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Blockchain has made a name for itself not just as a technology of which Bitcoin is merely a part, but also as the answer to the two issues that all firms, regardless of industry, unanimously face: security and lack of transparency. The advantages of the disruptive technology have been embraced and integrated in a number of processes across a range of industries already. In this post, we explore the potential of blockchain beyond cryptocurrencies.
Blockchain is an integral part of cryptocurrencies, what are the use cases of blockchain beyond crypto? Let’s find out!
Beyond the exchange of digital currency, there are a variety of use cases for blockchain technology in the banking industry. By placing all the data on a distributed ledger with a timestamp and batches of specific transactions with a link to another block, blockchain use cases in banking will make it difficult for hackers to access the system without the timestamp of the breach being highlighted. Numerous procedures are followed to reduce cases of money laundering and keep terrorists out of the banking system. The KYC process’s verification time and associated costs would be greatly reduced if it were implemented on blockchain.
Centralized servers are typically employed to store the data when it comes to cloud computing and the ordinary computer network usage in business. You expose yourself to dangers like corruption, data loss, human error, and hacking when you now store all of your business data on a centralized system. The likelihood of hacks decreases significantly when you put your data on a distributed, decentralized system using the blockchain-as-a-service system.
While linking every stage of a user’s life to one another, the mesh of linked gadgets also puts the user in a vulnerable position. When you work in a linked ecosystem, the odds of all of your connected devices being targeted increase dramatically the moment one of your devices is compromised. With the help of blockchain, you may now exchange data directly on the platform without the need for a middleman. Additionally, because the devices may be addressed using the advantages of technology, businesses have access to the connected devices’ usage histories, which is useful for troubleshooting.
Blockchain makes it possible for automated communications to be faster, safer, and much more reliable. While automated interactions are already prevalent in many different industries, blockchain technology has the potential to revolutionize how most automated conversations are now conducted. Businesses could have more authorized and bidirectional contacts with blockchain. Blockchain would be the commercial answer for the time when bots interact with one another and the issue of transparency and time stamping arises as the world moves toward chatbots.
The blockchain is a current political and social hot subject. There are numerous blockchain government use cases that raise the standard of public services, protect citizens’ property rights, and enhance system openness. While governments all over the world, including those in Dubai, China, and the US, are investigating the potential of blockchain technology to improve their citizens’ quality of life, the trend of adoption is largely limited to Ethereum.
Not knowing whether their donations are indeed being used for the correct purposes is the main deterrent that most often prevents people from donating. Blockchain solutions help to ensure that the money is spent exactly how it should be when they are incorporated into the system. A number of Bitcoin-based charities are emerging in an effort to increase system transparency by ensuring that contributors can see how their money is being spent.
The emergence of numerous blockchain use cases in the healthcare sector serves as an illustration of how disruptive a sector can become when combined with ground-breaking technology. And for this reason, Blockchain has earned a spot among the top ten healthcare trends for 2020. The EHR data can be stored in a fashion that is protected from any and all hacking attempts and security breaches thanks to blockchain’s immutable architecture. Additionally, a number of seasoned blockchain app developers are utilizing the technology to aid in the development of new medications or a more individualized treatment plan.
Blockchain has the ability to challenge the dominance of market leaders like Uber. When you examine a similar centralized ecosystem, you will find problems like the company taking a cut of the drivers’ earnings or setting all the terms and conditions, which are heavily biased in favor of the company’s profits. Riders and drivers gain ownership of the ride-sharing industry by implementing blockchain, like Arcade City has done. They get to make all the choices without having to answer to a central authority.
A business can track their supply chain process from the raw material stage to the end delivery stage by identifying the production processes and components and then recording the information on blockchain. For instance, Walmart uses blockchain to give its staff the ability to scan items in the shop’s app and trace them from the point of harvesting to the retail floor.
Blockchain adds decentralization to the equation, elevating end-to-end encryption to a new level. Companies like Crypviser are excellent at building a communication platform based on blockchain technology. Businesses are able to provide their customers with a platform where they can send and receive encrypted messages with little to no risk of hacking. When integrated into an enterprise system, a platform for blockchain-based encrypted messaging solutions is very useful.
Due to the immutability of blockchain technology, it is much simpler for enterprises to identify and trace the chain of asset ownership. All parties concerned are able to confirm the authenticity of the product in question by putting the serial number on a blockchain. The largest diamond producer in the world, De Beers, has used blockchain to build an unchangeable digital record that they use to maintain a record of registered diamonds and reduce the transactions involving conflicted diamonds.
