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Aside from transferring and receiving digital money, blockchain is being employed in a variety of other applications. At the same time, I want to underline that the majority of these projects are still in the shape of an idea or are in the early stages of development. However, some are already in operation and producing positive outcomes. Let's look at different blockchain use cases in many sectors.
1. Blockchain in IT
As an IT product, blockchain has a wide range of applications, so I'll highlight a few of them.
Blockchain is completely self-contained, with networked devices controlled by algorithms and programs rather than humans or supercomputers.Thus, complete data security is achieved: after all, the blockchain appears to be a panacea in a modern world full of digital threats due to complex encryption (the bitcoin algorithm—SHA256—and 64-digit keys) and a decentralized structure, as well as the technical lack of the possibility of hacking.
The well-known "Kaspersky Lab" unveiled their own electronic voting system based on the blockchain, which underpins the process's transparency and security. Electronic voting in elections is now only utilized in Estonia, although this is extremely likely to change in the near future.
2. Blockchain in everyday life
In the field of Smart Property, if a public key is embedded in an ordinary car and the corresponding private key is transferred to the owner, then a car sale system can be used in which the public key of the car is transferred to the new owner and the amount of cryptocurrency is transferred in the opposite direction. In this case, the blockchain verifies ownership as well as the amount paid.
What's great about this system is that it eliminates the need for middlemen with powers of attorney and the execution of a huge number of pieces of paper. A blockchain is theoretically difficult to cheat or falsify, and the entire purchasing and selling process may be automated. All the vendor and buyer need to do is meet on their smartphones beside the car.
3. Blockchain in Banks
Blockchain appears to be an appealing technology for financial organizations. This is reinforced by the following news from the world, in which an increasing number of banks announce their intention to join the blockchain and integrate it into their systems.
Aside from the apparent savings that may be realized following the installation of the blockchain, there are suggestions for using the blockchain to defend.
Other advantages of using blockchain include:
- better network security
- removal of the danger of individual error
- no need to repeat settlement and bank paperwork
- no middlemen
- real-time settlements and much more.
At first, the banking industry may find it difficult to overcome the drawbacks of blockchain technology. First and foremost, there is the expense of adopting the procedure, which can run into millions of dollars. Another difficulty is that the blockchain will be used by various organizations, and individual banks may be concerned about losing control if they are pitted against a group acting as a processing point.
Here are few examples of merchants that accept crypto payments.
4. Blockchain in Retail
Blockchain technology has a bright future in this sector. The World Economic Forum named blockchain as one of six global trends that will have a significant influence on society over the next decade.
For example, the recently well-known American chain Walmart announced the use of blockchain in the procurement of imported goods: a new logistics tool based on block networks was developed by the Hyperledger consortium and allows you to control the entire path of products from the supplier to the supermarket, containing data on shelf life, requirements for storage conditions, transportation, and so on.
5. Blockchain in Real Estate
The real estate industry can potentially benefit from utilizing blockchain technology vertically and horizontally. If you have ever been involved in a real estate transaction, you know they are often complex and non transparent and include a lot of paperwork and hard-to-follow moving pieces such as dealing with agents, property checks, deeds, financing, notaries, and in many cases attorneys. There are many pain points in the process. Blockchain can help reduce the costs, increase security, increase privacy, and expedite the process.
Here is how blockchain can be useful for different stages of real estate process:
- Securely identifying both buyer and sellers
- Ensuring ownership
- Keeping information private and on a need-to-know basis
- Due diligence on property
Conducting financial transactions
- Transferring funds
- Distributing funds between parties such as agents and sellers
- Paying bills
Here are some case studies:
- Harbor : This provides an Ethereum ERC-20 token that allows for the resale of currency as security. It’s a platform for digital securities such as funds, private equity, and commercial real estate.
- Ubitquity: This offers a real estate SaaS platform utilizing the blockchain platform aimed at mortgage, title, and financial companies. It works with entities around the globe to gather property information and documents. Ubitquity offers an API for integration with its blockchain platform
- Propy: This company raised an ICO of more than $15 million and claims it can save people up to 25 percent in fees when buying property as well as avoid wire and fraud. Propy processes payments in any currency, including crypto.
6. Blockchain in Education
Blockchain technology can be integrated into document storage and control systems. The main advantage here is the inability to change data stored in the system; information can be added but not overwritten. At the same time, the document's legitimacy can be easily verified because everyone can see who wrote it and when.
In actuality, relatively few individuals have utilized this system thus far, with the University of Nicosia in Cyprus being one of the pioneers. The university used the technology to hold degrees and certificates there. Even more intriguing is the fact that this university was the first to accept cryptocurrencies as payment for tuition, and its diploma is recognized globally.
