Real-World Use Cases Of Blockchain Technology

What does “Blockchain” bring to mind? Is it cryptocurrency and bitcoin? Let’s enumerate all the ways blockchain technology in applications contradicts this generalization.

Blockchain technology affects many different fields because of its potential to increase transparency and impartiality while also helping businesses save time and money. We have provided a list of use cases of blockchain in applications and their practical implementations below. This is by no means an entire list, but even these have profoundly impacted how we conduct business.

What is Blockchain?

Blockchain technology has taken the world by storm, but what exactly is it? In its simplest form, blockchain is a distributed ledger technology. Imagine a digital record of information, constantly growing and replicated across a network of computers. Every participant has a copy, ensuring transparency and security. Think of it as a giant, shared spreadsheet where everyone has access and any changes require network-wide verification.

This decentralized approach eliminates the need for a central authority, fostering trust and reducing the risk of manipulation. Each piece of data (called a block) is cryptographically linked to the ones before and after it, creating an unbreakable chain. This ensures the immutability of data – once recorded, it cannot be altered or deleted.

So, at its core, blockchain provides a secure and transparent way to store and share data, revolutionizing how we interact with information in the digital era.

Key Market Takeaways for Blockchain Technology

The global blockchain technology market reached a staggering USD 17.46 billion in 2023. Experts predict this market will experience explosive growth, with a compound annual growth rate (CAGR) of 87.7% projected from 2023 to 2030.

Source: Grand View Research

One of the key drivers behind this surge is the growing demand for secure and transparent transactions across various industries. Blockchain technology offers a unique solution with its decentralized and immutable ledger system. This system guarantees the integrity and traceability of transactions, making it highly attractive for sectors like finance, healthcare, and supply chain management. As a result, businesses within these domains are increasingly turning to blockchain solutions to bolster security and transparency in their operations.

How Blockchain Works

Let’s delve deeper and explore the inner workings of this fascinating technology. Here’s a breakdown of the key steps involved in a blockchain operation:

1. Initiating a Transaction: A user initiates a transaction on the network, which could involve transferring cryptocurrency, updating a record in a supply chain, or any other valid action depending on the blockchain’s application.
2. Broadcasting the Transaction: This transaction is then broadcasted to all participants in the network, also known as nodes.
3. Verification Process: Nodes on the network work together to verify the legitimacy of the transaction. This verification process can vary depending on the specific blockchain’s consensus mechanism (we’ll discuss this in a moment). It might involve solving complex mathematical puzzles or referencing previous transactions for validation.
4. Block Creation: Once a transaction is verified by a sufficient number of nodes, it’s bundled together with other verified transactions into a new block.
5. Cryptographic Hashing: Each block contains a unique cryptographic hash, essentially a digital fingerprint. This hash is generated using cryptography and considers the data within the block, as well as the hash of the previous block in the chain.
6. Adding the Block to the Chain: The newly created block is then linked (cryptographically) to the previous block in the chain, forming a chronological record. This is where the name “blockchain” comes from – a chain of interconnected blocks.
7. Consensus Mechanism: This is the heart of what makes blockchain secure and decentralized. Different blockchains utilize various consensus mechanisms to ensure all participants agree on the validity of the added block and the overall state of the ledger. Common mechanisms include Proof of Work (used in Bitcoin) and Proof of Stake (used in Ethereum).
8. Replication Across the Network: Once a new block is added, it’s broadcasted and replicated across all nodes on the network. This ensures everyone has an identical copy of the ledger, promoting transparency and security.

This process repeats itself for every new transaction, continuously adding new blocks to the ever-growing chain. The cryptographic linking and distributed nature make it extremely difficult to tamper with any data on the blockchain, as altering a single block would require altering all subsequent blocks and gaining consensus from the entire network – a near-impossible feat.

