Blockchain technology’s most popular gift to the world is Bitcoin, at least that’s what the people are saying but is this technology limited to only crypto currencies? Indeed not; we listed some use cases of blockchain 15 in total across industries for you to prove that the new sun is rising, and you should get your Vitamin-D at the right place.
Being famous as something difficult to understand, along with people having varying opinions about blockchain technology, has made it into something that shouldn’t be complex!
A blockchain is a distributed ledger that keeps track of all peer-to-peer exchanges. Users can confirm transactions without the requirement for a central clearing authority using this technology. Money transfer, trade settlement, voting, and a variety of other difficulties are all possible applications.
In layman terms, blockchain technology eliminates the middleman; it doesn’t need a central authority, for example, banking systems. This works on a peer-to-peer basis, which means if you are looking forward to transferring my money, you have to deal with me. The same goes vice-versa.
Blockchain Technology is the future, and some big companies saw it coming.
If you were to be given a choice in between choosing a transaction that you can trace back and keep a proper record or that you cannot keep a track of, what will you choose ?
The first one is right, that’s one of the most effective uses of blockchain, and now its impact has reached multiple sectors. Not only for being less pricey and more efficient, in our list of blockchain use cases we will give you the brief you are seeking.
Also read, Types of Blockchain.
This use case of blockchain is something worth your time.Think about how beneficial it could be for you if you can generate renewable electricity and monetize it to someone who might need it more than you. Click To Tweet Yes, the solar plates at your rooftop now can earn for you thanks to the Brooklyn startup LO3 Energy. They are using blockchain to incentivize renewable energy in partnership with one of the most well-known companies Siemens.
LO3 Energy foresees building a system of energy free of the grid and making big outages capable of storing electricity for heavy use.
One of the most vital use cases of blockchain is the role this technology plays in saving an artist.
For example let’s say you are a pro graphic designer and you have designed a logo for a sports company and uploaded it on social media for the purpose of marketing yourself as a decent graphic designer. Now, how difficult would it be for someone else to steal it and sell it? Copyright issues are a big problem when you take your art in a digital world.
That’s where this technology comes to the rescue, it assigns a unique ID to your item such as a logo and now it is forever yours and the path for you to monetize is now easier than ever.
Two words Smart Contracts
Lengthy paperwork, verification, extremely time consuming and especially the risk of fraud. All of it and more. The real estate industry is booming, but sellers are accepting many offers for the same property, resulting in hundreds of frauds.
Smart contracts eliminate the need for paper, and everything done gets stored in a blockchain; keeping a secure record becomes easier.
This blooming technology allows you to create a contract through coding knowledge. When the terms are met, it can be issued and serve you transparency and security, almost eliminating the common frauds in this industry.
Labour suffer from poor treatment and no wonder the society needs to help them.
As for big companies getting involved in this technology, Coca-Cola refuses to step back. You know it when technology is getting used for the good of society.
Drafting smart contracts for labourers is perhaps one of the most humane things an organization could come up with. Coca Cola plans to take an excellent initiative for workers’ rights as 25 million people suffer due to forced labour conditions.
People who are out to set a profit will sell you an m&m for a headache…surprisingly, it works sometimes. Jokes aside, this use case of blockchain technology is one of its most crucial implementations in healthcare.
Using this technology can remove fake drugs from the supply chain in this way. It can aid in the tracking of medications. Because of the way Blockchain keeps data, this is practical. When a new drug is registered with the supply chain, it generates a lot of data, including a hash number, saved in the Blockchain.
If someone tries to replace a drug in the supply chain, the hash number will not match, prompting the system to remove it from the chain.
You can make a new career out of playing computer games, and you can make a living out of it. And not just living but a luxurious life.
The game sector is booming because of this technology. Gamers are selling their virtual collectables for thousands of dollars.
These games are based on blockchain technology and allow you to create stuff to sell.
With world innovation at its peak, an entrepreneur with the name of Evan Prodromou has figured out a way to charge to ‘pick his brain’.
The Fuzzy.ai co-founder was spotted selling 20 hours of his time for 15$ each on 1 OCT 2017. Through the use of Evancoin which made it possible to sell his professional time.
Prodromou told Wired, “I’m pretty serious about researching how cryptocurrencies are transforming what we can do using money and how we feel about it.” “Money is a kind of collective illusion, and I wanted to play with that.”
As a customer you feel good when a company acknowledges it but a pat on the back will do less than money in the pocket.
Loyyal, which is in partnership with IBM, provides loyal customers some exciting rewards using blockchain technology. This startup aims at solving the problems of customers; how difficult it can be sometimes to redeem those credit points.
Blockchain technology has the ability to help issuers track loyalty points reliably, from banks to travel companies to stores. It also has the capability of combining or universalizing a variety of programmes into a single “wallet.”
Now comes in addition to our 15 use cases of blockchain across industries, which you might not have expected.
Tracing your food origin from the plate, you track the transport and be assured of its quality as this technology provides you with the ability to track. Lots of imported foods are on the shelves of supermarkets, for example, Kiwis or Olives but are you sure that they are really from foreign countries?
Perhaps, this technology might give you an answer.
People are prepared to donate their hard-earned money to charities, but we can’t help but feel uneasy when we don’t know how the money will be spent.
But worry no more as this advanced technology is at your rescue again. You can track the payments done to a charity, trust etc. and be up to date where the organizations plan to spend your money.
Two Startups; Chronicled and VeChain provides you with the service of tracking your item’s authenticity. How do you know that the next store which announced a special sale on Nike shoes is a real deal? Or that handbag your friend gifted is as expensive as she brags about.
Picture a registry that uses encrypted smart tags forever installed in products to trace every item created in a particular product line. It will monitor all owners of a product throughout its lifespan because it is a blockchain platform, but it will do so in a way that protects the privacy of those owners and their private details. A potential consumer could check if an item is actual or phoney by scanning it with a smartphone app.
The world has come up with numerous ways to give you an identity, whether a passport, driving license, or Voter-ID, but still failed to tackle the scams.
Blockchain can give you a secure identity that would be hard to hack considering its secure format—giving you more control and eliminating the need for maintaining all the paperwork, which is real torture!
IBM’s division is planning to make this a reality. On the other hand, Civic named startup has already claimed to build a factor of authentication for users to access websites and apps without username and passwords.
Education is an integral part of a person’s life but this doesn’t stop people from committing frauds in this sector. Let’s see how this technology helps in the use case of education.
It validates a person’s ability and provides insight into their capabilities. They are, however, difficult to verify and carry. It is also easy to commit fraud, resulting in candidates receiving positions that they do not deserve. A blockchain-based distribution verification system is the answer to all of these problems.
As if the degrees and certificates will be on blockchain it will be more authentic.
When it comes to hard to keep paperwork, nothing can beat insurance companies. As mentioned earlier, this technology helps in eliminating the need for paperwork and the necessity to maintain a thick file.
Blockchain technology allows users to keep a record of the documents so that at the time of requirement, everything can become available as quickly as possible.
Voting Systems not only decide the new leader but decides in which way the country will go. The authenticity that blockchain technology provides makes it very hard to avoid the fact that it can eliminate the frauds in politics.
Digital voting in future can be a real thing, what are your thoughts on it, do let us know in the comments.
Augur blockchain is one such example which could make this possible.
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After listing some practical use cases of blockchain across industries, we hope that this article helped you to realize that blockchain technology is way more than just crypto and its impact is reaching to every industry.
The best part is that people have started to trust this technology and new entrepreneurs are blooming with ideas and utilizing this technology to not only get rich but to make this world a better place.
Reach out to us! With your idea we will do hassle free planning for you.
Also, tell us in the comments what got missed in our list of 15 use cases of blockchain technology.
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