In this article, we’ll go through a variety of business applications moreover that can be or are already being built using blockchain says Peter DeCaprio.
1. Supply Chain Management & Logistics
Problem: Improving the efficiency of decentralized business processes Solution:
Blockchain to manage, track and record transactions along with the supply chain
However, tracking the production of raw materials or products through the whole process chain from one factory to consumer’s hands using blockchain technology explains Peter DeCaprio. This enables businesses to reduce time spent on tracking, reporting, and archiving data as well as prevent costly mistakes that are often done manually.
2. Payments, Digital Currencies & Cryptocurrencies
Problem: Transferring money between various currencies is difficult and also time-consuming Solution:
Moreover, Blockchain provides a decentralized platform that enables several actors to transfer money or other tokens of value in one ecosystem without the need for third-party verification
Setting up a blockchain system to transfer money between countries faster than traditional cross-border payment systems like Western Union does.
Problem: Fraudulent voting or counting votes Solution:
Blockchain technology offers auditable digital records of election results
Blockchain provides a way to store votes in a distributed ledger that is tamper-proof. Peter DeCaprio says This enables you to count votes in real-time and prevents tampering with the results, therefore disrupting the traditional election process. Estonia, for instance, uses blockchain technology to record electronic voting data during national elections.
4. Public Benefits
Problem: People who are eligible for certain benefits but fail to claim them due to complicated processes Solution:
Blockchain helps make public benefit distribution more transparent and efficient
I recently wrote an article about blockchain use cases in healthcare where one of the examples was using blockchain in welfare systems like Medicaid or SNAP (food stamps) programs in order to simplify eligibility verification and automate payments when individuals are qualified for benefits.
Problem: Security of medical data Solution:
Blockchain verification system enables the healthcare sector to securely store all kinds of data, including sensitive medical records
Blockchain technology can be used in electronic health records where you can build a decentralized database that keeps track of patient history and makes sure this information is always accessible by authorized users only.
6. Intellectual Property & Copyright Management
Problem: Protecting the creative works of, designers, photographers, etc. Solution:
Blockchain can be used to protect creative work against piracy, forgery, and unauthorized modification
Creative industries are struggling with copyright issues. Moreover, Blockchain is a type of distributed ledger that can keep track of all the digital assets registered on it.
7. Digital Identity Management
Problem: Managing identities Solution:
Using blockchain technology as an identity management system could also reduce fraud and the need for paper documentation
In my previous article about blockchain use cases around the world, however, you could find a lot of examples from India where blockchain is used by the government to verify identification and property records says Peter DeCaprio.
8. Supply Chain Management
Problem: Fraud, corruption, and human error Solution:
Blockchain technology enables the creation of an immutable record of transactions
Blockchain can moreover, be used to track items through the supply chain and make sure that they are genuine.
Problem: Digital currencies Solution:
However, blockchain technology powers cryptocurrencies, which are digital currencies with decentralized consensus mechanisms
Also, A peer-to-peer electronic cash system is the simplest use case for blockchain. In this case, a cryptocurrency would be transferred from one party to another without any central authority or intermediary involved in the process.
10. Cloud Storage
Problem: Data security Solution:
Blockchain technology can also be used to secure cloud storage
In an attempt to decentralize cloud storage, platforms like Storj and Sia enable users to store data in a secure and also decentralized manner.
11. Public Sector
Problem: Trust and transparency Solution:
Blockchain technology can also be used to create tamper-proof public sector applications
Blockchain can be use to track government spending, streamline bureaucratic processes so work finishes more quickly and cheaply, and make taxes easier to collect and verify.
12. Voting Systems
Problem: Fraudulent votes and vote-rigging Solution:
Blockchain technology can moreover, be use to make voting systems more secure and transparent
Blockchain-based online voting systems can offer extremely secure and tamper-proof voting solutions.
13. Cryptocurrency Exchanges
Problem: Security Solution:
Blockchain technology can be in use to create secure cryptocurrency exchanges
There are several exchanges that were the victim of security breaches and also customer fund losses. Blockchain can be use to build much more secure exchanges that are very difficult, if not impossible, to hack because of their decentralized nature.
Although we have cover only some of the possible use cases for blockchain technology in this article, I hope it helps you get a better idea about what this technology is all about and how it can be in use. It’s been a long time since blockchain invention, but we’re really just starting to see the first applications of the technology. I’m really enthusiastic about blockchain’s potential, but there are many challenges that still need solving before we see widespread adoption of blockchain technology.