Benefits of Blockchain: Supercharge Security, Trust, and Efficiency

Blockchain isn’t just a fancy way to store information; it offers some amazing advantages that can change the game for many things we do every day. Here’s how blockchain makes things better:

• Fort Knox Security: Remember that super secure notebook we talked about? Blockchain uses special coding to make it almost impossible for anyone to hack or tamper with the information. It’s like having a high-tech lock on every piece of data, keeping it safe and sound.
• Trustworthy Transactions: With blockchain, everyone with access can see what’s happening. No more hidden fees or shady deals – everything is clear and out in the open. This builds trust because everyone can see exactly what’s going on.
• Faster and Cheaper: By cutting out the middleman (like a bank) in many transactions, blockchain can make things move much quicker and save everyone money on fees. Think of it like taking a shortcut – faster and cheaper!
• Tracking Champions: Imagine tracking a package across the country with ease. Blockchain can do that for all sorts of things, making sure everything is on the right track and hasn’t been tampered with. It’s like having a super reliable GPS for your information.
• Trust Anyone, Anywhere: Even if you’ve never met someone, blockchain can help you trust them when doing business. It makes sure everyone agrees on the information and no one can change it halfway through. It’s like having a digital handshake you can always rely on.
• Unforgettable Records: Once something is written in the blockchain notebook, it’s there forever. This is great for important things like contracts or medical records, making sure they’re always safe and accurate and can’t be accidentally lost or changed.

A List Of The Top Blockchain Use Cases

1. Healthcare

Blockchain technology is still in its infancy, but there are early signs of promise in the healthcare sector. Some of the benefits of early implementations of blockchain technologies include:

• Lower healthcare costs, 
• Better information access for all parties involved, and 
• Streamlined business processes.

Medical care providers may require a sophisticated ecosystem for collecting and exchanging confidential data in order to rein in an already bloated business and reduce excessive expenses. For example, the Estonian X-Road system is one such solution that links disparate data networks to improve the delivery of services.

Blockchain technology is being implemented in the healthcare industry to help hospitals, clinics, labs, pharmacies, and other medical professionals securely store and share patient information. When used in the healthcare business, blockchain technology has the potential to enhance the efficiency, security, and openness with which medical records are exchanged. 

Here are some of the top healthcare blockchain technology companies:

Akiri	Akiri provides a network-as-a-service optimized for the healthcare business to secure patient data.
BurstIQ	BurstIQ’s blockchain technology offers HIPAA-compliant data storage, selling, sharing, and licensing.
Factom	Factom helps the healthcare business secure and store digital documents only accessible by hospitals and healthcare managers.
Guardtime	Guardtime helps healthcare firms and governments deploy blockchain. The startup helped Estonia integrate blockchain in healthcare.

2. Supply Chain & Logistics

Communication and transparency in the supply chain and logistics sector demand better provision due to logistics companies’ expansion. Accenture and DHL conducted research together and concluded that over 500,000 shipping businesses in the United States alone, leading to data silos and a lack of transparency. The paper claims that many issues with logistics and supply chain management may be addressed by using blockchain technology.

The study contends that blockchain can improve confidence in the industry as a whole due to its potential to increase data transparency by pointing to a central source of verifiability. The logistics process may be streamlined and automated with the help of blockchain technologies, which in turn, saves the industry billions of dollars annually.

Blockchain apps in the supply chain will fundamentally alter the supply chain industry and all those who operate inside it. 

Here are some of the top supply chain & logistics blockchain technology companies:

Supplain	Supplain is a multi-chain supply chain protocol that standardized company relationships, streamlines data correctness verification, and introduces worldwide verifiable identities.
OriginTrail	OriginTrail is building a blockchain ecosystem to improve supply chains by facilitating universal data sharing, linking old IT systems, and assuring data immutability.
SyncFab	SyncFab protects available capacity data, buy order management, and order tracking.
GrainChain	GrainChain’s blockchain network delivers producer-to-consumer food traceability.
Openport	Openport connects shippers and carriers directly to decrease costs, increase efficiency, and enable continuous supply chain optimization in growing markets.

3. Finance

Blockchain technology streamlines transactions. Polygon, Solana, and Arbitrum can settle transactions in seconds for $0.01, unlike Visa, Mastercard, and American Express. Financial blockchain technologies like Ripple save banks and clients money. Similarly, applications built on the blockchain for finance can assist financial institutions in saving costs associated with foreign transactions. It is estimated that banks will be able to cut $27 billion in costs associated with international transactions by 2030.

Financial organizations may utilize blockchains for record-keeping, accounting, and regulatory agency compliance because blockchains provide distributed, unalterable transaction records. Blockchain in finance applications can improve current financial services by allowing faster transaction settlements. Such improvements include the time it takes to finance loans, pay suppliers, and settle trades on stock exchanges.

4. Internet of Things

New IoT blockchain integrations are ideally suited for deployment on the IoT. Millions of IoT apps might be vulnerable to hacking or other forms of intrusion. There is a rise in IoT goods, which means there are more ways for hackers to steal your data or make you a victim of fraud or scams, from your smart home gadgets to your internet credentials.

Using the immutability and decentralization of the blockchain, IoT blockchain apps will make the Internet of Things safer and less vulnerable to hacking. 

Here are some of the top IoT blockchain technology companies:

Chronicled	Chronicled blends IoT and blockchain for a supply chain solution. Chronicled employs IoT-enabled shipping containers and sensors to deliver real-time updates on shipping procedures.
NetObjex	NetObjex provides a common, decentralized IoT communication protocol. Blockchain-powered NetObjex IoToken provides a secure digital platform for smart devices to communicate.
ArcTouch	ArcTouch provides blockchain-based software for smart, connected devices including voice assistants, wearables, and smart TVs.
HYPR	HYPR secures linked automobiles, locks, houses, and ATMs through decentralized networks. HYPR wants to avoid cyberattacks caused by centralized password databases.
Helium	Helium utilizes blockchain to link low-power IoT devices (like routers and microchips) to the internet. Helium wants to cut the electricity needed to run smart equipment by using radio to improve internet connections.

5. Property & Real Estate

All investors will have access to exclusive real estate investments as a means of investing. Real estate security tokens are the first of their kind, allowing for fractional ownership of a piece of land or a structure, broadening the market’s reach, and providing builders with access to previously unavailable funding sources. 

Blockchain in the real estate sector can also facilitate the effective appraisal of property investments on the basis of anonymous and comparable data.

As a result, all parties to a transaction may access all relevant data on the blockchain, eliminating the need for time-consuming and costly separate real estate assessments. All of the property’s prior uses and owners can be easily found and accounted for.

All real estate buyers find the existing mortgage-buying procedure to be labor- and time-intensive. The mortgage process is prone to human mistakes because of the number of parties involved, such as notaries, real estate brokers, and financial institutions.

Property blockchain applications eliminate the need for manual record-keeping and personal contact, saving time and money while minimizing mistakes. Borrowers and banks gain from eliminating middlemen since the latter may streamline the loan process, resulting in lower overhead and interest rates. 

Here are some of the top property & real estate blockchain technology companies:

Meridio	Meridio lets property owners sell digital shares. Meridio links investors with property owners wishing to sell.
RealBlocks	RealBlocks leverages blockchain to provide property investment options. It allows investors to acquire fractional portfolios or assets. RealBlocks reduces costs, increases efficiency, and delivers liquidity through blockchain tokenization.
Vairt	Vairt’s resources include market overviews, neighborhood insights, property evaluations, and long-term assistance. Vairt helps people earn extra money.
Republic	Republic lets people invest in startups, video games, bitcoin, and real estate.
RealIT	RealT is a property investment platform that lets investors participate in US real estate using a token-based blockchain network.

6. Media Content

The media content faces issues of data privacy, royalty payments, and intellectual property infringement. According to studies conducted by Deloitte, extensive content sharing and copyright violations have resulted from the digitization of media. Based on their research, Deloitte concludes that blockchain in media has the potential to provide the industry with a much-needed makeover in the areas of data rights, piracy, and royalty payments.

In the media industry, blockchain technology can prevent duplicate copies of a digital asset like an mp3 file from being circulated. It may be distributed while maintaining the original owner’s rights, and with the help of the immutable blockchain, piracy is made extremely difficult, if not impossible.

Media blockchain systems also safeguard data, letting businesses like advertising firms target the correct kinds of consumers while also guaranteeing that artists get paid what they deserve for their work. 

Here are some of the top media blockchain technology companies:

Sapien	Sapien helps consumers control their data and content. Sapien producers earn SPN tokens by submitting community-approved content or connecting with other users.
Binded	Binded is a blockchain copyrighting system for photographers. Photographers upload photographs to a fingerprint-secured copyright vault. Once the photographs are uploaded and secured, image creators may share their work knowing they are protected from copyright infringements.

7. Anti-money Laundering

Applications built on the blockchain that is designed to combat money laundering already have some of the necessary safeguards built in. Blockchain creates an immutable record of all transactions that can never be altered. In this way, authorities are aided in their efforts to determine where the money came from.

All transaction details may be monitored, validated, and recorded in full by a public blockchain ledger. A transaction is promptly denied if its components—the receiving wallet, the sending wallet, the currency type, or the amount—are invalid.

