Almost everyone has heard of Bitcoin, and many people are starting to learn about blockchain technology. However, one of the most prominent criticisms about this technology is the lack of use-cases.
Cryptocurrencies are usually associated with blockchain technology, but that’s not the only use of blockchain. The technology is already used by small and big businesses worldwide for a wide array of applications. You can find use-cases for blockchain in areas like the healthcare industry, the supply chain industry, finance, and many more.
People might not see it, but blockchain technology is slowly taking over and has already been implemented by big companies like BBVA, one of the biggest banks in the world, Walmart, Visa, Barclays, and others.
Blockchain in the software industry
There are thousands of blockchain applications available. Of course, one of the most common use-cases is smart contracts. They work like regular contracts but in a decentralized way. There is no central authority involved, and they self-execute thanks to the blockchain technology.
Blockchain is currently changing the software development industry. One of the main benefits of a blockchain is that anything recorded inside its database can never be deleted or modified, creating robust databases.
Mobile applications are heavily used by practically anyone, from kids to even the elderly. Blockchain software is extremely secure and used to store data in public ledgers, enhancing the security of mobile applications and their transparency. There are numerous big companies like General Electric already exploring blockchain databases in their Aviation Division plans.
BaaS (Blockchain as a service) is widely used among leading companies like Microsoft or Amazon, which provide cloud-based development spaces to all kinds of software platforms and companies.
Blockchain in the healthcare industry
Blockchain can be instrumental in the healthcare industry, thanks to its capability to maximize security and accessibility while remaining transparent. According to the National Library of Medicine National Institutes of Health:
‘’Research about blockchain’s applications to healthcare is currently limited, but more research becomes available every day. Blockchain is one of the most active areas of software research currently, and it can change the hierarchy of healthcare by returning authority over medical records and health data to the patient. This transfer of authority may lead to an overall shift toward patient-centered care; the blockchain movement for patients is just beginning.’’
But blockchain is already used in plenty of healthcare applications and companies like BurstIQ, which helps other healthcare companies safely and securely manage their patient data using blockchain.
MedicalChain is also a popular healthcare platform dedicated to maintaining the integrity of health records while ‘establishing a single point of truth’.
ChainLink, one of the most popular cryptocurrencies in the world, recently cooperated with FLETA to advance medical blockchain applications. FLETA provides never-before-seen scalability that will be further enhanced by utilizing Chainlink’s decentralized oracle network. The South Korean Ministry of Science already picked FLETA as the project conductor of Blockchain PoC.
‘’With the support of the Ministry and NIPA, FLETA will develop a blockchain-based clinical data management system (ePRO System). After FLETA develops the system this year, the company will perform pilot tests with The Catholic University of Korea and The Catholic University of Korea Seoul St. Mary’s Hospital in order to verify the performance, marketability and usability of this clinical data management system.’’
FLETA intends to solve the current issue with blockchain platforms. If we want to create reliable and long-term data storage ledgers for the healthcare industry, we need a robust and scalable blockchain network.
Blockchain in Finance
Of course, Blockchain is heavily used in the finance industry as the first cryptocurrency was created with the intention of becoming a global and decentralized payment method. Besides all the cryptocurrencies already in existence, blockchain technology can be used for several other things.
The main benefits of a digital asset using blockchain technology are speed and low cost of the transaction. We have seen $100 million transactions sent for $1 in fees and getting confirmed in hours, in contrast to something that would generally take 48–72 hours internationally with huge costs.
According to a study done by the KPMG:
‘Blockchain can increase financial efficiency by reducing manual manipulation. In intercompany transactions, blockchain will create one version of the ledger allowing intercompany transparency and settlement at the same instant. This will allow Finance to focus more on value creation activities. The use of smart contracts will enhance governance and compliance of intercompany transactions.’
There is an amazing advantage of having a single database that holds all transactions. Secure and cannot be modified or deleted. It is also public, meaning you can easily trace transactions. Chainalysis is already building advanced tools to help all kinds of financial institutions adopt blockchain.
Blockchain is also used in banking. Banks and cryptocurrencies are long-time enemies as they are basically the opposite. However, this hasn’t stopped banks around the world from adopting blockchain using it in banking and insurance.
Insurance business models that use blockchain have many benefits over traditional models. For instance, they can automatically roll out payouts, trade assets, and risk hedges. There are numerous insurance companies around the world, taking this technology very seriously while trying to implement it as fast as possible.
The criticism around blockchain technology not having use-cases is clearly not warranted. There are numerous applications of this amazing technology, and this is only the beginning. We must not forget that cryptocurrencies and blockchain are still new and can evolve significantly over the next few years.
Either way, after massive companies like BBVA, Amazon, or Microsoft adopted blockchain technology in some of their services, people started realizing that blockchain is bigger than they expected and could easily change our lives forever.