Blockchain technology has completely disrupted the things around us and gained more prominence among crypto startups and entrepreneurs. In this digital world, blockchain is one of the emerging technologies that gained more prominence among startups and entrepreneurs. Before the launch of the first digital currency – bitcoin, people didn’t believe in blockchain and said it doesn’t work when it comes to reality. But the launch of Bitcoin made many people believe in blockchain and started to analyze them effectively. There are many use cases of blockchain technology. Before that we will begin with,
Blockchain technology is a kind of complex technology with high-end security aspects. It allows for a digital distributed ledger that performs the crypto or fiat transactions between the two parties securely. So, the crypto transactions are free from fraudulent activities, cyberattacks, and scams, and do not involve a third party to facilitate the transactions. It maintains the record of all the transactions which happen between p2p networks. Blockchain technology records and protects the data through the use of cryptography. It is also used as a tool for creating a crypto coin and crypto token securely.
In the last ten years, many people properly utilized blockchain technology and reached greater heights in the market by yielding an ample amount of profits. Many people are using the advanced form of blockchain technology for starting a secure business. With the hype and popularity of blockchain, most industries such as Healthcare, Banking, Finance, Logistics, Supply Chain Management, Pharma, Cross Border Payments, etc are leveraging them.
So, what are the popular use cases of Blockchain technology? Excited to know them, right? This article will help you to know the prominent real-world use cases of Blockchain technology for the year 2024.
Use Cases of Blockchain Technology in 2024
Here we list some of the real-world use cases of blockchain technologies that are prevailing in the blockchain marketplace.
1. Supply Chain Management
Supply Chain is one of the most viable industrial sectors of proven importance. If you still wonder how your daily usage things are reaching your hands without any hassle. Things like Clothes, Food, Mobile, Pharma Materials, Oil, Gas, and more such assets are arriving, which is possible only with the help of Supply Chain management. The primary motto of adopting cutting-edge Blockchain technology for the Supply Chain is to automate and simplify the process. For example, If you consider the mobile industry, it usually involves the back end of the sector.
- Raw Materials needed for the manufacturing
- Industries that make use of these raw materials and create final products
- The Deployment Network which delivers these materials to these customers
It not only works with the Mobile Industry but also includes Water, Oil & Gas, Chemicals, crops, etc. Since there is a great demand for increased speed and greater volume factors, so by adopting Blockchain technology in supply chain management can make the work process faster and easier.
Application of supply chain management in Blockchain Technology
Blockchain technology can be leveraged to tackle all the challenges involved in the industry. There are some strategies in which Blockchain technology gets adopted in supply chain management. Such as
- Cutting Cost
- Reliable
- Transparency
- Easy Shipping Data
- Minimizes Human Errors
- Automated Purchasing & Planning
With these approaches, the Supply Chain Industry can start leveraging them. Additionally, one can experience the Use case of Blockchain technology mentioned below
- Higher data visibility
- Hassle-Free Data Verification
- Food Supply Chain
- Automotive Supply Chain
2. Logistics
When it comes to the customs processes, the Logistics industry still depends on the drastic amount of paper trials of documents. Besides, this huge paperwork process can result in a lot of issues or human errors. Thus, adopting Blockchain technology in logistics can resolve this easily.
By utilizing the advanced blockchain tech in Logistics, the following set of things will happen.
- Enhance the count of data exchanges between stakeholders to get higher transparency and predict the logistics process.
- Lower the cost by making the process automated without any errors and security.
- Easier maintenance of processing the documents.
- Figure out the Damaged products
- Take full control of the selling process
- Hassle-free financial calculations
Application of Logistics in Blockchain Technology
By adopting the Use cases of Blockchain Technology in Logistics,
- Organizations can get updated and can secure data by bringing in authentic transactions.
- With Blockchain’s Smart Contracts, approvals can become quicker and more efficient with reduced time efforts.
- By implementing this technology, the platform can have easier coordination of documents by making the paperwork unnecessary.
3. Healthcare
Healthcare is a kind of complex and convoluted industry that involves a huge set of patient medical reports & information. This can be said in terms of security, efficiency, cost, and more. In recent years, after the popularity of blockchain, most health centres used advanced blockchain technology to maintain high-end privacy between the patient and the doctor. Some important data like case-taking sheets, diagnosis reports, prescriptions, and other details about the patients can be accessed only by the concerned person which is recorded in the blockchain. So, this builds overall trust in the medical organization. With Blockchain-powered Healthcare Systems, you can safeguard all the essential information of both professionals and patients.
To make the patient and other data more secure in the healthcare industry, Blockchain decentralizes various sets of data. Such as
- Improved Medical Record Access
- Traceability of Pharmaceuticals
- Enhancing Digital Payment Options
- Reduced Costs
- Figuring out Counterfeit drugs and eliminating them
- Secure Transactions
Applications of Healthcare in Blockchain Technology
By leveraging the Use cases of Blockchain Technology for Healthcare, here are a few things that can happen in real-time.
- With Blockchain technology, one can easily access a vast amount of data resulting in Interoperability. Because this has been the biggest issue with the current Healthcare sectors. So blockchain tech can easily solve them.
- Anyone can easily access the data anytime and anywhere when it is needed.
- The transactions will completely happen in a decentralized manner which can get rid of security threats.
