Blockchain Use Cases By Industry
➡️ Many industrial giants are praising the potential impact of blockchain technology. The tech’s practical use-cases, proof of work concepts, and fully-fledged business ideas have already entered into our daily lives. Let’s see the applications of blockchain technology in this article.
“By bringing together distributed databases and the principles of cryptography, blockchain provides access to multiple participants from various locations to take a look at the latest shared ledger.”
Practical Applications of Blockchain Technology
How is Blockchain Impacting the Banking Sector?
➡️ Banks across the globe are employing different methods to reduce transaction costs and the amount of paperwork involved. Implementing the blockchain technology could be a successful step for banks to increase their profits and values.
“By incorporating blockchain technology, banks could save billions in cash by reducing processing costs and transaction fees. The World Economic Forum has done dynamic research and stated that 10% of the total GDP would be stored on a blockchain network by the year 2025.”
➡️ All major financial institutions are making efforts to implement blockchain that could favor them in money transfers, records storing, and primary back-end operations. A feature-packed blockchain application for banks could replace the traditional paper-based finance processes with a decentralized electronic shared ledger.
➡️ The ledger allows all the participants in the network to access the information without altering them. Also, the participating entities can track all documentation and validate the ownership of the digital assets in real-time.
“Over 45% of the financial intermediaries such as money transfer companies and stock exchanges are open to financial fraud.”
➡️ Most financial organizations around the world are built on a centralized server. Because of that, they are more vulnerable to cyberattacks, and once hackers infiltrate into the system, they get complete access. Blockchain technology could help eliminate many counterfeit activities acting as the detractors against our finance system.
▪️ Bank of America
How is Blockchain Revving Up the Healthcare Sector?
➡️ Blockchain technology has a dramatic impact on the healthcare facilities, thus paving the way for a broader range of applications & uses. The distributed ledger technology facilitates the transfer of patients’ medical data securely and helps manage the healthcare supply chain. Along with that, the tech aids scientists & researchers in unlocking the genetic code.
“Estonia, a developed European country, understood the potentiality of blockchain and started implementing the same in their healthcare system. They are using this technology to process transactions and encrypt patient & hospital data to manage the pandemic spread of harmful diseases.”
➡️ You know what? Blockchain’s most popular application in healthcare is keeping the medical information safe & secure in all possible ways.
➡️ Security is one of the major problems in the medical facilities. Between the period 2009 and 2017, nearly 200 million records related to the medical history of patients across the globe were exposed in data breaches. Hackers stole banking information, card-related details as well as research papers and test records.
➡️ Blockchain technology’s true potential lies in maintaining a decentralized, tamper-proof, and transparent record of data. These features make blockchain a technological rife for security-based apps.
➡️ Though being transparent, a blockchain network maintains privacy, therefore, safeguarding the original identity of individuals. The decentralized nature creates a single ecosystem of data, and it allows patients, doctors, pharma, and other healthcare facilities to access the information simultaneously.
▪️ Simply Vital Health
How could Blockchain Technology Benefit the Real Estate Industry?
➡️ Blockchain could help in enhancing trust in the authenticity of digitized transactions. It could play a significant role in developing efficient solutions for residential and commercial real estate.
➡️ The shared ledger technology helps to create a distributed record book, and it’s tamper-proof by nature. A blockchain network operates in the form of decentralized p2p platforms, therefore, building a shield against the spread of false information and increasing the resistance towards fraud.
➡️ The decentralized technology offers a verifiable system to share confidential information like project details & payment information. The system is highly resistant to censorship. Besides, real estate operations could enjoy a safe and immutable shared ledger that collects data from different sources and stakeholders and lists them in one place.
➡️ In general, real estate transactions are conducted through wire transfers. These wire transfer transactions are costly, and the verification processes usually take weeks to get completed. Blockchain-backed transactions could help build a streamlined system to process transactions quickly at reduced costs.
➡️ Intermediaries, say, broilers & escrow companies can be wholly waived off with the aid of this technology. In a blockchain-powered network, the records are stored, validated, and transferred securely, and this elimination of middlemen reduces costs dramatically and saves time.