7. Blockchain in Legal fields
We must keep in mind that data recorded on the blockchain cannot be modified. This enables the blockchain to be used as documentary proof to validate the transfer of digital assets as well as to record information about the physical property's owner.
The Shaoxing court in China issued its decision for the first time utilizing evidence recorded on blockchain technology towards the end of November 2019. The Shanu District People's Court has employed distributed ledger technology to effectively authenticate the validity of evidence and react to a lawsuit.
The case involved the defendant's involvement in a number of fraudulent instances. The defendant made around $1,400 by operating in numerous Chinese provinces. Because some of the evidence was effectively kept in the blockchain system, the prosecution was able to show the judge the authenticity of the plaintiffs' allegations, and the offender was sentenced to 14 months in jail.
8. Blockchain in Medical Field
The blockchain in the sphere of health is literally a lifesaver, at least in terms of data processing, because the medical business has long been overburdened. This, however, is not a cure-all for all ailments. Blockchain is great for little quantities of information, but as we all know, medical data is massive.
The Healthureum system, based on blockchain technology, will operate as a tool to regulate and account for data in connection with changes in medical records. In other words, the answer was for the data to be stored outside of the blocks, while the links leading to large files would be stored on the blockchain.
Many various initiatives are offered to handle the problem of data encryption, such as limiting the kind of access to patient information or creating a closed data array on the blockchain with access restricted to a supervisory body or other regulatory entity.
Here are some case studies:
- Ambrosus: This blockchain system is aimed at following the chain of custody of clinical trials and pharmaceuticals. Food and pharmaceutical enterprises can use the platform to optimize supply chain visibility and QA.
- ConnectingCare: Here, patients and providers can share health data. It allows all kinds of unique applications, from calculating costs to the patient’s ability to control their privacy to even allowing users to sell their data for research.
- FarmaTrust: This is aimed at stopping counterfeit drugs with the usage of blockchain as a ledger.
- MedRec: This provides EHRs on the blockchain via an Ethereum smart contract.
9. Blockchain in Elections and Voting
Voting manipulation and electoral integrity are real problems; attackers have been known to use techniques such as Sybil attack to manipulate elections. Not surprisingly, many times there are recounts, accusations of fraud, and distrust as the whole process is often vague.
Voting requires the authentication of the voters’ identities and secure record keeping, vote tracking, and tallying. Blockchain has the potential to revolutionize how voters cast their votes and could expedite the speed of completing this process in an honest and open way.
Blockchain tools could be used together as the infrastructure from start to finish. This could potentially eliminate the need for recounts and could build public trust in elections.
Some potential advantages of utilizing blockchain for voting.
- Verification: Voters can verify that a vote was cast as intended and detect false results.
- Transparency: Governments and independent outside parties can confirm a vote’s results as they are transparent when stored on a public blockchain.
- Security: Instead of one centralized computer on a traditional server system, voting data on the blockchain is distributed on many nodes, making it harder to alter results like when hacking into a single system.
Here are some case studies:
- FollowMyVote: This is an election platform in beta.
- Voatz : This company wants to make voting safer and more accessible. It has already teamed up with the City of Denver and West Virginia to offer a mobile voting pilot.
- Votem: This voting platform is focused on mobile to secure votes in elections across the globe.
10. Blockchain in Entertainment
Finally, I'll discuss blockchain's potential in the entertainment business. The first thing that springs to mind is a wonderful possibility to avoid gambling bans in many jurisdictions owing to cryptocurrency's non-recognition as cash or property.
Blockchain has also attracted the curiosity of the music business.
The blockchain can hold data on all transactions, encrypted data on ownership rights, finance, and even smart contracts. Stem, for example, is a blockchain-based payment and distribution platform for audiovisual products, allowing you to publish material, manage contracts, and make payments all in one location.
Besides these, there are many other sectors where blockchain can be implemented.
Here are case studies:
- Beyond the Void: This is a game that utilizes Ethereum’s blockchain to allow players to buy, sell, and trade “cosmetic in-game items” using NFT transactions.
- Plague Hunters: This is a free-to-play strategy game with a built-in, Ethereum marketplace using NFT transactions for buying and selling weapons and “hunters.”
- HashCraft by Ubisoft: This was built as an unreleased prototype that incorporates blockchain as the core gameplay, enabling players to be the builders of the game by utilizing a blockchain ledger as a database.
- Common Works Registration (CWR): This is the standard format for registering and revising musical works.
Blockchain may be used to send and receive digital money, but it can also be used for a number of other purposes. These initiatives are still in the early phases of development or are still in the form of a concept, although some are currently in operation and delivering great results. The blockchain can store information about all transactions, as well as encrypted information on ownership rights, finance, and even smart contracts.