10 Practical Blockchain Applications

The article below will examine practical uses of blockchain, including real estate, banking, healthcare, and more.


A lot of possibilities have come up in the new decade. Blockchain technology is bound to change current structures in businesses and governments drastically. Attempts to give answers about blockchain can only satisfy a small percentage of the readers. Despite that, the practical world may run things much differently.


Among the top ways to comprehend blockchain is by studying its uses and offers. Here, we will explore the ideal practical uses of blockchain.


Definition of Blockchain Technology


What is blockchain technology? If it is your first time coming across the term blockchain, worry not. We will attempt to give the simplest explanation.


Blockchain is a shared database among peers capable of engaging, expressing and sharing data independent of a central organization. Essential components of blockchain are safety, openness, permanence and decentralization.


Blockchain employs consensus algorithms that guarantee confined transactions inside the network are legitimate and certified to the components above.


Let's study a more straightforward representation in the quest to understand blockchain.


Envision the blockchain as a Zynga tower. It includes tiny pieces that support the whole tower. In case one block is removed, the tower risks falling off. This means that the wholeness of the tower is compromised if a single block is detached or altered. Blockchain operates similarly because the former block substantiates every block. The integrity of the data makes blockchain incredible.


Now, let us discuss the best practical blockchain use cases.


Study of Blockchain Use Cases by Industry


Many companies have employed blockchain use. Let's have a look at its uses in various industries.


Monitoring Supply Chain


This is among the leading practical uses of blockchain because it's essential to our economy.


Do you ever wonder how bread is distributed every morning within your locale? It is made possible by flawless supply chain networks executed within your area of residence. In case of errors in the supply chain, products may delay getting to the consumers and may risk being short in supply. A significant concern for businesses and consumers is the interruption of the supply chain by fake items that may penetrate through fraud elements within the market.


A solution for this is implementing blockchain, which renders stability and capability to oversee the products through the entire journey.


It renders openness for companies to follow the commodities and identify defects within the supply chain, improving its operation.


Transaction Processing and Transfer of Funds


Have you ever attempted to send money overseas? If so, you are aware of the challenges involved. Money transfer may incur many fees, making the amount received less than earned. In addition, transaction costs may be ridiculously high. Such restrictions are put in place by banks.


On the other hand, blockchain delivers hassle-free and instant transfers across borders. Banks employ cryptocurrencies to control funds in remote areas because of their swift and cost-efficient characteristic. Ripple is among the cryptocurrencies used to perform transfers between banks.


Computer-Generated Identification


Identity is among the leading challenges in our society. Documents are required before performing even minute tasks; hence require carrying around at all times. Companies are also hesitant to implement biometric systems for everyday use. The world's population would also benefit from an easy and secure identification mode.


Blockchain offers an online identity system. Big companies are developing applications that enable the creation of digital identities. Work toward creating a global identity is underway, although it is estimated to take a long time before it is implemented worldwide.


Protection of Royalty and Copyright


Protection of personal creation by content creators is usually challenging. Despite the numerous methods of copyrighting our work, there still exist loopholes for content theft. An example includes writing an e-book and distributing it on popular platforms. Once a buyer acquires the book, he can re-distribute the book without you knowing in PDF files. Other users download the file and continue with the distribution chain. This violates Copywrite rules, but it is almost impossible to track and offer punishment.


By using blockchain, content is provided using the network. Due to its transparency, copyright law infringement is easy to report, and necessary action is taken against offenders. This also applies to royalty payments to creators.


Applications of Blockchain in Healthcare


It is usually tricky to store documents safely and intact. With multiple visits to health institutions, the documents increase in number, making it almost impossible to sort them out. Blockchain makes it easy to keep medical records. It enables easy access and updating from anywhere because the data of any patient is recorded within the blockchain. Doctors can be sure of working with accurate data. Both doctors and patients benefit from using the technology. Blockchain also makes it easy to track medicines. Any new medication added to the supply chain triggers the system to generate much data comprising a unique hash number recorded within the blockchain.



Any attempt to add fake medicine within the supply chain will be futile because it will be ejected immediately. This will lead to the circulation of only authentic drugs to customers and cost-saving for companies.


Blockchain Technology in Education


Certificates are an essential part of the education system. They offer proof of proficiency in a particular skill. Having said that, they are cumbersome to carry around and verify. Degrees can be faked, and results may be fatal if an individual gets a job in a field he isn't well qualified. However, blockchain offers a digital verification system. Candidates are issued digitally generated certificates. Upon linking the certificates with their digital identity, verification can be done instantly when the need arises, making them manageable. With the introduction of online courses, this practice is being implemented worldwide.


Real estate and Blockchain Technology


Processes that must be followed before purchasing a piece of land or building are tedious and time-consuming. A large amount of paperwork and verification is required before gaining ownership or selling property. In instances of loans, the process gets even more complex as much work is to be done before acquiring the property. Fraud cases are also likely to emerge where a particular property is sold to many parties at once and are usually hard to track. Blockchain offers a solution for all these drawdowns. Selling on the blockchain allows the usage of smart contracts. For example, when the buyer pays the total amount, the property's legitimate owner is given ownership very fast. Transparency on the blockchain aids in preventing fraudulent activities.


Managing Assets with Blockchain Technology


Asset management involves managing and trading assets which raises the risks involved. All parties need a systematic approach in such dealings. Risks can be reduced by including brokers and settlement managers. Their main job is to ensure the records are error-free. On the other hand, blockchain minimizes errors and provides a smooth process with no mediators required.


Blockchain Technology in Digital Voting


Cases of scrutiny of the voting system are reported worldwide. Queueing for long to cast a vote is unhealthy and cumbersome for the special needs group. Digital voting through the blockchain offers an ideal platform for conducting elections to get free and fair results.


Entertainment and Blockchain Technology


Reaching the appropriate audiences as a creator is difficult because of the content distribution platforms that have been put in place. For example, artists need to be registered on well-known music platforms for their content to reach the masses. Depending on the platform's algorithm, an artist may be restrained to only a smaller percentage of individuals. Using blockchain, artists can connect directly with their audience and sell music without the need for a third party.


Conclusion


We hope that you have a clear understanding of the real-life practical uses of blockchain through this article. Blockchain is capable of changing how we do almost everything around the world.

Related Articles

Explore More Special Offers

  1. Short Message Service(SMS) & Mail Service

    50,000 email package starts as low as USD 1.99, 120 short messages start at only USD 1.00