Areas of Impact
🔶 Property Search Purposes
🔶 Due Diligence
🔶 Property Evaluation Process
🔶 Real Estate Management
🔶 Property & title Management
🔶 Real Estate Investments
🔶 Financial Evaluation & Payment Systems
▪️ Monaco estate
Blockchain In Agriculture Industry
➡️ Blockchain offers better traceability and delivers efficient outcomes in the agriculture supply chain. With a shared ledger, the participants will get to know the status of the crops right from the time when they are planted to delivery. The information stored on a blockchain network is one-hundred percent secure, and they can be viewed in real-time.
➡️ Blockchain is the ultimate solution to food safety. The process of verifying a food product’s certification is comparatively faster and more effective. It’s the utmost responsibility of the farmers to record the production data, sign on its accuracy & share the information with the respective organization. This also enhances the efficiency of data entry and improves the frequency of data verification.
➡️ The power of blockchain helps in Quality Control. Tracing the crops right from their harvest to delivery has never been an easy task, not until the intervention of blockchain. This dynamic tech, combined with IoT makes it easy for harvesters to monitor the quality of soil, irrigation system, and pests clearly and efficiently. The primary goal of a blockchain-backed agricultural application is to automate and digitize all information related to record-keeping and quality control.
➡️ With the aid of Smart Contracts, farmers now will be free from intermediaries. These self-executing bonds will eliminate delay in delivery and also make sure that farmers are getting paid on time.
How is Blockchain Improvising the Supply Chain Business?
➡️ Blockchain technology, combined together with smart contracts, can program business logic and enable transparency, accuracy, and enhanced licensing.
▪️ Transparency in the consumer goods provenance (start-to-end consumption)
▪️ Accurate tracking of physical and digital assets
▪️ Better licensing of products and other services
“Consumer goods, in particular, electronic items, pharmaceuticals, and luxury goods, are vulnerable to counterfeiting and fraudulent activities. A PwC report states that more than 2% of global economic transactions are prone to counterfeiting.”
➡️ The deployment of the blockchain (public, permissioned or private, or hybrid blockchains) could bring in traceability, transparency, accuracy, and accountability to the movement of goods and services. Blockchain, when applied to logistics, makes business processes more efficient at reduced costs in the supply chain business.
➡️ In general, the supply chain is a complex network of manufacturers, suppliers, distributors, auditors, retailers, and consumers. A blockchain network’s shared infrastructure could streamline the supply chain with improved workflows for all participants involved in the network. Also, this shared system would offer auditors with enhanced visibility on the users’ activities along the value chain.
➡️ Blockchain’s original potential lies in driving the cost-effective systems and enhancing the customer experience via 3 Ts: Transparency, Traceability, and Tradeability. These three use-cases are the prime factors of enterprise blockchain technology.
➡️ Transparency builds a state of trust by recording the critical data points, for example, certifications and claims. Blockchain’s transparent nature provides universal access to data in the network publicly. The information after being stored on the blockchain network is open to all. Its authenticity can be verified and validated by other participants in the system. The data can be updated, tested, and aligned in real-time.
➡️ Traceability is here to make the operational efficiency a better factor by structuring and visualizing the enterprise supply chains. An increased set of customers demands sourcing of information regarding the goods they purchase. Blockchain plays a vital role by helping the organizations understand the business flow and engage customers with original, valid, and unalterable information.
➡️ Tradeability is a unique feature offered by blockchain. It gives a fresh look to the traditional concept of market gathering. With the aid of blockchain, a business or an individual can tokenize the available assets by dividing an item into shares. These shares represent ownership digitally. These tokens can be traded by the users, and they can also transfer the ownership digitally.
How can a Blockchain Consulting Services Company help you?
➡️ Whether you are an individual or a business, now that you know the potential benefits of blockchain technology. If you are interested in adopting this futuristic technology for your business, Blockchain Firm assists you with the best-in-class services and solutions.
We offer top-notch blockchain solutions across the following sectors:
🔶 Supply Chain & Logistics
🔶 Communication & Entertainment
🔶 Education & Media
🔶 Energy & Utilities
🔶 Information Services
🔶 Insurance & Life Sciences
🔶 E-Commerce Business
🔶 Travel & Tourism
➡️ Blockchain technology applications are way far from their early stages. With the increasing demand for technological advancement, blockchain started booming around the globe. The decentralized ledger technology has already laid its foundation in e-commerce, supply chain, education, fashion & entertainment, energy & resources, tourism etc. Researchers believe that this technology could bring in positive changes to all kinds of sectors and make the processes smooth and efficient. With our hands-on experience, we expect blockchain to have a positive future.