4. Crypto Crowdfunding (Security Token Offering)
Crypto crowdfunding is one of the trending ones in the global blockchain marketplace. Many crypto startups are raising funds quickly through token sales platforms. In the blockchain space, there are three main types of crypto crowdfunding such as STO, IEO, and ICO. Most crypto enthusiasts prefer STO for raising funds because it’s safe and secure. STO stands for security token offering which is built on top of the blockchain to raise the funds through security token sales. As everyone knows that ICO launched first in the blockchain industry and there are some regulation problems for investors when it comes to fundraising.
So to overcome some cons of the ICO platforms, the blockchain community introduced the STO model in the blockchain marketplace. In the STO platform, only the security tokens will take place. But creating any type of security token, the developer must satisfy certain conditions and must undergo the SEC guidelines. STO is one of the best strategies for fundraising and developing a security token will enhance the trust of your investors.
Applications of STO in Blockchain Technology
- Cost is low for the investment process
- Instant trade and transfer
- Liquidity is higher
- No possibility of scammed crypto tokens
5. Advertising & Real estate
In the world of digitalization, whenever we reach a website or any other social media platform through the internet there will be a digital ad. As of now, giant companies like Google are controlling most of the digital advertisements that are existing on the internet. For eliminating these types of advertisements, one can use advanced blockchain technology. Apart from this, big international companies like Google are intermediate for all types of digital advertisements. Blockchain technology will avoid such middlemen or intermediate and directly connect purchasers and sellers in the decentralized system.
When it comes to real estate, the real estate industry works the same as the advertising industry. Here real estate brokers are intermediate and by using the blockchain you can neglect them. In the real estate industry, the broker will charge a certain amount of fees from both the buyers and sellers once the deal is done. So by using blockchain technology, you can avoid them, and also you can directly connect to the buyers and sellers without any third party.
Applications of advertisement & real estate in blockchain technology
By implementing the powerful blockchain in the real estate and advertisement industry, you can get the following benefits
- Buyers and sellers can be directly connected
- Neglects intermediaries such as a broker.
- Reduces the cost for both buyers and sellers.
- Time consumption is less
- Avoiding unwanted digital ads
6. Food safety
The supply chain for foods is becoming delayed and there is no transparency regarding transportation. So nowadays, it leads to contaminated food. On the flip side, some of the foods are completely gets destroyed when it reaches their final destination. To avoid these drawbacks in the food sector, we can use blockchain. This technology allows verifying & tracking the location of the user’s food product. Besides, it also gives you all the essential information. Such as batch number, transportation details, delivery date, expiry details, storage temperature, and more. All this information is digitally stored with the help of advanced blockchain technology.
When the blockchain is implemented for food safety, then end-to-end traceability of the food product will enhance the food supply chain. Also, the persons who are having permission can only access the data.
7. Banking & Finance
If you are not aware of the importance of the Finance industry, it contributes around 20% of the global economy. As the financial industry is reaping and working with billions of dollars every day. So it is essential to make the process smooth and secure. There are certain loopholes involved in the finance industry. such as Data breaches, time taking tasks, huge paperwork, and much more. However, by implementing cutting-edge Blockchain technology in the finance sector, the process becomes simple and secure.
Application of Banking & Finance in Blockchain Technology
By leveraging the Use cases of Blockchain Technology for Banking & Finance, here are a few things that can happen.
- Cross Border Payments are made easily and securely with Blockchain adoption for Financial & Non-Financial industries. In general, traditional banks usually charge an amount for transferring money across nations. But by implementing Blockchain technology, the process of transferring goods and payments will become quicker and more cost-effective.
- Most Banks & Financial companies are making use of Electronic machines for invoices. But these machines may sometimes lack the standard of executing the invoice. In Blockchain-based Smart Contracts, companies can easily upload their information. Such as the Payment due date, the total amount to pay, client details, and more.
8. Identity Management
Identity Management is one such industry that involves the greatest factor – security. This sector is providing a high range of security and keeps the information much more secure. Generally, in the traditional sectors, it involves the usage of a Username and Password for Identifying. Though people come up with complicated passwords for security, still there are risks of security breaches.
One such shocking piece of information is, around 3.3 billion credentials have been stolen during third-party breaches. Apart from this, 12 million of data took through phishing attacks. Implementing Blockchain technology involves multiple security factors.
Application of Identity Management in Blockchain Technology
By implementing Blockchain Technology for Identity Management, you can get the following things
- With advanced Blockchain technology, we can come up with multiple security factors. Such as Multi-Step Verification, data encryption, etc to make the process more secure.
- When it comes to non-custodial logins based on Blockchain, there is no central entity for an employee. This includes the power of the usernames, passwords, and access to the database.
Final Thoughts
Blockchain technology will have a great future in the upcoming years. Apart from the above-mentioned sectors, other industries are also implementing advanced blockchain technology. Such as Tax, ERP, Energy, Life Insurance, Government, Railways, and Agriculture. These sectors also have started adopting blockchain technology to make the process completely automated and secure.
If you are a person looking to adopt Blockchain technology for your business. Then we are readily available to assist you. Being a top-notch and leading Blockchain Development Company in the global marketplace, we have so far delivered 100+ Blockchain solutions successfully for our reputed international clients across the globe.
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