer transactions, meaning that middlemen need no longer be involved.
2. Supply Chain Management
Issues of product authenticity, due to a lack of transparency can exist in supply chain management, as consumers can often receive counterfeit goods.
Blockchain with its ability to enable the digitization of assets can be used to ucts can be tagged and assigned with unique identities that are then transplanted onto a transparent and immutable blockchain. Vital product information, for example: state of the product, time, location can all be tracked on the blockchain. In effect, blockchain enabled asset digitization allows for a product’s supply chain to effectively be transplanted onto a blockchain.
This can yield certain advantages, for example, products can more accurately be tracked as they move along different stages/locations in their supply chain, as a result of increased transparency. This gives stakeholders in supply chain management the capabilities to be able to isolate and tackle any potential problems. Also, end consumers can also benefit significantly from a blockchain enabled supply chain, as they would be able to verify the authenticity of purchased goods by use of the blockchain.
3. Digital Identity
Ownership of data is a major hands of the countless applications and services that we grant consent to. This is problematic as these centralized entities are increasingly susceptible to data breaches and identity theft.
A digital identity can be thought of as the body of information that represents individuals, organizations, etc. that exists online. Blockchain could potentially solve problems with digital identity, by giving control back to the user, so called self-sovereign identity. Through blockchain, individuals could possess an encrypted digital hub in which their digital identity data could be stored. More importantly, individuals could control who had access to that hub, and also revoke access when needed. Blockchain, in the digital identity use case, promises to place the individual back in control of how their digital data is utilized.
4. Voting
Voter fraud is an issue that plagues current voting structures.
A voter is required to be physically present at a polling booth in order to cast their vote, this can contribute to an overall lowering of voter turnout.
Voting, especially in our increasingly interconnected society, is an activity that should be able to be done through online means. However, online voting is a move that has been resisted due to concerns of security and fraud. With physical voting, these concerns do not exist, as paper voting is secure from hackers because it cannot be digitally altered. The characteristics of blockchain make it a suitable candidate in addressing concerns of security and fraud. Blockchain can eliminate concerns of voter fraud by providing a clear record of votes that are cast. Hacking a blockchain enabled voting system would also be a difficult task, due to its tamper-proof characteristics. With concerns regarding security and fraud allayed, the process of voting could be conducted in the comfort of voters’ homes, which may contribute significantly in increasing voter turnout.
5. Healthcare
Medical practitioners often do not have a clear understanding of a patient’s medical history, which can make providing effective healthcare solutions difficult.
Counterfeit drugs in the medical supply chain is also an issue within healthcare.
Blockchain can help to alleviate the problems found within healthcare by serving as a secure and tamper-proof database on which patient medical records can be stored. This would make it significantly easier for medical practitioners to gain a better understanding of a patient’s medical history, by being able to access information such as medical drugs that the patient has taken in the past. The blockchain would also be useful in tackling counterfeit drugs in the medical supply chain, by acting as a medium with which the authenticity of drugs can be verified. Drugs would be tagged and tracked at each stage of its supply chain, with all this information being recorded on the blockchain to assure authenticity.
6. Fundraising
Investing in high potential projects is an activity that has historically been reserved for VC funds, or well connected and high-net-worth individuals.
Blockchain has already made its mark on fundraising activity, by spawning an entirely novel ecosystem of raising capital, I am of course referring to initial coin offerings (ICOs). ICOs have produced a more equal landscape, upon which investing in promising projects is no long an exclusively reserved right.
Blockchain can also serve as a powerful tool of disinter-mediation.
Blockchain’s decentralized nature removes the need for middlemen, which has very powerful implications in various areas.
7. Distributed Cloud Storage
Improvement in data security stemming from a shift from a centralized means of storage to a decentralized one.
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8. Sharing Economy
The peer-to-peer and decentralized nature of blockchain removes the need for centralized entities such as Airbnb and Uber to facilitate the sharing economy.
9. Music
Music artists can remove middlemen such as labels and publishers, and instead sell their music directly to their fans. Blockchain-based cryptocurrencies such as Bitcoin and Ethereum support micro-payments, which could facilitate this novel artist-fan relationship.
10. Smart Contracts
Blockchain based self-executing smart contracts with predefined rules could facilitate agreements between various parties, all without the need of a middleman. A list of smart contract use cases.
11. Charity
Blockchain can provide a transparent and auditable trail for donations in order to prevent against fraudulent activity.
12. Automobiles
Blockchain enabled supply chain management could prove useful in detailing car history.
13. Real Estate
Transfer land titles can be digitized with blockchain, which would allow for a more efficient and transparent transaction process.
14. Internet of Things
IoT devices, and all corresponding data can be stored on a decentralized blockchain, instead of being controlled by a centralized entity.
15. Cyber Security
The secure and tamper proof nature of blockchain make it an ideal solution in combating cyber security threats.
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