Use Cases of Blockchain Technology in Real World

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Use cases of Blockchain Technology in real world
Use cases of Blockchain Technology in real world

Blockchain technology has completely disrupted the things around us. So what are the popular use cases of Blockchain technology? Why it has gained much importance? With the hype and popularity, most of the B2B Businesses such as Healthcare, Banking, Finance, Logistics, Supply Chain Management, Pharma, Cross Border Payments, etc are leveraging them.

Blockchain technology allows for a digital distributed ledger which facilitates the transactions between the parties in a secure way. Hence, the crypto transactions are free from fraudulent activities and do not involve a third-party to facilitate the transactions. 

This technology can revolutionize the way in which the information gets stored, and exchanged between the parties without an intermediary (which includes both Private Blockchain as well as the Public). This has been the reason why enterprises are interested to adopt and invest in Blockchain technology

This article explains the top 5 real-world use cases for Blockchain technology for the year 2020. 

Use Cases of Blockchain Technology for 2020:

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 such as Clothes, Food, Mobile, Pharma Materials, Oil, Gas, and more such assets are arriving, which is with Supply Chain. 

The major motto of adopting Blockchain technology for Supply Chain is to automate and simplify the process. For example, If you consider the industry of Mobile, it usually involves the back-end of the sector.

  1. Raw Materials needed for the manufacturing
  2. Industries which make use of these raw materials and create final products
  3. The Deployment Network which delivers these materials to these customers

This doesn’t just stop with Mobile Industry. This can include Water, Oil & Gas, Chemicals, crops, etc. Since there is a great demand for increased speed, greater volume factors, Blockchain technology can make the process easier.

Application of Blockchain technology:

Blockchain in Supply Chain use cases can tackle all the challenges involved in the industry. Here are some of the strategies in which Blockchain gets adopted:

  • Cutting Cost
  • Reliable
  • Transparency
  • Easy Shipping Data
  • Minimizes Human Errors
  • Automated Purchasing & Planning

SOURCE: MEDIUM (BLOCKCHAIN IN SUPPLY CHAIN USE CASE)

With these approaches, the Supply Chain Industry can start leveraging them. In addition to this, one can experience by the Use case of Blockchain technology:

  • Higher data visibility
  • Hassle-Free Data Verification
  • Food Supply Chain
  • Automotive Supply Chain

Logistics:

The Logistics industry still depends on the drastic amount of paper trials of documents, when it comes to custom’s process. This huge paperwork process can result in a lot of issues. Thus, by adopting Blockchain technology can resolve this easily.

WHY LOGISTICS NEEDS BLOCKCHAIN?

  • Every day, there are around $140 million which are involved in the transportation industry.
  • Processing and Administration price has increased by around 20% of the overall costs with the reliance on paper works.
  • 90% of truck companies have less than 6 trucks for a greater demand.

SOURCE: WINNESOTA

With the Use case of Blockchain Technology in Logistics, the following set of things can 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 automation without any errors and security.
  • Easier maintenance of processing the documents.
  • Figure out the Damaged products 
  • Take the full control of the selling process
  • Hassle-free financial calculations

SOURCE: GLOBALTRANZ (HOW BLOCKCHAIN WORKS)

Application of Blockchain technology:

By adopting the Use cases of Blockchain Technology in Logistics, here are the things which can happen:

  • Organizations can get updated, secure data by bringing in authentic transactions.
  • With Blockchain’s Smart Contracts, approvals can become quicker and efficient with reduced time efforts.
  • By implementing this technology, the platform can have easier coordination of documents by making the paperwork unnecessary. 

Healthcare:

Healthcare is a complex and convoluted industry involving a huge set of data. This can be said in terms of security, efficiency, cost, etc. With Blockchain Healthcare Systems, the process can enhance the health of both professionals and patients. 

To make the data more secure, Blockchain decentralizes various set 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

SOURCE: CUELOGIC

Application of Blockchain technology:

By leveraging Use cases of Blockchain Technology for Healthcare, here are the things which can happen:

  • With Blockchain, one can easily access huge amounts of data resulting in Interoperability. This has been the greatest issue with the current Healthcare sectors. 
  • People from all across the globe can easily access the data whenever and wherever needed.
  • The transactions also happen in a decentralized manner which can get rid of security threats. 

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, it is essential to make the process smooth and secure.

There are certain loopholes involved such as Data breach, time taking task, huge paperwork, etc. Hence, by implementing Blockchain technology, the process becomes simple.

SOURCE: DISRUPTOR DAILY

Application of Blockchain technology:

By leveraging Use cases of Blockchain Technology for Banking & Finance, here are the things which can happen:

  • Cross Border Payments are made easier with Blockchain adoption for Financial & Non-Financial industries. Traditional banks usually charge additional costs for transferring money across the nations. With Blockchain, the process of transferring goods or payments will become cost-effective and quicker.
  • Most of the 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 Payment due date, the total amount to be paid, client details, etc.

Identity Management:

Identity Management is one such sector of the industry which involves the greatest factor “security”. This sector is existing in providing a high range of security and to keep the data & information much secure.

In the traditional sectors, it involves the usage of Username and Password for Identifying. Though people come up with complex & complicated passwords for security, there are still risks of security breaches. 

One such shocking data is, around 3.3 billion credentials have been stolen during third-party breaches while 12 million of data was stolen via phishing attacks. But with Blockchain, there are multiple security factors involved. 

SOURCE: LEEWAYHERTZ (BLOCKCHAIN IDENTITY MANAGEMENT USE CASE)

Application of Blockchain technology:

By leveraging Use cases of Blockchain Technology for Identity Management, here are the things which can happen:

  • With Blockchain technology, we can come up with security factors such as Multi-Step Verification, Multi-factor Authentication process, 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.

Conclusion:

Blockchain technology has a great future in the upcoming years. In addition to these sectors, other utilities such as Tax, ERP, Energy, Life Insurance, Government, Railways, Agriculture, etc also have started adopting them to make the process completely automated which we can view as Blockchain Use case examples in real time!

If you are a person looking to leverage Blockchain technology for your business, we are readily available to assist you! Being a top-notch Blockchain Development Company, we have so far deployed 50+ Blockchain software solutions for all set of industries. 

Feel free to reach us by quickly filling your requirements in the form below!

About the author

Steve

I have started my career with Search Engine Optimisation and slowly concentrated on creative part as well. Now I'm working with a leading Blockchain Development Company in India - Zab Technologies

By Steve