Blockchain technology definitely created a bunch of possibilities not just in the world of technology but also in other industries such as financial, banking, healthcare, real estate, supply chain, logistics, etc.
As most of us are still seeing blockchain as a relatively new technology, making it quite confusing to understand sometimes, the best way to truly learn about it is to look at the top blockchain use cases and applications across various industries.
Before going through them, let’s just briefly remind ourselves what blockchain actually is. It is a network of peers who are able to interact and communicate without depending on a middle person. The reason why blockchain is becoming increasingly popular is due to its transparency, security, decentralization, and immutability.
#1 Payment Processing And Money Transfers
If you’ve heard about one of the blockchain use cases, it’s probably payment processing and money transfers. If you’ve ever sent your money overseas to someone, you know how difficult, complicated and stressful this process can get for both you who is sending it and for the person waiting to receive the money. Not to mention that you also need to wait a few days for a transaction to be completed.
Blockchain comes as a useful solution to money transfers, especially in the example mentioned above. It allows people to do instant transfers from wherever you are and to wherever you are sending the money. It’s also worth mentioning that banks use cryptocurrencies because they’re swift and are more cost-efficient than traditional fund managing.
#2 Digital Identity
Another great use case of blockchain technology is digital identity. Big companies across the entire world are struggling to find a unified digital identity system, and this level of blockchain enterprise might provide these businesses with exactly what they need to abandon the biometric identity system.
In general, people are looking for a system that will identify them in a more secure way, and as much as we’ve heard talks about creating a global identity, it is something that will maybe happen in the future. For now, all of these businesses are seeking efficient solutions to identify the people within their business without exposing the employees or themselves to any potential threats.
#3 Cyber Security
Unsurprisingly, blockchain technology can contribute significantly to cyber security. Although there has been a lot of work around making cyberspace more secure, there is still no platform that is 100% secure. With the help of blockchain, cybersecurity can be improved due to decentralized storage solutions. As data is stored in a decentralized way, it eliminates the possibility for an attack almost completely.
After all, the most important aspect of data is its security. Even the DNS security can be enhanced with decentralization and the number of DDoS attacks can be reduced.
#4 Medical Record-keeping
Another way that blockchain technology is being utilized is with medical record keeping. As it’s difficult for patients to keep all of their documents in the same place, blockchain allows access to all of the patient’s documentation by storing all of the data in the blockchain. Patients can visit it anytime they need to review something and they can also update it after the doctor’s visit.
This simplifies not only record-keeping but also how doctors diagnose and treat their parents as they have more accurate information and a bigger volume of data to review before making an important decision such as a treatment type.
Blockchain in government can protect data, streamline numerous processes, while also reducing fraud, waste, and misuse. If a government is running on a blockchain-based model, its people will be able to recover the trust and accountability they have in the representatives of their countries. Here, blockchain eliminates the possibility of failure and protects all sensitive data, whether it’s from the government or its citizens.
The great potential of solving legacy pain points, but also securing data, reducing labor-intensive processes and potential for corruption and abuse is why many governments across the world are looking into implementing blockchain technology and connecting with their citizens on a more significant level. Without a doubt, this is the way of the future, and those who implement it sooner will enjoy incredible benefits from it.