One of the best things blockchain has to offer the business world is self-executing programmes. With smart contracts based on blockchain, a third party is not required to check the contract rule, verify the transaction, or perform the transaction. These contracts are utilized in a variety of contexts and businesses that include the formation of contracts in their business operations.
Verifier, a smartphone application, uses the camera of the device to perform a spectral analysis on the drug and uploads the results to blockchain for verification of the drug’s medical imprint in an effort to reduce the incidence of pharmaceutical fraud. Other companies are striving to decentralize the pharmaceutical industry in a similar fashion.
The incorporation of a decentralized blockchain ledger has made it possible to authorize microloans quickly and securely, and credit them to the designated accounts. An illustration of how Microloans and the blockchain technology interact is Twigga. With the use of blockchain, the B2B Logistics platform for food carts in Africa has expanded its offerings to include financial services in the suite for their clients. They utilize blockchain to manage the entire lending process, from the application for a loan to receiving offers and accepting the terms of repayment, while using AI to determine the credit score based on mobile data.
Every advertiser wants to deliver a timely, relevant advertisement. By leveraging the technology to connect the many service providers’ traces and move between them, Blockchain will transform the way that advertising targets the right people at the right time. By tracing the origin of the visitors and determining their authenticity, it prevents the advertisers from losing money when the hackers produce phone web traffic and make fake bots visit the site instead of actual humans.
The idea behind affiliate marketing is that companies pay a portion of the profit to individuals who promote their products on social media. The idea itself is wholly dependent on trust. Have faith that people won’t delete the post after receiving payment or that they won’t promote a website using false identification, etc.
Given these blockchain use cases and how well the technology can decentralize different economies, some of the biggest brands in the world have started investigating the technology with the help of the top blockchain app development companies in an effort to align their company’s growth story with the expansion of blockchain’s potential uses.
What are the big name organizations making use of blockchain beyond cryptocurrencies?
The technological behemoth is recognized as the largest investor and purchaser of businesses using blockchain technology. Alphabet Inc is developing a distributed digital ledger that can be used by outside parties for publishing and verifying transactions. Google intends to make this service available in order to set its cloud blockchain infrastructures apart from the competition.
In December, Apple submitted a provisional patent that revealed the tech giant will be developing a blockchain system for timestamp creation and verification, which would aid in thwarting hackers and approving digital signatures.
The top automaker has already incorporated blockchain technology into its vehicles. The brand embraced the benefits that using blockchain would bring it in a number of ways. Secure car entry, quick data transfer, improved security, and autonomous driving are a few of them.
The world’s largest beverage company is working with the US State Department to create a Blockchain ledger that will end forced labor everywhere. They will create a secure registration for the workers using technology, which will aid in the fight against the global forced labor market.
The business recently unveiled its chip, which it dubbed the tiniest computer in the world and which it claimed would enable firms to utilize blockchain to verify the legitimacy of the products in a supply chain. In addition, IBM uses blockchain to provide distributed ledger services to more than 400 distinct clients globally, including those in the public sector, financial services, logistics, and healthcare.
A rival of Alibaba just released a white paper outlining its plans for using blockchain beyond cryptocurrencies. The company revealed its plans to develop blockchain protocols for authenticating items, safeguarding massive data, settling financial disputes, and combating insurance fraud.
Even a few years ago, many individuals all around the world used the phrases “Bitcoin” and “blockchain” interchangeably. But in recent years, as the public has become more aware of the technology, the gap between blockchain and cryptocurrencies has grown, and a number of the strongest use cases for blockchain have evolved without the usage of cryptocurrencies.
And today, blockchain has made a name for itself as a technology of which Bitcoin is merely a part, as well as the solution to the two issues that all organizations, across industries, unanimously face: security and lack of transparency.
Blockchain is being utilized in government settings to help with data record requirements for smart cities, store property records, perform KYC on citizens, record citizen details in an immutable distributed ledger, and more. Currently, blockchain is mostly being used in the real estate industry to manage smart contracts for managing deeds and agreements, save property data on a distributed ledger, and speed up payment processes by using digital currencies.
The names that come to mind when discussing the various sectors where the application of blockchain technology will be most obvious are healthcare, manufacturing, government, retail, and enterprises. The case studies will center on the typical advantages that the technology offers.
In the banking industry, there are two use cases for blockchain that we can anticipate:
A reduction in fraud cases, and an immutable and transparent KYC procedure.
The capabilities of the blockchain technology go well beyond cryptocurrency. The benefits of the technology extend beyond virtual money. based on a variety of advantages, including decentralization, immutability, transparency, etc. Businesses across a range of industries are using blockchain for that very reason.
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