Reassessing the Use Cases of Blockchain in the Real World

Nine out of ten internet users must have come across the term “blockchain”. Even the recent mainstream adoption of NFTs, Web 3.0, virtual gaming sites, and the Metaverse seems to be a huge plus. However, most people tend to understand blockchain in relation to the dynamic world of cryptocurrency. This is not only partly true but also a near-sighted view of this game-changing technology. Although cryptocurrency remains a foremost use case for blockchain technology, it goes beyond that.

There are quite a host of implementation opportunities, even beyond the bulwarks of the financial system. Blockchain combines asymmetric cryptography, peer-to-peer networking, consensus-based mechanism, to create a kind of an immutable decentralized public ledger for storing information. Its principle of distributed ledgers serve as a great resource tool for companies, industries and government institutions that need a transparent, trustless, immutable and very-secure storage protocol for their database.

Interestingly, there’s no limit to innovative spaces the blockchain technology might occupy in years to come. Already, most industries and companies are finding new ways to implement the technology. In the light of this article, we’ll be delving into some popular use cases of the blockchain technology.

Supply Chain Management

The supply chain process is a tedious endeavor. It involves invoicing, bills of lading, track records and many more protocols that hinge on the movement of goods from the producer’s domain to the consumer’s end. Also multiple parties are involved, ranging from producers to distributors to auditors to consumers. Now imagine the current supply chain process where information systems are siloed and require manual transmissions to send and receive messages. This is not only labour-intensive but also frustrating, time-consuming, prone to human-oriented errors such as fraud and misrepresentation.

Through the help of blockchain, traceability is assured. Companies can map and visualize the whole supply chain by engaging the customers with immutable data of the whereabouts of their goods. This enables quick feedback mechanisms used to monitor the distribution chain of their goods and services, which in turn aids to combat counterfeiting and sales of fake products. Blockchain can also help in the area of data privacy since a consensus needs to be reached before any changes can be made to the database, or information is accessed.

Better Voting System

Good democracy, as we all know, equals a good voting system. A good voting infrastructure ought to be efficient, error-free and transparent for citizens to check the validity of the process. Although electronic voting has recently become an alternative at the moment, it’s still not entirely free from external attacks and breakdowns. In this case, blockchain can serve as a “transparent ballot box”. Its consensus protocols can invariably aid data verification. Think of blockchain as data pockets since transactions or data are imprinted to a blockchain as a hash. All transactions are dutifully stamped with a hash code which is broadcasted on the supposed network and governed by the participator. And therefore cannot be manipulated in any way. This helps to curb the unequal right to the assessment of any inspected data and reduces the cost of the whole process. It can also help to cut off any occurrence of internet censorship or marginalisation of opinions. This is made possible by the fact that about half percent of the whole participation needs to agree on a targeted cause to alter the database.

Better Loan Options and Other Financial Processes

Saving and borrowing are the pivotal belts of the financial industry. Banks and other centralized financial systems serve as loan givers to individuals and companies facing monetary drain. This needs a middleman or intermediary who oversees the loan process, from approval to distribution, giving rise to a bulk of inefficiencies such as lender’s sentiments, frustrating Know-Your-Customer process, and a long stretch of waiting hours.

In contrast, blockchain cancels out these shortcomings. Using blockchain smart contracts, middlemen are eliminated and the whole process can be made seamless and less time-consuming. A smart contract is a set of programs that executes automatically after certain conditions are met. All the lender and giver needs to do is to agree on a payment plan using smart contracts. Then wait for the contracts to validate and record the transactions — no middleman, no long waiting hours, no misappropriation of funds.

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