Blockchain implementation in various industries(Part -3)
This article is the continuation and the final part of our series ‘Blockchain implementation in various industries’ which describes about the various use cases of blockchain in different industries like banking, agriculture, gaming etc.
For previous parts, click on the links below!-
We at Blockchained India started off with our ‘100 DAYS OF CODE’ program. The aim of this program is to skill people and to introduce them to the technicalities of the Blockchain world. Aspirants will learn afresh about this through a coding exercise which will demand 100 consecutive days of learning, fun, hard work and lots of coding.
So, the various use cases of Blockchain in some of the industries are as follows:-
GOVERNMENT AND PUBLIC RECORDS:
The government can use Blockchain technology to move away from siloed and inefficient centralized systems. Current systems are inherently insecure and costly, while the Blockchain network offers more secure, agile and cost-effective structures. The various use cases of Blockchain are as follows:
- Legalization records
- Digitized ID
- Taxation
- Security and safety
- Legal endorsements
Use of Blockchain will elevate the following:
Building trust with citizens: Blockchain-based solutions are transparent through decentralization, allowing participating parties to see and verify data.
Protecting Sensitive Data: Blockchain startups to conduct research and development and explore new approaches to cybersecurity.
Reducing costs & Improving efficiency: Blockchain solutions could reduce redundancy, streamline processes, decrease audit burden, increase security, and ensure data integrity.
A blockchain-based government has the potential to solve legacy pain points with advantages like an increase in trust in government and online civil systems, reduction in corruption and abuse, reduction in excessive cost associated with managing accountability, reduction of labor-intensive processes and secured storage of government, citizen and business data.
IDENTITY:
The traditional identity systems of today are fragmented, insecure and exclusive. Blockchain enables more secure management and storage of digital identities by providing unified, interoperable and tamper-proof infrastructure with key benefits to enterprises, users and IoT management systems.
Blockchain identity management systems could be used to eradicate current identity issues such as:
● Inaccessibility ● Data insecurity ● Fraudulent identities
HEALTHCARE:
Interoperability is a huge problem in the healthcare sector. The two major areas where it comes to interoperability are:
- The trouble of identifying patients.
- Information blocking
These problems can be solved using Blockchain.
Blockchain-based medical records can enhance interoperability among clinics, hospitals, and other health service providers. Medical records, genetic history, Fitbit results, blood results, travel history can be up on the cloud. That will create better diagnostics. We can then design drugs on the screen that would work on the disease specifically designed for a person, thus having a bespoke medicine. This will result in better efficacy and safety.
TRAVEL AND TRANSPORTATION:
The travel industry is hit by a lot of frauds and rejections every year. Blockchain can be used to resolve these issues for consumers, for travel merchants, and even for the government who all are deeply involved in the security aspects of travel.
These are some of the use cases in the travel and transportation industry where Blockchain can be used to achieve better goals and results:
- Tracking luggage
- Identify services
- Secured bank payments
- Invoice settlements
- Driver HOS(Hours of Service)
- Electronic toll collection
Travel: In terms of advantages, Blockchain technology in the travel industry can offer stability and security rank very highly. Its decentralized aspect confirms that any data that’s once fed can never go ‘offline’ or get lost through any accidental deletion or due to any cyberattack. By making the transactions traceable, blockchain use cases in travel have made it disruptive and safe, provide a global ledger to secure bank payments, enable travel companies to accept payments using cryptocurrencies.
Transportation: Blockchain in public transportations helps record transactions, identify & establish “smart contracts” that are increasingly M2M-connected with technologies such as autonomous driving, wireless EV-charging, electronic toll collection systems, etc.
AUTOMOBILE:
After the introduction of Blockchain, the automotive industries have received the most revolutionary and exceptional upgrades in their processes that have made them focus on the processes that once seemed complex. Its various use cases in this industry are as follows:
- Service appointment bookings and maintenance services
- The automated fuel payment process
- Dynamic and real-time based car insurance
Blockchain applications will help to facilitate ride-sharing services & shared autonomous systems, monitor, manage and control devices remotely, create new actionable insights from real-time data. They will also assist in on-demand manufacturing, smart prognostics, supply chain traceability & resolving ownership issues. In-vehicle manufacturing, Blockchain can effectively prevent counterfeit issues because every vehicle part must have a unique identity number. It will provide maximum transparency and speed up the process of car- ownership.
MEDIA AND ENTERTAINMENT:
The various use cases of Blockchain in the media and entertainment industry are:
- Digital rights
- Paying artists fairly
One of the greatest issues in entertainment is ownership and rights management over the content. The awkwardness of tracking who owns what across audio, visual and written content has created ample lawsuits and payment disputes. Blockchain promises a way to effectively track IP across multiple channels.
Digital rights are susceptible to both fraud and hacking and are notoriously hard to police due to a lack of transparency. The use of Blockchain can ensure artists are paid exactly as contracted and on time, as contracts are automatically executed by predetermined.
With this, we have come to the end of our series. We tried to cover most of the industries where blockchain finds its applications and thus will revolutionalize them in the near future!
Click here if you’re interested to be a part of our ‘100 days of code’ program!
If you liked the article, show some appreciation by giving claps!!
Hey, don’t forget to join us on our various platforms and be a part of our community!