Blockchain technology can also implement mechanisms for analyzing and reporting the danger of money laundering. Instead of focusing just on the system’s entry and exit points, a comprehensive study may be performed.

8. NFT Marketplace

In the years since the inception of cryptocurrency, Non-Fungible Tokens (NFTs) have been the most talked about use case for blockchain technology. These digital products are presently sweeping the globe by storm, and their popularity has skyrocketed in recent years.

Tokens that cannot be duplicated are known as non-fungible tokens (NFTs), and they may be used to verify the ownership of digital, physical, or intangible assets.

You must have heard of the Nyan Cat meme, right? In April of 2021, in an NFT marketplace, that viral GIF went for $600,000 in Ethereum. The digital artist “Beeple” had never made more than $100 on any of his previous works until The First 5000 Days was released. Surprisingly, his book, The First 5000 Days, made $69 million at auction. Using NFTs enables consumers to acquire digital art, culture, and memories with enduring value. 

Here are some of the top NFT marketplace blockchain technology companies:

LooksRare	LooksRare is an NFT marketplace with community awards. Loyal NFT buyers get prizes. Buy NFTs to gain incentives.
Gateway	Nifty Gateway is known for holding pricey and exclusive NFT sales, like Pak’s “The Merge” for $91.8 million. Nifty Gateway sells celebrity and top-artist artwork.
OpenSea	OpenSea launched years ago under NFT standards. It’s now the market for NFTs, including art, music, virtual worlds, and photography.
Binance	Binance, a major cryptocurrency exchange, launched an NFT marketplace in 2021.
NFT	Like Binance, Coinbase NFT has built a marketplace for buying, selling, and trading NFTs.
Rarible	Rarible lets users purchase and trade collectibles, art, digital assets, and NFTs.
Topshot NBA	The NBA Top Shot marketplace sells NFTs of famous basketball moments. The NBA and WNBA sell video snippets, highlights, and art.
SuperRare	SuperRare is a high-end NFT art marketplace and art gallery. This marketplace is picky and doesn’t accept “meme” NFTs.

9. Heavy Industry & Manufacturing

Blockchain is becoming increasingly important in manufacturing as facilities become more networked. Manufacturers and heavy industry worry more than ever about data security within and outside the facility. The use of blockchain technology in manufacturing has the potential to increase openness and trust across the whole industrial value chain, from the procurement of raw materials to the distribution of the final product.

Blockchain technology in manufacturing has the potential to eliminate counterfeit manufacturing, build high-complexity items, manage identities, track assets, ensure quality, and comply with regulations.

10. Cross-border Payments

Following the lead of Bitcoin, the first cryptocurrency, mobile money transfer applications have seen explosive growth. There is a growing interest in blockchain-based cross-border payment solutions within the financial technology sector as a result of the lower transaction costs and faster transaction times.

For instance, by cutting out unnecessary middlemen, creating digital ledger systems in real-time, and lowering third-party costs, blockchain integration for money transfers can save the world’s largest banks $8 to $12 billion annually.

Blockchain-based cross-border payments are advantageous and have increased with online business. Blockchain’s benefits in cross-border payments include:

• The faster settlement, as blockchain-enabled payment takes a few seconds while eliminating the burdensome manual activities.  
• Cost-effective, as the transaction fee will only include blockchain network operator fees and no third party.
• Enhanced security and transparency.

11. Retail & eCommerce

As a platform for e-commerce firms to govern their blockchains, Ethereum is the most popular blockchain technology utilized in e-commerce today, along with Bitcoin.

Blockchain technologies benefit both businesses and customers by making online financial transactions safer. In addition to these benefits, it facilitates speedier transactions, better corporate operations, and a more satisfying customer experience.

Using retail blockchain technologies, you may shop with confidence that neither the manufacturer nor the retailer can alter the details of your transaction after it has already been finalized. Consequently, this also means that ‘fake’ products cannot be returned for a refund or exchange. If the product matches what you bought, you will receive the same thing. 

Here are some of the top retail & e-commerce blockchain technology companies:

Bleexy	Bleexy creates an efficient and economical way to develop dynamic catalogs, document product provenance, and safeguard user-generated content rights.
OpenBazaar	OpenBazaar connects buyers and sellers using blockchain technology and protects them through reviews, an independent moderator, and a multi-signature escrow payment mechanism.
Shopping.io	Shopping.io aims to combine bitcoin with eCommerce to gain mainstream adoption and acceptance.
GAMB	GAMB is a decentralized autonomous organization where merchants determine platform features, functionality, and charge structures (DAO).

