10 Interesting Blockchain Technology Use Cases
The most common and widely known use case for blockchain technology is the use case it was developed for in the first place: bitcoin transactions. Now that thousands of altcoins exist, this use case has been expanded to cryptocurrency transactions in general considering that altcoin developers have adopted blockchain technology to power their own currency’s transactions as well.
Although cryptocurrency transactions are what blockchain technology is known for, there are many other interesting use cases for the technology. In fact, blockchain technology is disrupting a variety of different industries, many of which are unrelated to its original use case and some that might surprise you.
Here’s a look at some of the more interesting use cases for blockchain technology and how it will alter the future of a variety of industries.
Blockchain Technology And Retail
There are a couple of different exciting applications of blockchain technology in the retail sector. In recent years, corporations like Walmart and Maersk have been using blockchain technology for tracking produce and cargo.
Many people actually believe that in the near future, blockchain technology will be used to help shoppers know for certain that the produce they are buying in a grocery store is fresh, organic, locally grown etc. The basis of blockchain technology is essentially a distributed ledger, where all transactions are permanently stored for anyone to see. So, that same basis of the technology can be used to track and allow shoppers to see where their produce is coming from.
Counterfeit Goods And Fraud Prevention
Blockchain technology can be used in retail to prevent fraud and stop counterfeit products from entering the market. Retailers can use blockchain technology to track their goods from the manufacturers in order to ensure that they are receiving the real, authentic product and not a counterfeit or fake version of the product. This can be especially helpful in the high-end luxury goods market.
Blockchain Technology And Cybersecurity
All information stored on a blockchain network is encrypted with a cryptographic algorithm, and due to the fact that blockchain is a distributed ledger technology, unlike centralized databases, there is no single point of entry and the encrypted data is stored across many nodes. All of this means that it’s nearly impossible to steal all of the data. Think about it from a hackers perspective. Would you rather hack a centralized database where all of the information is in one place, or try to break into an encrypted system where the information is spread out across many different devices? Obviously it is much easier to gain access to a centralized system with one single point of failure.
Also, because blockchains use peer-to-peer connections and data cannot be altered, it’s easier to identify attacks. Blockchain also helps protect personal information since it provides a way to record transactions in a secure manner anonymously since it doesn’t require a centralized authority. Now that you don’t have to involve a centralized authority like a bank or other financial institutions in your financial transactions, you no longer have to provide personal information to any person or institution. Guardtime is an example of a company that is using blockchain technology in the cybersecurity space to offer customers a zero-trust option and a way to protect their identity.
Blockchain forecasting is the concept of using large sets of data from many sources through the use of blockchain technology to create prediction markets to assist with a wide variety of bets, such as sports bets, stock bets and election bets. Blockchains automatically collect data and sort it, and now that data is being parsed to make predictions.
By harnessing blockchain technology’s transparency, innovative companies are offering platforms that can help musicians get the money that they deserve. Mediachain, acquired by Spotify in 2017, uses smart contracts, allowing artists to sign a decentralized contract that enables them to agree to higher royalties and get paid what they are owed on time.
Startups are using blockchain technology to remove the barriers to real estate ownership. For example, Propy is developing technology that uses smart contracts to allow online and self-driving real-estate transactions. The company is automating the real estate closing process, making it easier than ever for people to become property owners.
Blockchain technology is being used to make improvements to the healthcare system, which has the potential to benefit everyone. One of the areas that has needed improvement in healthcare is the fragmentation of healthcare data across different institutions and providers, which slows down the process and makes it difficult for patients to receive proper care. Companies like Patientory and Medicalchain are using blockchain to develop innovations that can strengthen the industry.
Non-fungible tokens (NFTs) are enabling artists and musicians to tokenize their art and sell it on the blockchain. Everyone from digital artists to celebrities to the New York Stock Exchange (NYSE) is joining the NFT market, selling unique tokenized versions of their work, their brand, or a historically significant event for a profit.
Besides cryptocurrency transactions, the other most common use case for blockchain technology is in finance. The decentralization of finance is one of the most promising applications of blockchain technology. Decentralized finance, or DeFi, refers to the process of decentralizing all of the financial services that can be accessed traditionally through a bank or other financial institution.
DeFi platforms have enabled cryptocurrency holders to earn interest on cryptocurrencies, as well as borrow and loan cryptocurrencies. Konstellation is a project that is operating in this space through a focus on development and implementation of blockchain technology for the global financial services industry. Konstellation & The DARC Token’s mission is to remove inefficiencies from the global alternative investment industry through the use of blockchain solutions.
More Blockchain Technology Applications
There are many more applications of blockchain technology being used to improve a variety of different industries, and it is clear that this technology will continue to be used in innovative ways well into the future.
What do you think is the most interesting blockchain use case? Let us know in the comments section below!
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