With the growing advancement in blockchain technology, the number of blockchain use cases is increasing. Industries are using blockchain in different cases to solve existing problems or develop entirely new solutions.
Blockchain allows the creation of secure, decentralized, and distributed applications. It helps in developing specific solutions which are probably not possible with other technologies.
Therefore, blockchain is now being used in all types of scenarios. Especially in financial and non-financial use cases, blockchain plays an important role. And in this blog, I will discuss the financial and non-financial use cases of blockchain.
How Does Blockchain Work?
The core function of blockchain is to record digital information in distributed form. And then allow it to be accessed through multiple networks among defined users. Therefore, blockchain is known as distributed ledger technology (DLT).
It is contrary to traditional applications. Instead of having one central server or network, blockchain uses multiple network and server points. So it makes the application untrustable and protects it from external threats or authorized access.
There are primarily five essential elements in a blockchain network that contribute to its functioning-
- Distributed database: It is used for verification and contains information about all the transactions which take place across the network.
- P2P transaction: It allows transactions between two parties directly without the need for any intermediaries.
- Transparency: All transactions with their value are visible to the nodes that are part of the blockchain network.
- Irreversibility of Recorded Information: The recorded information can’t be manipulated or altered because they are connected to every node in the network.
- Computational Logic: It is about setting up algorithms in blockchain applications or smart contracts.
No matter what the blockchain use cases, this functioning will be common in most of the solutions. Hence, when you want to use blockchain in a certain case, try to develop this with the best blockchain development company that holds expert skills in blockchain development.
Now, let us discuss the
Financial and Non-Financial Blockchain Use Cases
1. Blockchain in Healthcare
Blockchain has great scope to improve healthcare systems. It can be used in many ways to enhance the capability to record sensitive data and reports securely. In the current healthcare management system, there are many issues that lack dependency on paperwork, human efforts, and insecure information sharing.
These issues increase inefficiency and make healthcare functioning costly and time-consuming. Therefore, blockchain is here required to bring automation to managing various tasks in healthcare. Hospitals and medical institutions can use blockchain to develop robust applications of systems for various purposes. For example, validating employees’ identities and keeping internal data safe on a protected blockchain network.
Apart from this, blockchain can be used in medical imaging and tracking medical devices. Blockchain is a decentralized technology. So, it can help in research in radiology for sharing patient data and building large imaging databases. But medical institutions will need to hire blockchain developers who hold solid expertise in implementing blockchain techniques for these blockchain use cases.
2. Blockchain in Agriculture
Modern agriculture involves a great number of imports and exports due to increased globalization. The trade of agricultural products has enhanced significantly in the past few years. As a result, the complexity and issues in food supply chain management also have a high chance to take place.
So, blockchain here can help the agriculture sector by making the food supply chain easier and more efficient. Agri products are sensitive and can’t be stored for a long-time. Generally, most food and agricultural products get wasted during import or export due to supply chain management issues.
Therefore, the scope of blockchain use cases in this food supply chain in agriculture is high. Blockchain can be used to create Ethereum and smart contracts based on tracking and traceability systems. This would allow people to efficiently track and control the food supply chain in the agriculture sector.
3. Blockchain in Banking
There is a broad scope of blockchain use cases in the banking sector. It can be used in various banking services such as creating a secure transaction system, decentralizing the existing system, securing credit card information, and a lot more.
Even some world’s leading banks like JP Morgan, UBS, and American Express have already implemented blockchain technology in their system. Some banks are also working with the top fintech app development company to build blockchain-based fintech solutions.
4. Blockchain in Travel and Tourism
Blockchain has a lot to offer for travel and tourism. Travelers often have to face difficulty in foreign exchange and making international transactions in different countries. Travel agencies and companies also have to put huge efforts into managing a lot of traveler data and sharing information.
And governments have to face challenges in validating travelers’ identities due to the increased number of foreign travelers at the present time. Hence, blockchain use cases in the travel and tourism sector are big. Blockchain can assist this sector to develop various types of solutions like validating traveler’s identification, creating foreign exchange applications, securing data, and more.
5. Blockchain in Education
Blockchain can help the education sector in enhancing transparency and validating degrees and certifications. Today, due to massive growth in online education, the number of fake certificates and degrees has increased significantly. Therefore, there is a drastic need for a robust and reliable solution that can help the education sector in validating degrees and reduce fraud.
And this is where blockchain comes in. With smart contracts, schools, universities, and educational institutions can evaluate students and release encrypted online degrees or certificates. In this way, blockchain can reduce the number of frauds in the education sector.
The scope of blockchain use cases is extensive. It can be used in many ways to solve small to big industrial problems. Blockchain provides support in making a system fast, secure, and efficient.
Therefore, businesses across different industries are using blockchain in multiple use cases. And because blockchain can be used with other technologies its usage scope is wide. Hence, the number of blockchain use cases will continue to grow in the future.
About the Author
Josephine Baker is associated as an Ethereum developer at MobileCoderz- a globally recognized blockchain development company that builds blockchain and Fintech solutions for startups and enterprises. She has more than 4 years of experience in Ethereum development, smart contract development, and dApps. She has great skills in Solidity programming. Apart from this, She helps non-profit organizations in crowdfunding and shares opinions on blockchain topics.