12. Personal Identity Security

More than 16 million Americans have reported identity fraud and theft, and one identity is taken every two seconds, according to data from LifeLock and identity theft specialists. This kind of deception may be accomplished by anything from fake documents to hacked personal files.

By storing personal information such as birth certificates, dates of birth, and social security numbers on a blockchain ledger, governments may see a dramatic decrease in identity theft.

13. Voting & Government

Blockchain in government has the potential to increase citizen participation in politics, boost the transparency and accountability of bureaucracies, and lessen the burden of enormous costs. Some US states, including Illinois, have already begun utilizing this technology to encrypt official records.

According to the New York Times, blockchain in government-related applications has the potential to save millions of hours of bureaucratic work annually by making public authorities responsible via smart contracts and digital ledgers that provide complete transparency and create official records.

Blockchain technologies for voting have the potential to similarly transform the election process. By making voting on mobile devices more secure and less prone to fraud, blockchain-based voting has the potential to increase voter turnout and decrease disinterest.

14. Music Business

By streamlining and modernizing the process by which creators, performers, and publishers get paid for their work, blockchain in music will save the music business billions of dollars.

By implementing blockchain technology in the music business, royalties and rights might be managed more efficiently with a single, globally distributed version of the artist’s work, independent of location or ownership.

In the long run, this would prevent the music business from losing a huge amount of money due to delayed payments and litigation fees. However, this can only occur if the music industry agrees on a standard procedure and puts faith in its colleagues and the blockchain. 

Here are some of the top music blockchain technology companies: 

Vezt	Vezt is a music rights marketplace that lets fans finance musicians directly. Fans receive blockchain-recorded royalties from their favorite recordings.
MediaChain	MediaChain is a P2P blockchain database for exchanging information across apps and companies. It organizes open-source content with unique identities, ensuring creators get compensated appropriately.
OPUS	OPUS’ decentralized music hosting, discovery, and listening network allows users to support artists directly.
Digimarc	Digimarc holds music metadata, sources, use, and payment estimations on a blockchain.

15. Smart Contracts

Smart contracts are similar to traditional contracts, except that they are executed in real-time on a blockchain without ambiguity, cutting away the intermediary while increasing transparency and responsibility for all parties. The time and money savings for businesses are a bonus to the certainty of everyone’s compliance.

As industries such as government, healthcare, and real estate realize the benefits, blockchain-based contracts are growing in popularity.

16. Advertising

Applications built on the blockchain may be considered a digital ledger distributed throughout a network and offer the highest levels of security, transparency, and traceability. Once a transaction has been recorded on the blockchain, it cannot be altered by anybody, even if they have access to the ledger. 

Marketers may use a blockchain to monitor their investments in real-time, as the distributed ledger captures all relevant data and transactions. In the end, this might give the openness that other techniques lack.

However, that’s not the only advantage of being transparent and fair. In marketing, speed is of the essence. Tracking stock and ensuring it’s in good condition is difficult. The speed can be maintained via blockchain technology. 

Here are some of the top advertising blockchain technology companies:

Brave	Brave’s blockchain-based browser blocks intrusive advertisements and pays advertisers for regularly visited sites. Brave works with verified publishers to boost per-user income from today’s broken ad-tech business.
NYIAX	NYIAX trades advertising contracts. NYIAX, developed with Nasdaq, leverages blockchain to let advertisers and publishers purchase, sell, and exchange advertising contracts like futures contracts.

17. Content Creation

While some Instagrammers, YouTubers, TikTokkers, and Facebook streamers have found great success, the majority of those in the industry are still struggling to make ends meet.

This is due to the fact that working in this field is fraught with difficulties. The following are some examples of such difficulties:

• Plagiarism – Content authors often invest an astounding amount of work on a project only for it to be stolen or reproduced by someone else.
• Despite the fact that content producers can make money from ads on digital platforms, the media platform where the material is posted takes a sizable chunk of the earnings. Example: About 45% of Facebook’s total income is used up by the Watch feature.
• The existing structure of the industry is advantageous for the platform or middleman rather than the artists. Creators either earn a little share of the revenue generated by their work, or they need to amass a sizable fan base in order to make a living off of it.

