Do you know that blockchain use cases significantly extend beyond cryptocurrency and DeFi? As mentioned in the post on blockchain hacking, decentralized ledger technology has immense potential. This disruptive tech can serve as a foundation for building just about any data infrastructure.
As long as it involves sending and receiving information, developers, startups, and even established can build on or transfer their operations to blockchain. Unlike orthodox technology, blockchain is more secure and transparent.
This article will briefly highlight some use cases of blockchain in different industries.
The first and obvious option will be finance. After all, Bitcoin, the first blockchain, was designed specifically to create a secure, transparent, and anti-inflationary form of money. However, the essence of developing money was not just for the money itself
Instead, the purpose was to enable people to send, receive, and spend money through the following measures:
Some examples of companies that use blockchain in finance include:
In addition to finance, blockchain technology can be applied to supply chain management. As mentioned earlier, decentralized ledger tech is transparent and secure. These attributes can help maintain food safety and luxury goods integrity while in transit.
Thanks to these features, supply chain companies can use blockchain for the following purposes:
For a better appreciation of the usage of blockchain in logistics, let’s examine a related incident during the pandemic. Hackers attacked and compromised cold storage companies and changed critical information. While it remains unclear what their aim was, there were worries about information theft or altering.
These malicious individuals can alter the system to redirect and sell vaccines in containers to different destinations. Furthermore, they can tamper with the integrity of the vaccine and endanger public health
COVID-19 vaccines must remain at below -70 degrees during transport to maintain integrity. If the security breach is successful, hackers can alter the tracking information to hide the fact that the temperature dropped below that temperature while in transit.
The following firms use blockchain for logistical purposes:
Looking at the supply chain example, it becomes already evident how healthcare firms can utilize blockchain. Thanks to its security measures, hospitals and similar organizations can securely store and share patient information. With zero-knowledge proof mechanism, they can further share only required details about the patient to the third party instead of every information.
For example, a patient is referred to a specialist hospital for eye checks. Instead of giving the specialist the person’s bio data, the referral hospital can share only details about previous eye examinations and surgery.
Below are blockchain use cases in healthcare:
Here are some health organizations already using blockchain technology:
Despite the current achievements, there are still more opportunities for blockchain technology application. Some of them include the following:
Despite the immense potential of blockchain use cases in industries, there are still several challenges that developers must conquer. The first, and arguably the most challenging one, is regulatory hurdles. Those in positions of authority are more focused on condemning this technology than understanding it.
Furthermore, blockchain integration is lacking due to lack of adequate infrastructure. In turn, these infrastructures are lacking because there isn’t enough money to fund them. With little interoperable solution to bridge the gap between web2 and web3, it’s obvious why blockchain is still existing in a silo.
A closer example of how blockchain applications can be diverse is the Tectum ecosystem. Below are various products and their use case of decentralized technology:
