Blockchain is a decentralized peer-to-peer database architecture with built-in encryption and complex protocols for verifying data before it is added to the database. We consider blockchains as the foundation of cryptocurrencies because it was the introduction of Bitcoin that first gave blockchain technology a highly visible profile outside of IT classes. Blockchains are still primarily used as the foundation of cryptocurrencies and tokens, but the architecture is suitable for applications in a wide number of industries.
If the evolution of blockchains had stopped with the introduction of Bitcoin, this article would be significantly shorter. Many of the most promising applications of this innovative database architecture are based on blockchain smart contract technology. It is the ability to manipulate the chain’s data with executable code stored in blocks that makes blockchain such a flexible foundation for applications in a wide range of situations.
Here are some of the most promising blockchain use cases.
1. Cryptocurrency Coins and Tokens
No discussion of blockchain use cases would be complete without acknowledging the cryptocurrency revolution. Modern cryptocurrencies rely on the anonymity, transparency, immutability and security of open ledgers (or ledgers) based on blockchain chains to act as digital assets that carry value. The top use case for blockchains: supporting cryptocurrencies and tokens.
2. Health Care
The blockchain database architecture is ideal for storing personal health records. Users gain permanent storage for their health records that is accessible anywhere there is an internet connection. They can share access with doctors and insurance companies with simple online transactions, and properly licensed doctors can add new data to the record. Blockchain technology has the potential to revolutionize healthcare by giving patients complete control over their health records. Efficiency in paying for health services is a bonus.
3. Insurance Arrangements
Blockchain-based applications can eliminate the risk of fraud while accelerating loss compensation in the insurance industry. Unalterable records of property values, claims and claims bring much-needed visibility to the insurance industry. And smart contracts can reduce much of the red tape required for insurance payments.
4. Supply Chain Management
Manufacturers, retailers and consumers all have a vested interest in tracking supply chains from point of origin to the consumer’s shopping cart. Whether it’s verifying that food is free of inorganic contaminants or ensuring that import duties are properly paid at national borders, blockchains can play an essential role in tracking goods along their long journey from creation to consumption . In fact, retailer Walmart is already using a blockchain to track the supply chain for the food it sells in stores.
5. Decentralized Finance
Blockchain and DeFi go together like beer and pizza. Innovative DeFi applications track secure transactions while eliminating the need for slow and costly intermediaries. The blockchain chain also maintains a record of past transactions for controllers. DeFi applications are available for borrowing and lending, international remittances, investments and many other uses. Perhaps DeFi, rather than cryptocurrency, will turn out to be the critical application of blockchain technology.
6. Credential Tracking
A blockchain database is the ideal place to record degrees, certificates of completion, licenses and other professional qualifications. This is essential for medical institutions and law firms, where hiring people without the proper credentials can spell disaster. But it is easy to envision a future in which all academic and professional achievements are added to a blockchain-based personal record for use by academic institutions, employers and clients.
7. Voting via Blockchain
What is blockchain voting? It is a perfect application of blockchain technology to an existing need. With blockchain for voting, voter identity verification is guaranteed with cryptographic level security.
The blockchain network can track the vote, do the counting and guarantee the integrity of the result.
8. Gaming
In the world of online gaming and gambling, blockchain technology can provide a record that determines the randomness of dice, poker hands, or in-game events. The blockchain can record players’ strengths in role-playing games and their gambling winnings.
Blockchain technology can even serve as the basis for purchasing upgrades, customizations, and other in-game features, which could be implemented as a blockchain based on non-fungible tokens (NFTs). Several companies are using blockchain technology to create early versions of metaverse-like virtual worlds.
9. Multimedia
Digital distribution of music, movies and other works of art is convenient for users, but artists and publishing companies complain about rampant piracy. Blockchain-based distribution could make each copy of a digital media file unique and provide a convenient mechanism for viewers to make micropayments directly to creators or publishing companies.
10. Real estate
Whether it’s maintaining a database of land and real estate ownership, handling home sales without the time and expense of escrow, or minimizing the red tape involved in buying real estate, blockchain can play a significant role in role in the world of real estate.
11. Travel and Leisure
Airlines, hotel chains and other travel businesses maintain loyalty programs for select customers. Blockchain technology could serve as the basis for a rewards program that would provide coins that can be spent at a supplier store or, potentially, at partner businesses. Loyalty programs are a great application for privately issued tokens.
12. Entertainment
Artists, musicians and sports teams were among the first to recognize the potential of NFTs to increase fan engagement. A growing number of blockchain-based platforms allow fans to purchase collectible NFTs that support the respective team or artist, while also giving fans voting rights for the team’s songs or special seats at events.
13. Collecting and Investing in Works of Art
Auction houses that trade art have adopted NFT technology as a way to allow collectors and investors to secure ownership of works of art without necessarily physically owning them. Whether it’s JPGs of cute cats or Picasso masterpieces, you can now buy, collect and invest through blockchain-based NFT trading platforms.
And That’s Only the Surface
Bitcoin started in 2009 and it took a few years for the first non-cryptocurrency blockchain applications to appear. This technology is still in its infancy. But already, use cases show that it can be profitably applied in various market segments and industries. When it comes to blockchain use cases, the sky is the limit.
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