15 Real World Use Cases and Applications of Blockchain Technology

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Real World Use Cases of Blockchain technology

Blockchain technology is one of the most known terms nowadays for digital transactions but now it has not been limited for investing as digital coins.

There have also been seen various changes in the Blockchain technology over the years that drag it from the concept of transacting money only.

See also: What is Blockchain?

Here we’re going to mention top 15 Real-World use cases of the Blockchain technology for which it’s used exactly:  

1. Helping to Save the Rare Species from Extinction:

There are many species tending to extinct due to the global warming that has been increasing drastically day by day.  If these species will lose their existence, it will be a menace for our environment and habitat as well. There are some NGOs have also been found like in Uganda that is working for the welfare of the environment and protecting the rare species of the world. They are implementing this task with the help of geographic location, and migration models by tracking the records of rare species.

2. Alteration in the Oil Markets:

Blockchain technology is playing a vital role in making the petroleum companies more efficient that has been alleged of ignoring the biodiversity in the past few years. One of the best examples is given by one UAE’s oil company that implemented the Blockchain technology for its business located in the Fujairah Oil Industry Zone which has created the blockchain-based set up particularly for the reporting system of the oil storage. Besides, it’s also capable of validating the data that diminishes the possibilities of error drastically.

3. Uses in the Electronic Voting Process:

There have been many times that the voting machines have been suffered from the allegation of fraud where many countries are using the Electronic Voter Machine (EVM) nowadays. It’s beyond understanding that EVMs have a possibility of errors so some countries have implemented the blockchain system in its voting machines that it can be made inaccessible from the unauthorized person and its security can be ascertained efficiently. It has provided the solution of vote altering, repeat voting as well as vote deletion or cross-voting. Besides, blockchain also offers instant result after the completion of the voting.

4. Healthcare Need:

Healthcare is the industry that is implementing the various modern technologies for the promulgation of modern healthcare equipment in the world.  The blockchain is one of the biggest examples that have been drastically helping the healthcare industry to make contemporary. It has also been assumed that blockchain technology is helping the healthcare industry in keeping the records of the patients with tracking of the supply chain.

5. Gaming Sector:

The in-game purchases and microtransactions are increasing in a huge amount. Besides, there are many gamers that have implemented the huge repositories of a particular material that connects them to multiple accounts at a time. So there may a hazardous situation occur regarding their securities. Here the blockchain plays a vital role and thus they have complete control over the status always. Besides, in-game stuff can also be transferred easily to others providing impermeable security.

See also:How FinTech is Transforming the Finance Industry in India

6. Smart Contracts:

Smart contracts are very vital for the companies where they help them to create great digital relationship always that also provides them better security as well. Blockchain smart contract is one of the biggest examples that provide them help in severe digital transactions. It also helps companies in settling an insurance contract that shows the redundancy of the intermediary agents during the process and thus it becomes cheaper compared to other methods.  

7. Art Forgery:

Art forgery is a common thing that has been existed since a long ago. But here blockchain technology can help us drastically by overcoming it from criminals ensuring its security as well. Blockchain technology allows building conventional verification for the museum via an online mode that helps both designers and proprietors drastically.

8. Tax Compilation:

Blockchain technology is particularly made for maintaining transparency in various transactions and other sectors as well. It has the through control over the data that is drastically important for the governments because they need transparency all the time. And the accumulation of the tax is an important thing where it’s required where countries like China have already implemented this technology since 2017 and it created the first invoice based on this method on Aug 2018.

9. Ensure Food Safety:

There are many cases have been seen in the past that becomes a reason to close the entire food sectors due to the lack of safety. The crisis in the UK’s BSE in 1990 is one of the best examples of it. Blockchain technology helps organizations to evade from such circumstances by providing them a huge database for food origin with all the required details. Besides, cheap costs and diminishing of waste can also be ascertained with blockchain technology.

10. Network Security:

Although, the blockchain technology plays an important role in ensuring the security of various sectors so security of computers is also be ascertained with the usage of blockchain technology.  It has also been seen that hackers may cause an infinite threat to companies. ‘Gaurdtime’ is one of the best examples of blockchain-based cybersecurity that company provides keyless signature support implementing the blockchain technology in the organization.

11. Consumer’s Loyalty and Bonus:

Blockchain technology can be used to obtain a token-based method that helps drastically to the consumer in providing them loyalty and bonus. Thus it will be beneficial for both consumers and companies where consumers can get great incentives while companies can get the return value at the same time. Companies also use it to diminish hoaxes reducing the paper usage.

12. Monitoring of Supply Chain:

The demand for on-time delivery is increasing greatly everywhere so companies are focusing on the same as well. Blockchain technology helps companies in the efficient supply chain process and most of the companies are now considering employing this technology that they could ensure the timely delivery for customers. Thus it is also drastically helpful in locating items in real-time.

13. Armour Protection:

A threat to the prohibited use of arms and ammunition has been increasing nowadays where countries want a mutual settlement over the efficient usage of the weapon. Here, blockchain technology helps them to track these weapons by the government of that country. Besides, it also tracks gun by keeping the record of weapons safe that helps the government to monitor various weapons sold by them all the time.

14. Monitoring of various Schemes of the Government:

There are a lot of things which should be transparent for the government that helps them to ensure great revenue. Blockchain technology ensures transparency in taxation transforming the management systems. Many countries are now implementing the advanced technology system that has been playing a vital role in improving the economic sectors.

15. Education:

Keeping safe students’ records is vital for the universities so blockchain technology is playing an active role in storing the degree and certificates. Here, students don’t need to spend money during the verification via any third party. There are many universities like MIT, UK’s Open University that has implemented blockchain technology to keep students’ record safe viz for degree certificates, and mark sheets.

See also: Applications of Blockchain in Internet of Things

Conclusion:

Due to the great features, blockchain technology has been implemented in various sectors. Besides, many companies also invested millions of dollars in the advanced research of blockchain technology. So after the complete research, it can be expected that blockchain technology will be playing a vital role in every aspect of our life.

Let us know what you think about ‘ Real World use cases of Blockchain technology ‘ in the comment section below.

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