10 Important Real Life Use Cases of Blockchain
A blockchain is a database spread out shared among computer network nodes. A blockchain is operated to keep information digitally. Blockchains are well known for their essential role in maintaining a secure and vast record of transactions in cryptocurrency systems like Bitcoin.
Using blockchain technology to speed up the transfer of cash from one party to another is potentially the most optimal and rational application. Most blockchain transactions may be finalized in a matter of seconds, but banks can take up to seven days to settle transactions. This article will cover 10 important real life use cases of blockchain.
1. Currency
Blockchain is the basis of cryptocurrencies; the best example is Bitcoin. It is noticed that the user’s data and currency are technically at the mercy of the US bank or government under this central authority structure. If a user’s bank gets hacked, the client’s data is disclosed. The worth of a client’s currency may be threatened if their bank fails or they live in a nation with an uncertain government.
The users who do not have their state identification can use cryptocurrency wallets. The cryptocurrency wallets help in savings accounts, or it is also beneficial in terms of payment. Few countries may be in the depth of a civil war, or their governments may lack the essential infrastructure to offer identity. Citizens of these lands may be unable to open savings or brokerage accounts, leaving them with no means of safely storing wealth.
2. Smart Contracts
A smart contract is a computer code that is beneficial to verify, facilitate, or initiate a deal. To perform jobs, the users also agree to the requirements to use smart contracts. These settlements are automatically carried out once those criteria are approached.
Let’s say a renter wants to lease an apartment through a smart contract. When the renter settles the security deposit, the landlord agrees to give the apartment’s door code.
The security deposit is refunded via the smart contract if the landlord fails to provide the door code by the lease’s end date. It would avoid the expenses and procedures commonly involved with using a notary as a third-party mediator.
3. Supply Chain Management
The immutability of blockchain’s catalog makes it ideal for tasks like real-time tracking of commodities as they move and change hands across the supply chain. For companies shipping these items, using a blockchain opens up several possibilities. Blockchain entries are used to line up events in a supply chain, such as allocating goods to different shipping containers after arriving at a port. Blockchain offers a new and dynamic way of organizing and utilizing monitoring data.
4. Health Care
Healthcare providers can use blockchain to maintain their patients’ medical records safely. When a medical history is created and signed, it can be stored on the blockchain, giving patients confirmation and assurance that it is unchangeable. These personal health records may be saved on the blockchain using a private key. Additionally, it guarantees that only certain people have access to them.
Blockchain can connect specialized connected medical equipment with a person’s health record as they become more common and increasingly linked to that record.
The siloing of data generated by linked medical equipment is a significant concern right now, but blockchain could be the connection that connects those silos.
5. Real Estate
Every five to seven years, the average homeowner sells their home. At the same time, the average person moves about 12 times during their lifetime. Blockchain might be pretty helpful in the real estate industry with so much activity. It would speed up home sales by immediately confirming financial information, decreasing fraud via encryption, and providing transparency throughout selling and purchasing.
6. Banking and Finance
The users can have their transactions executed in as low as 10 minutes by integrating blockchain into banks-basically, the time it takes to add a block to the blockchain, regardless of holidays or the time of day or week. Thanks to blockchain, banks may now trade funds across institutions more swiftly and securely.
Many companies have sprung up to provide decentralized bitcoin exchanges for the last few years. When it comes to businesses, blockchain enables speedier and less expensive transactions. Furthermore, because a decentralized exchange does not force investors to deposit their assets with centralized authority, they have more control and security. While cryptocurrency is the primary focus of blockchain-based discussions, the concept might be extended to more traditional investments.
7. Royalties paid to artists
Artists can be rewarded by using blockchain technology to track music and film files transmitted over the internet. Because blockchain technology was created to ensure that the same content does not exist in several locations, it can help combat piracy. Furthermore, utilizing a blockchain to track playbacks on streaming platforms and a smart contract to distribute royalties can increase transparency and pay artists.
8. Gambling Industry
The industry of gambling may use blockchain to help players in various ways. The transparency that is operating a casino on the blockchain delivers to potential gamblers is one of the main advantages. Bettors can easily understand that the games are unique and that the casino pays out because every transaction is recorded on the blockchain. Furthermore, no personal information, like a bank account, is required by using blockchain, which may be a barrier for some would-be gamblers. Because users can wager anonymously and the decentralized network is not susceptible to the government shutdown, it provides a workaround for regulatory constraints.
9. Voting
By using blockchain technology, the advanced system of voting could be practical. As explained in the November 2018 midterm elections in West Virginia, voting using blockchain can eradicate election fraud and increase voter turnout. Blockchain also effectively ensures electoral openness by the lower number of people. There would be no requirements for recounts, and there would be no real risk that the election would be corrupted by fraud.
10. Keep your personal information safe
Keeping data like your Social Security number, date of birth, and other identifying information on a public ledger (such as a blockchain) may be more secure than current hack-prone solutions. In areas including travel, healthcare, finance, and education, blockchain technology may safeguard access to identifying information while enhancing access for those who need it.
Final Verdict
Businesses are continually investigating new ways to use blockchain technology to support their operations, even though it has only been around for a dozen years. With the increasing usage of digital data in our lives, the data security, access, openness, and integrity that Blockchain can provide is becoming more critical. The majority of people have embraced innovation. The uses of blockchain technology differ significantly from one industry to the next.
Originally published at https://dixitpatel.us on February 17, 2022.
