Cryptocurrency and bitcoin are just the tips of the iceberg when it comes to blockchain applications. With its ability to increase openness and fairness while also saving businesses time and money, technology is influencing a wide range of industries in ways ranging from contract enforcement to government efficiency.
We’ve compiled a list of the top 10 real-world blockchain applications for this practical yet innovative technology. Although this is by no means an entire list, they are already influencing the way we do business.
Here is the list of top popular use cases of Blockchain technology
- CryptoCurrency Software
- Secure sharing of medical data
- NFT marketplaces
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Advertising insights
Cryptocurrency exchange software
Cryptocurrency exchange software is a program that allows you to purchase and sell digital assets including cryptocurrencies, security tokens, and other digital assets. Such systems have market liquidity and are outfitted with a set of tools aimed at making the exchange procedure as simple as possible.
Non-fungible Crypto Tokens (NFTs)
Since the inception of cryptocurrencies, Non-Fungible Tokens (NFTs) have been the most popular blockchain application. The year 2021 saw a surge in these digital gadgets that are currently sweeping the globe. NFTs are digital things such as music, art, GIFs, films, and other media that are sold on a blockchain, allowing a single owner to claim full ownership. Consumers may now claim sole ownership of some of the most valuable digital assets, thanks to blockchain technology.
Remember the Nyan Cat meme from 2011? On the blockchain, that famous GIF was sold for $600,000 in ethereum. Before October, “Beeple,” a digital artist, had never sold anything for more than $100. His digital art The First 5000 Days was sold for an incredible $69 million in March 2020. NFTs allow buyers to own digital experiences, art, and culture that will last beyond their lifetimes. Here are a few examples of businesses that have jumped on the NFT Marketplace Like OpenSea bandwagon.
Use Cases in Logistics
Due to the enormous number of logistics companies crowding the field, a frequent criticism in the shipping industry is a lack of communication and openness. According to a collaborative study conducted by Accenture and logistics giant DHL, there are over 500,000 shipping companies in the United States alone, resulting in data silos and transparency difficulties. According to the paper, blockchain has the potential to alleviate many of the challenges that plague logistics and supply chain management.
According to the report, blockchain allows for data transparency by revealing a single source of truth. Blockchain can help the sector develop trust by acknowledging data sources. The technology has the ability to make the logistics process leaner and more automated, potentially saving billions of dollars per year for the sector. For the logistics business, blockchain is not only safe but also cost-effective. Here are a few businesses at the forefront of logistics blockchain technology.
Use Cases in Healthcare
Though still in its early stages of implementation, blockchain in healthcare has already shown some promise. Early blockchain solutions have demonstrated the ability to save healthcare costs, enhance information access across stakeholders, and expedite business operations. An innovative system for gathering and exchanging personal data could be exactly what the doctor prescribed to ensure that an already overburdened industry can cut costs.
WholeCare, a blockchain application, simplifies and streamlines the influx of information required to properly manage and give care to those who need it when they need it most for both health professionals and families giving care. Individuals, support systems, and multi-care institutions can better understand how to deliver nuanced care by using the WholeCare platform, which combines care plan information, medication regimes, appointment creation, and high-quality resources into an easily distillable platform. WholeCare is built on a blockchain network to provide maximum security, and it maintains HIPAA-compliant records for all parties participating in the treatment process.
Use Cases for Personal Identity Security
According to LifeLock, an identity theft expert, more than 16 million Americans reported identity fraud and theft in 2017, with one identity took every two seconds. Fraud on this scale can take many forms, from faked documents to personal data hackers.
The government may see a significant reduction in identity theft claims by storing social security numbers, birth certificates, birth dates, and other sensitive information on a decentralized blockchain ledger.
Use Cases for the Internet of Things
The Internet of Things (IoT) is the natural next step in blockchain development. The Internet of Things (IoT) has millions of uses and many security risks, and as the number of IoT gadgets grows, hackers will have more opportunities to steal your data from everything from an Amazon Alexa to a smart thermostat.
Blockchain-infused IoT provides a layer of security to prevent data breaches by leveraging the technology’s transparency and virtual incorruptibility to keep things “smart.”
Use Cases for Smart Contracts
Smart contracts are similar to traditional contracts where the contract’s terms are enforced in real time on a blockchain, removing the middleman and adding degrees of accountability for all parties involved that are not feasible with traditional agreements. This saves time and money for businesses while also ensuring that everyone engaged follows the rules.
As sectors such as government, healthcare, and real estate realize the benefits, blockchain-based contracts are becoming increasingly popular.
Use Cases for Money Transfer
Cryptocurrency transfer apps, which were pioneered by Bitcoin, are currently booming in popularity. The money and time that blockchain can save financial organizations of all sizes make it so popular in finance.
According to a recent article in ComputerWorld, blockchain can save the major banks $8-$12 billion per year by eliminating bureaucratic red tape, making ledger systems real-time, and cutting third-party fees.
Personal Identity Security Use Cases
According to LifeLock, an identity theft expert, more than 16 million Americans reported identity fraud and theft in 2017, with one identity took every two seconds. Fraud on this scale can take many forms, from faked documents to personal data hackers.
The government may see a significant reduction in identity theft claims by storing social security numbers, birth certificates, birth dates, and other sensitive information on a decentralized blockchain ledger.
The blockchain and crypto world is a very diverse place. Because there are few barriers to overcome, virtually anyone who understands blockchain technology can establish their own cryptocurrency. Over 1,600 cryptocurrencies are currently listed on large, medium, and niche exchanges.
Even the most traditional financial brokers, investors, and traders are adopting digital money as a new asset class as the price of cryptocurrencies continues to grow. If you wish to build your own crypto exchange, you’ll need to conduct extensive studies on crypto exchange development companies.
