Without a doubt, the blockchain continues to transform the way we approach certain tasks in numerous industries, so have you ever pondered over the use cases?
Before we get into that, the blockchain is a publicly shared database that allows multiple users to access and verify the information on it in real-time! And there are many ways you can incorporate blockchain technology into your professional career.
But before we dive in, let’s set the record straight. Although blockchain technology came into existence with Bitcoin, it has now encompassed that framework and secured a far more reaching potential way outside the realm of cryptocurrency.
Now, let’s discuss all the opportunities made-possible via the immutable blockchain!
With the help of blockchain technology, Governments can make use of digital voting to ensure that the process of elections can happen transparently and securely. In detail, each vote would be attributed to one ID with the ability to create a fake ID being near impossible.
Basically, Government officials could count votes immediately as they are submitted. Imagine being able to know who one in an important election a couple of hours after polls close!
Not to mention that among the blockchain use cases is transparent budgeting! This technology can allow for transparent budgeting decisions in a government in hopes of reducing corruption.
Blockchain Use Cases in Healthcare
In the healthcare industry, doctors and nurses oftentimes lack a clear understanding of each patient’s medical history since the official records are often placed in separate databases. This hinders their ability to provide efficient and effective solutions.
In comes this blockchain use case! Basically, we can share medical records on the public ledger that’ll be accessible by various healthcare companies and hospitals. These can include vaccination history, allergies, past surgeries, past doctor appointments, and past/present medical conditions.
Ideally, none of this stored information can specifically identify any single individual or a particular patient. And the medical professional must take permission from the patient himself in order to view their healthcare history.
Law & Legal Professions
Since the blockchain creates unalterable data, intellectual-property owners can establish the authenticity of ownership rights, combat counterfeiting, license property through smart contracts, and efficiently register their trademarks via its technology.
In another blockchain use case, it is able to provide enhanced security for legal documents and contracts. In other words, it is virtually impossible to alter or tamper with documents on the decentralized ledger.
Not to mention that Lawyers can use it to streamline and simplify their transactional work, digitally sign and store legal agreements using smart contracts and automated contract management.
The benefits of decentralized identity management systems can help people control identity information alongside reducing the risks of identity theft. On top of it, users would not have to reveal their personal information on every platform for accessing digital services.
This blockchain use case simplifies the process of maintaining individuals’ records such as birth/death certificates, marital status, property paperwork, and passports. Moreover, Medical professionals can tokenize sensitive medical and performance data on the blockchain.
And since the transparent ledger allows for password-free entry, you get to use biometrics, including retina scans and fingerprints, or any uncrackable form of entry into any private data.
Media and Entertainment
Media companies use blockchain technology to eliminate fraud, reduce costs, and protect their IP (Intellectual Property). Moreover, Artists use the blockchain to receive direct payments from fans. For example, music streaming platform Spotify can connect its apps to the blockchain to ensure that when songs are streamed, Artists are immediately compensated.
As for the ticketing industry, organizers can use the blockchain to issue tickets and access the information of concert-goers. This can allow for a more customized and relevant experience! For more on that, check out our briefing on NFT ticketing!
Via the blockchain, banks can track all global transactions without intermediaries and regulatory organizations. Basically, blockchain technology reduces the asset exchange charge by removing middlemen and transferring asset rights.
Moreover, it can help banks save money on transaction costs and reduce risk by keeping records updated on the decentralized database of assets. Not to mention that it offers the potential to implement and improve services and customer experience by facilitating processing, securing, and finalizing transactions!
Blockchain Use Cases in Cybersecurity
Companies can use blockchain’s encryption and hashing capabilities to secure and protect data shared in messaging, chat, and social media apps and develop decentralized security systems. And since the blockchain can replicate data throughout different nodes in a network, this helps prevent any single actor from error, takeover, or fraud. Basically, hackers would have to invest a lot of time and resources in compromising multiple nodes on the blockchain network.
Blockchain Use Cases in Retail & Fashion
Blockchain technology can significantly alter the retail sector by reducing operating costs in fashion and luxury and providing better data management tools.
Not to mention enhancing supply chain management like Renault’s metaverse! Basically, fashion brands can now track their products from the raw materials to the end product.
How? Inputting trustworthy information at the source results in the same information reaching the in-house or retail end-user without any possibility of misinterpretation. Moreover, this can reduce the risk of counterfeit and fake items circulating around.
Blockchain technology is managing some top-tier endorsements, sponsorships, and fan incentive initiatives. And some professional leagues are paying their client in Bitcoin.
Also, the blockchain facilitates tournament organization! Basically, organizers need not remain above board since blockchain transactions are transparent, and agreements are open to all for viewing as smart contracts are open-source codes.
Finally, esports teams can create unique and engaging experiences for their fans by leveraging blockchain technology and NFTs. As a result, they can deepen fan loyalty and strengthen their community.