There are many applications of blockchain technology beyond bitcoin and cryptocurrency. Due to its ability to streamline processes and increase transparency, the technology has a wide range of applications in a variety of sectors, ranging from enabling governments to work more efficiently to how contracts are enforced.
To show the other applications of blockchain in other sectors, we have compiled a list of some applications of blockchain in various domains. Although it's far from an exhaustive list, these technologies are already changing the way we do business.
Application of Blockchain in Other Domains
Financial Use Cases
The popularity of cryptocurrency transfer apps has exploded since Bitcoin's inception. Blockchain has become a popular technology in finance due to the money and time it can save financial companies. According to a recent article from ComputerWorld, blockchain can save the largest banks $8-12 billion a year by enabling real-time ledgers, eliminating bureaucratic red tape, and reducing third-party fees. Examples of financial services which use blockchain services to effectively offer and better their services include;
Smart Contract Use
With smart contracts, the terms of the contract are enforced on blockchain in real-time, therefore eliminating the middlemen and adding for all parties involved levels of accountability that couldn't otherwise be achieved. By doing this, businesses save money and time while ensuring everyone involved is compliant with the business terms.
As sectors such as healthcare, government, and real estate discover the benefits of using blockchain technology, blockchain-based contracts are becoming increasingly popular. Some examples of companies who use blockchain to make their activities faster and smarter include;
- Propy INC
Apart from this, the importance of trading with a top platform, such as the Bitcoin Revolution website, cannot be stressed enough.
Internet of Things
As part of the use cases of blockchain applications, the Internet of Things (IoT) is another logical use case. An increase in IoT products use means more opportunities for hackers to steal your data on all your smart applications.
By using the transparency and reputation of blockchain technology to make things safer and smarter, blockchain-enhanced IoT prevents data breaches by topping the level of security on the network. Here are a few services that implement blockchain technology to make the Internet of Things safer and more secure.
- Xage Security
Personal Identity Security Uses
In 2017, more than 16 million Americans complained of identity fraud and theft, and identity was stolen every two seconds, according to identity theft experts LifeLock. This level of fraud can take many forms, ranging from hacking into personal information to forged documents. The government could reduce identity theft claims drastically in the future by storing sensitive information on a decentralized blockchain ledger. Below are a few blockchain-based enterprises providing solutions to identity theft.
- Illinois Blockchain Initiative
- Evernym Inc.
While blockchain adoption in healthcare is still in its infancy, it is already showing some promise. Early blockchain solutions have shown the potential to improve information access among stakeholders, reduce healthcare costs, and simplify business processes. To trim down the exorbitant costs in an already bloated sector, an advanced system for collecting and sharing private information may be just what the health sector needs. Some examples of Blockchain healthcare backed services include;
- Nebula Genomics
Due to the large number of logistics companies crowding the industry, shipping companies complain about a lack of communication and transparency. In the US alone, there are more than 500,000 shipping companies, causing inefficiencies and data silos according to a study by DHL and Accenture. The study suggests that blockchain can solve many of the issues facing the logistics and supply chain industry.
In this study, it is argued that blockchain enables data transparency by revealing a source of truth. By acknowledging data sources, blockchain can ensure the trust in the industry is unshakable. Logistics processes can also be made more efficient and automated, potentially saving the industry billions of dollars annually. Blockchain is not only secure but also a cost-effective solution for the industry. Examples of logistics companies who use blockchain technology in their services include;
- Block Array
These are just a few of the sectors which are currently implementing blockchain technology to improve their services. You can check these services to see the success they’ve achieved with the use of this technology.