While blockchain technology is often discussed in the context of cryptos, this innovative technology has been modified to serve various use cases beyond the scope of crypto assets, opening up new opportunities for users and entrepreneurs alike.

In this blog, we have listed the top blockchain technology use cases you should know about.

But first, let’s see what blockchain is.

What is Blockchain?

A blockchain is a distributed digital ledger of transactions that spans an entire network of nodes. Blockchain technology keeps information in a distributed fashion that makes it nearly hard to alter or manipulate records.

Each block on the chain comprises a batch of transactions, and whenever a transaction takes place on the blockchain, a record of the transaction is added to an immutable ledger that is visible to all members in a permissionless (or permissioned) network. All network members have a unified view of the truth and can track orders, payments, accounts, assets, and more in real-time.

Blockchain transactions are built around the idea of a cryptographic signature, also known as hashing. This makes them tamper-proof since any modifications to a blockchain would affect all distributed versions of the network.

Blockchain technology is frequently associated with cryptos but has numerous real-world applications. Read till the end to learn about some popular use cases that are changing how industries work.

7 Use Cases of Blockchain Technology

#1 Money transfers and international payments

Blockchain provides a rapid and secure method for creating a tamper-proof record of sensitive activities, making it highly suitable for facilitating money transfers and international payments. The adoption of blockchain technology for payment transfers is experiencing significant growth. Its key features, including high-end security, transparency, and immutability, make it an ideal choice for conducting international money transfers.

Through blockchain technology, real-time transactions can be executed at remarkable speeds. This capability has led to substantial time and cost savings as transaction fees imposed by banks and financial institutions are eliminated. The BFSI industry has been profoundly transformed by these advancements, resulting in a more efficient and cost-effective payment ecosystem.

#2 Supply chain management

One of blockchain technology’s most promising use cases is supply chain management. A supply chain represents a network established between a business and its suppliers. However, the field faces significant challenges, primarily concerning the lack of transparency of product information as it moves along the supply chain and the prevalence of product authenticity issues, where consumers may unknowingly receive counterfeit goods.

Blockchain technology emerges as a compelling solution to address these issues, owing to its fundamental characteristics that enable multiple parties to access a shared database acting as the single source of truth. Through blockchain, crucial product details such as product status, time of movement, shelf life, and location can be efficiently tracked and recorded. Moreover, consumers benefit from enhanced transparency as they gain access to databases, allowing them to verify the authenticity of their purchased goods within a blockchain-enabled supply chain. This transformative use of blockchain holds the potential to revolutionize supply chain management and enhance overall consumer trust and confidence in the products they purchase.

#3 Healthcare industry

To safeguard sensitive medical data while providing essential information such as age, gender, immunization records, and allergy information, the healthcare industry turns to blockchain networks. By storing this data on a public blockchain, individual patients remain protected, as no single piece of information can be used to identify them. This approach allows for widespread access to the data without compromising privacy.

Blockchain technology can streamline the availability of health data when needed by linking it to medical devices. Vital health information generated by devices can be securely stored on the healthcare blockchain and seamlessly integrated into a person’s medical records. Currently, a significant challenge lies in data siloing, where medical devices generate information that remains isolated. The blockchain serves as the solution, acting as the crucial link that connects these isolated data silos, ultimately improving the accessibility and usability of health data.

#4 Voting

A compelling use case of blockchain technology is in the voting systems. The current voting structure faces significant challenges, with voter fraud being a major concern. To mitigate this issue, traditional voting necessitates physical presence at the polling booth, leading to a decline in voter turnout. While online voting could be an alternative, it has encountered resistance due to worries about security and potential fraud.

Blockchain technology presents a viable solution to reduce these concerns by providing a transparent and tamper-proof record of all cast votes. The implementation of blockchain in voting systems ensures that each vote is clearly recorded, making it exceedingly difficult to manipulate or hack a blockchain-enabled voting system.

#5 Education

The significance of distance learning and online education has witnessed a remarkable surge, particularly in the aftermath of the COVID-19 crisis. This increase in demand for virtual education has led to a parallel need for a fair and reliable system for examining students’ academic records. Blockchain-based technology comes to the rescue by providing a secure repository for academic records, allowing employers and educational institutions to access authenticated documents.

An intriguing aspect of blockchain’s role in education is its potential as a link between universities and students. Blockchain can seamlessly connect students with their respective universities through a secure and transparent interface. The conventional waiting period for degree certificates has become a thing of the past, as all credentials are readily accessible through the blockchain channel. By storing documents on the digital ledger, students and educational institutes gain convenient and efficient access to academic records, ensuring their authenticity and trustworthiness.

#6 Real estate

Thanks to its compelling features, the real estate sector stands poised for transformation through the integration of blockchain technology. By employing a decentralized database, stakeholders, including tenants, owners, and service providers, can engage in better decision-making processes while securely accessing transaction history and ownership information.

Blockchain’s implementation introduces the concept of smart contracts, which play a crucial role in streamlining various real estate processes. Tasks like handling rental documents and facilitating apartment ownership transfers have become more efficient and automated through smart contracts. Moreover, the adoption of blockchain technology has the potential to reduce additional costs associated with property taxes, registration, and loan fees, further enhancing the overall effectiveness of the real estate market.

#7 Digital identity protection

Identity fraud poses a significant threat worldwide, with millions of people falling victim to activities like document forgery and personal file hacking each year. A potential solution lies in blockchain technology, where sensitive information such as social security numbers and birth certificates can be securely stored. Implementing blockchain-based storage has the potential to substantially reduce cases of identity theft and enhance digital identity protection.

The rise of Web3 technology opens up new possibilities for digital identity management. Through self-sovereign identity (SSI), users gain greater control over their own digital identities. This emerging concept enables interoperability across the internet and facilitates the transmission of one’s identity data across various decentralized applications. As SSI gains traction, we can expect a significant shift towards empowering individuals with more control and ownership over their digital identities, ultimately bolstering online security and privacy.

Bottomline

Using blockchain technology as a resource has assisted industries in improving their operating capabilities. The DLT enables businesses and individuals to grab emerging opportunities for growth and development. The actual blockchain technology use cases listed in this blog demonstrate blockchain technology’s potential to transform the way we work. Blockchain thrives by transforming industrial processes into user-centric ecosystems. Businesses engage in fair trade and provide customers with reliable goods and services by leveraging blockchain technology’s transparency, security, and immutability.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.