Here are the top 10 use cases of the blockchain technology across industries.
The Blockchain is attracting the attention of a number of governments, which are expressing their interests in the technology to store public records on the decentralized data management system and to develop various other sorts of applications. Here are some examples:
It has always been difficult to manage medical records in a right way. They are notoriously scattered and erroneous. They are often inconsistently handled. In result, there are incorrect and incomplete patient records. But the technology of blockchain will streamline everything. Here are some use cases on how blockchain can help the healthcare industry.
3. Supply Chains
Almost all businesses, involved in the manufacturing, assembling, and delivering of products, heavily rely on their supply chains. Their success, credibility, and profits largely depend on their supply chain networks. The more they have a responsive supply chain, the more they are able to stay at the market’s forefront. Here, Blockchain is providing the same responsiveness to businesses engaged in the supply chain sector.
4. Real Estate
The traditional way of doing business in the real estate industry is quite lengthier. Also, there are involvements of undesired middlemen and brokers who are always seeking commissions from both sellers and buyers. The approach followed is also not completely transparent. Blockchain avoids all these parties and their unwanted prices and, makes a real estate deal as a business of just two people: the seller and buyer.
Bee Token, which was formed in 2017 with a team of former employees from Google, Facebook, Uber, and digital identity blockchain projects, is working on blockchain system with an intention of taking the economic model of platforms like Uber and Airbnb and couple it with the P2P technology of blockchain and apply it to home rentals.
5. National Security and border control
Blockchains can also be used for national security and border control. Here are some examples:
6. Oil Industry
The oil industry is one the most important segments of the global economy; however, many processes and procedures in this industry are still carried out through the centuries’ old traditional approaches. In result, it increases the cash cycle time, decreases transactions visibility, and increases the overhead and a number of cost intermediates. Blockchain can transform the oil and gas industry’s supply chain networks with a secure public ledger and remove the slow and outdated workflows.
7. Railways and rail freight forwarding
Russian rail operator Novotrans is already using blockchains to improve the speed of operations. Novotrans, as the largest operator in the country, is working on using the use blockchains to record the data related to repair requests, inventory, and other operations. A blockchain based system will introduce resistant to tampering and corruptions.
Also, the blockchain can advance the tracking of goods’ movements. When it happens, then both railways and customers will not experience any sort of difficulty in following the specific freight-consignments. It will restore the reliability of rail freight services.
8. Car Leasing
The distributed ledger technology of blockchain is preferably suitable for registering any kind of records securely and unalterably. The same level of security and inalterability is also required in the rental car industry. Businesses in this industry need a protocol to store customer data in a fully encrypted but sharable form. Here is how blockchain is helping car leasing businesses:
9. Smart Cities
A city runs on a lot happenings. There we have heavy traffic movements, public services, timely arriving subways, and so on. So far these things are taking place in traditional ways, but blockchain can change it all. Blockchain can be the most fundamental technology of future’s smart cities. Here is how blockchain is helping smart cities:
Blockchain also has scopes in the insurance industry. Many don’t know that the technology has already been applied by different organizations, such as:
Insurance American International Group Inc with IBM has completed a pilot of a so called “smart-contract” multi-national policy for Standard Chartered Bank PLC and is planning to manage its complex international coverage through the blockchain technology.
You too can take advantages of the blockchain technology. All you need to do hire blockchain development services to get your idea implemented.
Sofia Coppol is a digital marketing expert in Rapidsoft Technologies, is an offshore software development company which provides Software for Education, Automation, Construction and Finance across the global. She loves to write on latest mobile trends, mobile technologies, startups, and enterprises.