Thanks to Bitcoin and other cryptocurrencies, blockchain technology has gained a massive name in the modern world, but the thing is, this technology is not limited to the four walls of digital currencies.
Because of how good Blockchain is when it comes to security and transparency, the technology is currently being considered a strong contender that is capable of bringing drastic change in a lot of industries.
This technology could possibly be used in industries like real estate, supply chain, logistics, healthcare, and many more in the future, and the main reason behind this is because blockchain plays a huge role in the verification and traceability of transactions.
In case you forgot or if you did not know, blockchain is decentralized, distributed, and a public digital ledger that’s used in recording transactions across multiple computers so that the record could not be changed without the alteration of all subsequent blocks and the consensus of the network, and with the rapid progress of Blockchain Technology, it’s clear that the usage of this technology will not slow down in the future, with experts across the globe claiming that Blockchain will be used in more real-world scenarios in the future.
You are probably wondering how this technology will be used in the real world, and to help you understand, here are the potential uses for blockchain technology.
15 Top Use Cases Of Blockchain In Real World Scenarios
With how Blockchain Technology is being used right now and where it’s headed, it is believed that this technology could be used or is being used in the following real-world scenarios:
Cross Border Payment Processing And Transfers
The entire process of cross-border payments is long, complicated and it is likely that it would take days for the money to arrive in the account of the recipient, but with Blockchain, this can change.
Blockchain is capable of simplifying cross-border payments by simply providing end-to-end remittance services without having the need of any intermediaries.
Right now, there are companies that are offering such services, where international payment transfers can happen within 24 hours.
Government Agencies Or Sectors To Secure Identity Data
Blockchain is also being used by government agencies across the globe to manage and secure digital data.
KSI, which is a blockchain technology, was designed in Estonia and is currently being used across the globe to make sure that networks and systems that store data are safe from being compromised while retaining 100 percent data privacies.
Estonia is not the only company that’s exploring the usage of Blockchain Technology for security purposes.
Here are some countries that are currently using Blockchain Technology for security purposes:
- Japan
- China
- Lebanon
- Switzerland
- South Africa
- United Kingdom
- Singapore
- Bahamas
- United States
- Estonia
Birth Certificates And Death Certificates
According to a recent report by UNICEF, one third of all the children that are under the age of 5 do not have a birth certificate, and the same thing goes with death certificates, but with the help of Blockchain, that could change in the future.
Blockchain Technology could be used to create an online platform where birth certificates and death certificates could be verified by certain individuals. Not only that, but it could only be accessed by certain authorized people.
This can improve birth and death registration in a huge way along with having a safe platform where security and transparency are prioritized.
Copyright And Royalty Protection
On Spotify alone, there are more than 82 million songs, and around 60,000 songs are added on the platform on a daily basis.
This means that companies like Spotify need to come up with ways that would ensure copyright and royalty protection in a better way.
With the help of Blockchain Technology, copyright laws could be altered in a way that they could be stronger, which can offer real time and transparent royalty protection and distribution data to all content creators, artists, and musicians.
Voting Systems
If you are worried about your vote going to the wrong person when you actually voted for someone else, that can be completely eradicated in the future thanks to Blockchain Technology.
Blockchain Development Services can also be used in creating systems that will be offering the ability to vote digitally, and the best thing about them is that they will be transparent and secure enough that regulators or vote counters could see if something was changed on the network.
Food Product Logistics
Another good use for Blockchain Technology in real world scenarios would or will be in the tracing of food products.
With the implementation of this technology with food product logistics, consumers could know where the food that they are buying came from and if it’s legit or not.
This will all be possible because of blockchain data being immutable, which means that consumers will be allowed to trace the transport of food products from their origin to the supermarket before they purchase it.
The usage of this technology is really good for food that’s coming from different countries, considering that it can prevent food related illnesses from spreading, which can cause an epidemic or another pandemic. Not only that, but it can make the entire process of tracing the source of the contaminant quick.
Weapons And Ammunition Tracking
Gun control and ammunition tracking is something that government agencies across the world are working on right now as it plays a huge role in solving crimes, avoiding mass shootings, and can help authorities in tracking the distribution of illegal weapons and catching illegal ammunition dealers.
