Nvest Labs
Nov 20 · 2 min read

Applications of Blockchain

According to the Blockchain Training Institute, Blockchain enthusiasts are consistently experimenting on different things with this technology to bring out new use cases and applications to solve the redundant and complex issues in the fintech industry.

Cryptocurrency: This is the most well-known use of Blockchain. By executing Blockchain, parties are able to transact with one another without the inclusion of any bank.

KYC Verification: Blockchain solutions are being utilized broadly for authentication, verification, and storage of electronic records in the banking industry just as to make KYC utility for the National Stock Exchange.

Supply Chain: This is an interesting use-case. Organizations are planning to implement Blockchain across these parties with the goal that every one of the parties involved can put status progressively in the Blockchain which clients can easily track. Using Blockchain eliminates the management onus on one party and helps in decentralizing the load across all the parties.

Healthcare: Blockchain can be used to utilized to keep a record of the medication, surgery. It can be directly sent to the insurance provider to avail of insurance. Blockchain can keep a track of receipts and payments privately.

Music Industry: There are a lot of issues when it comes to the music industry. This includes ownership rights, distribution issues, etc. Blockchain along with smart contracts can circuit this problem by creating a decentralized database.

Blockchain as a technology is quite powerful and has the capability of being relevantly applicable in a large number of use-cases. As a result, a lot of startups are also coming up in the Blockchain space where they are providing Blockchain solutions for undertakings like Banks, Insurance companies, Supply Chain companies, Asset Management organizations, and many others. In fact, a few startups are utilizing a mix of various technologies to provide scalable solutions.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade