Here in the following, we will see the use of blockchain technology in today’s industry.
1. Supply chain management:
One of the best uses of blockchain technology is in supply chain management. Currently, it uses old methods and so it has a lack of transparency in the supply chain.
As there is not an option to recheck or no transparency available, it is very easy for threat actors to alter supply chain management. In the end, both end-users and companies suffer from fake products.
Benefits of use cases of blockchain technology in supply chain management:
– Products can be tracked accurately
– Products can’t be manipulated
– Transparency can be improved
– Ability to eliminate problems and solve them
– Authenticity and verification are possible
– End customer does not have to deal with a fake asset
– Cost reduction
2. Digital identity:
Stealing digital identity is one of the big issues that have already hit the internet. Today, it is easy to extract and steal identity information from any secure source by posing as someone else. That is a big problem for the audience and even bigger issue for the company which has critical data.
Managing the identity of any individual has also become a big problem as one has to carry a large number of documents. It may include a national identity card, passport, driver’s license, or any other identity document associated with the organizations.
This problem can be easily solved with the help of blockchain technology where one has only one identity in the entire network.
Benefits of uses blockchain technology in digital identity:
– Only one single identity
– A digital identity can be worked on multiple platforms
– There is no possibility of identity theft
– Not required to carry any documents
There have been many controversies on manipulated voting in many countries between the ruling parties. In addition, counterfeit votes and other activities is a big problem for many countries’ voting process.
With the help of blockchain technology, the voting process can be managed properly. After all, it is innovative, fast, secure, and transparent. Voters must join in or download booths on their electronic devices or computer. Once this process is done, they can use their identity to cast their vote.
Benefits of using blockchain technology in the voting process:
– Remote voting is possible
– Secure and safe way to store votes
– Elimination of election fraud
– Immutable and verifiable votes
– Improved transparency and trust
4. Fundraising (Security Token Offerings):
ICOs have helped democratize the fundraising process. However, this model carries some disadvantages. Investors have very limited rights on their investments as it does not represent traditional equity.
With the help of blockchain technology, ICOs have evolved into better ways of fundraising i.e. STO which are also known as Security Tokens Offerings as they are regulated for the law.
Security Tokens are based on blockchain technology that enables organizations to sell their tokenized financial instruments like equity and debt.
Benefits of using blockchain in fundraising:
– STOs can be down in a highly automated way.
– It can run over long periods to lure investors.
– Since this is a blockchain-based issuing process, many of the intermediaries such as brokers, documentation guy, back-office staff can be replaced. Ultimately, it will result in considerable cost savings.
– It can be traded and transferred on a 24×7 secondary market.
One of the most important use cases of blockchain technology is in the healthcare sector. The health sector needs reforms. Currently, the healthcare sector suffers from a centralized approach, leading to an inefficient way of treating patients.
Patients also have to suffer due to the not-so-efficient system. They have to carry their medical data from one doctor to another, which can cause problems.
Blockchain can simplify all health issues by providing a decentralized registration approach. All data subjects can access vital patient data with appropriate permission. All data will also remain secure and only authorized personnel will be able to access it.
Benefits of healthcare blockchain technology use cases:
– Adequate health data storage
– Easy to store and retrieve health data
– No need to carry documents
– Efficient process
– Easy to claim insurance
A notary is one of the best blockchain use cases. The legacy system relies heavily on paperwork. This means that the records are kept in printed form. They are susceptible to change and manipulation by a third party or malicious internal parties.
The notarization process ensures that the documents within a transaction are authentic and therefore can be trusted. Currently, the notarization process is not highly technology-dependent, leaving many gaps in the process.
The use of blockchain can change the form of notarization. It will remove the need for trust from the process. Trust currently plays a crucial role in the process.
It is due to blockchain features like transparency and immutability. It also provides proof of existence, which is essential to the notarial process.
Benefits of blockchain technology in notary use cases:
– 100% accurate
– Eliminate the need for trust
– Provides proof of existence.
– Improve cost and speed.
7. Food safety:
Food security is generally one of the most vital global problems. The supply chain that manages food has become more complex than ever.
With it, many problems have arisen in the food processing process. Lack of transparency is one of the biggest concerns. This has created problems where it is not possible to trace contaminated food.
With blockchain, all food security can be improved with the new approach. Every food that is put into the supply chain can now be properly labeled with important information like storage temperature, processing date, expiration date, factory, lot number, etc.
All the data once stored, cannot be modified, which provides the immutability necessary for the supply chain to be reliable.
Benefits of using blockchain technology in food safety use cases:
– More confidence
– Elimination of paperwork
– Tracking of food through the supply chain
– Food problems can be traced and resolved faster
8. Intellectual Property (IP):
If IT protocols are maintained poorly, it can cause legal disputes unnecessarily. Using blockchain technology, it offers clear and accurate IP assets ownership. Tamper-resistant blockchain provides a timestamp to mention the precise recording time of an idea.
It can solve any type of dispute related to the origin of an idea. Blockchain technology gives Intellectual Property (IP) owners the added benefit of protecting their IP assets infringers.
Benefits of using blockchain Intellectual Property (IP) use cases:
– Better management of intangible assets that are probably unique.
– Reduced transaction friction using a peer-to-peer network.
– Better partner relationships on a transparent ledger.
9. Energy market:
The energy market is completely controlled by large companies. We already know that if you want power, you must request the connection and wait for the installation. There are also cases in which electricity is denied to people or new companies for one reason or another. It is a closed market controlled by the corporation that leaves nothing for the general population.
With blockchain, it is easier for people to generate, trade, register, and settle energy, all with the help of smart contracts and distributed registration technology. With the use of blockchain technology, energy becomes an asset, just like other commodities.
Benefits of blockchain technology use cases from the energy market:
– No need to trust an electricity producer.
– 100% uptime can easily be achieved
– Prices depend on demand and supply.
– Consumers can also participate in the production of electricity.
10. Real estate:
The real estate market suffers from many problems, especially when it comes to connecting sellers and buyers. In the current process, buyers have to meet with brokers or sellers to facilitate a deal.
This can take anywhere from a few months to a year. Not only that, but paperwork can also be a tedious task. It takes a lot of effort to do the paperwork, and still you may be affected by incorrect data entry.
To overcome all of this, a decentralized blockchain registry can help solve real estate issues. First, you can improve payments for rental properties where it is easy to lease a property through Distributed Ledger Technology (DLT).
It is also profitable and ensures proper decision making for the buyer. The decentralized blockchain solution can help tenants, landlords, service providers, and any other entity to interact and verify property information or even transact securely.
Benefits of real estate blockchain technology use cases:
– Property verification
– A global market for real estate
– Real estate blockchain projects
– Secure and smooth
– Elimination of intermediaries or part of them