Blockchain technology’s content-sharing social media ecosystem may help artists overcome today’s content creation difficulties and build a fairer and more rewarding environment.

18. Automotive

Lack of visibility into internal operations is a constant challenge for individuals working in the auto industry, both in sales and production. Implementing payment-related automotive blockchain apps would allow the sector to standardize on a single platform for tracking and settling invoices for produced automobiles, parts, and services.

Blockchain use cases in automotive applications are more secure than paper-based systems or digital web2 databases when it comes to preventing the loss of information due to human mistakes or deletion.

As the cost of owning a car has climbed, the demand for ride-sharing and car-sharing services has risen. However, what is really important is implementing blockchain technology into automated processes to combat fraud.

Auto service companies and their customers face a common problem: fraud. Smart contracts, made possible by blockchain technology, allow for the creation of legally enforceable financial agreements that all parties to the contract are obligated to carry out if certain criteria are met. 

Here are some of the top automotive blockchain technology companies:

BitCar	BitCar, a Singaporean business, provides fractional ownership of exotic vehicles via a blockchain-based P2P trading platform. Their platform gives consumers tokens signifying ownership.
Cube	London-based Cube develops blockchain-based autonomous vehicles. Autonomous and connected vehicles securely store user data and GPS locations.
VINchain	VINchain, a US firm, integrates blockchain with usage-based insurance. Their solutions let insurers access car and driver information with a unique number. This data is kept on a blockchain and is safe wherever.
ARXUM	ARXUM offers blockchain-based solutions for the automotive supply chain, allowing clients to follow data to manufacturers. They give information on subparts and manufacturing procedures. It helps firms analyze and optimize production in real-time.

Applications Of Blockchain Technology Indeed Go Beyond Cryptocurrencies.

Blockchain technology may be understood more easily from a business viewpoint if viewed as a form of advanced business process improvement software. The ‘cost of trust’ between businesses, organizations, and individuals may be significantly reduced with collaborative technologies like blockchain. 

Despite how expensive it may seem, it is now much simpler to integrate this technology into your niche. Get ready for an innovative future by collaborating with blockchain application experts from a reputable company like Idea Usher. Rest assured, the return on investment for implementing tomorrow’s technologies will be much greater.

Get in touch with us now!

Contact Idea Usher at [email protected]

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FAQ

Q. What are the use cases of blockchain?

Blockchain technology has a wide range of applications across various industries. Some prominent use cases include:

• Financial Services: Facilitating secure and transparent transactions in areas like cross-border payments, trade finance, and digital assets.
• Supply Chain Management: Tracking the movement and origin of goods, ensuring authenticity and efficiency.
• Healthcare: Securely storing and managing medical records, streamlining data sharing, and combating counterfeit drugs.
• Identity Management: Creating tamper-proof digital identities for individuals and organizations.
• Voting Systems: Enhancing the security and transparency of elections.

Q. What is the most common use case of blockchain technology?

Currently, the most common use of blockchain technology is in the realm of cryptocurrencies like Bitcoin and Ethereum. These digital currencies rely on blockchain to ensure secure and transparent transactions without the need for a central authority.

However, as blockchain technology matures, we can expect to see its applications expand significantly across different industries.

Q. What was the first use case of blockchain technology?

The first major use case of blockchain technology was the creation of Bitcoin in 2009. Bitcoin introduced a decentralized digital currency that relied on a public ledger (blockchain) to record transactions securely and transparently.

This innovation paved the way for exploring blockchain’s potential beyond cryptocurrencies and into various other applications.

Q. Where is blockchain used in real life?

Blockchain technology is already being used in real-world applications across different sectors. Here are a few examples:

• Supply Chain Management: Companies are using blockchain to track the movement of goods from origin to destination, ensuring authenticity and preventing counterfeiting. This is being implemented in industries like food and pharmaceuticals.
• Financial Services: Banks are exploring blockchain for faster and more secure cross-border payments. Additionally, it’s being used for trade finance to streamline transactions and reduce risks.
• Voting Systems: Some governments and organizations are piloting blockchain-based voting systems to enhance security and transparency in elections.

Q. What are the factors that make blockchain so useful today?

There are some factors that make blockchain useful, and they are:

• Enhanced security
• Automation
• Transparency
• Traceability
• Increased efficiency and speed