With blockchain, an unchangeable network could be created for governments that would allow them to track gun and weapon ownership. Not only that, but other networks could also be created that would safely store data of those weapons or ammunition that are sold in a private way.
Prescription Drugs
A lot of people abuse prescription drugs and some companies or individuals are creating counterfeit (fake) medications, but with the implementation of Blockchain Technology in this sector, that could change permanently in the future.
Blockchain Technology could allow drugmakers across the globe to track their products based on the serial numbers and batch numbers that are provided on the medicines that they send out. This can ensure or make sure that all patients are getting real medications from pharmacies.
This could also help the authorities in tracking drugs that end up in the hands of those people that do not have prescriptions.
For example, once a pharmaceutical company sends out a batch of prescription medicines to a certain pharmacy and someone there sells it to an individual without a prescription, who get caught, the company could offer that data once it’s legally requested by the authorities, which means it could also play a huge role in busting out the sale of illegal medicines.
Budget For Public Sectors
In third world countries, corruption is highly present, and with the implementation of Blockchain Technology, that could be eradicated or slowed down.
Blockchain Technology based applications are good in offering transparency, and once used for budgeting in public sectors, the public can see how much is allocated to certain sectors and keep track of it.
This means that with the help of blockchain technology, governments across the globe will start to take more responsibility, will have to offer real time updates on where the budget is being used, and will avoid wastage of money for projects that are rendered to be not useful.
Smart Contracts
With Blockchain Technology, smart contracts can be created with more trust and efficiency.
If you don’t know what smart contracts are, they are a type of contract that is a computer program or a transaction protocol that is intended to get automatically executed. It plays a huge role in controlling or documenting relevant events and actions that are in accordance with the terms and conditions of a contract or for a certain agreement.
The best example for smart contracts are wills and inheritance documents, which we will be talking about below.
Wills And Inheritance
To avoid the risk of alterations and fraud, digital wills on Blockchain Networks can be stored in the future.
Individuals all across the globe can and will benefit from the Blockchain Technology as it can prevent tampering of their wills. Not only that, but testators will be allowed to distribute their assets to inheritors via a crypto or digital network that will only be allowed to be viewed or accessed by certain parties.
It is likely that this will be built in the form of a smart contract that will be automatically executed after the death of the person that wrote the will.
Digital Identification Cards (Marriage Certificates, passports, IDs, And Voter Cards)
Privacy is on the priority list of everyone, and with blockchain, digital IDs are going to be a thing in the future.
Blockchain Technology is or could be used in the future to keep more reliable information by encrypting the personal identification IDs and allowing citizens to have access to their share of information.
In simpler terms, Blockchain Technology will allow individuals to control their data and control who could view their get access to their digital data.
Healthcare
One of the best real time uses for Blockchain Technology falls in the healthcare sector and because of how secure it is, it makes it a natural fit to improve the current flawed healthcare system.
For example, patient information can be stored in a database that’s transparent, incorruptible, and decentralized, which makes it accessible for certain or authorities parties but in a very secure way.
The only people that could take a look at such information are healthcare practitioners and the patients themselves. Other benefits could also be noticed in protection of healthcare data, personal health record data management, and health records data management.
Law Related Services
Blockchain Technology can also be used in law, particularly in creating smart contracts, validating ownership documents, which include deeds or wills, and in storing the data of certain individuals that are involved in crimes or high and low level cases.
Courtroom evidence, authentication of information, and securing personal data are some of the many things that would be beneficial after the implementation of Blockchain Technology in the Law sector.
Data Backup
Not only a network where data could be stored safely, but Blockchain Technology could be used to offer data backup services in the future.
This can be possible thanks to how Blockchain Networks work, and how this technology could be used as a backup source for cloud data centers or for any type of data that needs to be stored in a safe way.
Summary – Blockchain
Because of its ability to offer amazing security in transactions or in storing data, Blockchain Technology offers a huge helping hand when it comes to the verification and traceability of multi-step transactions that require verification and traceability.
Not only that, but this technology is also capable of helping out in offering secure transactions, reduce compliance costs and speed up the process of transferring data while keeping it secure and unchangeable. I
In real life use cases, its technology could be used in contact management, voting platforms, managing titles, handling deeds, and auditing products for logistics purposes along with many other things. The list of where it could be used in the future depends on how developers would use the technology.
