Blockchain Use Cases Beyond Cryptocurrency
Here are the Best Uses for Blockchain that have been recognized in a range of different industries –
1. Banking
When it comes to the Banking sector, there can be a number of use cases of Blockchain technology in Banking beyond the exchange of digital currencies.
Some of those prominent ones which involve blockchain and cryptocurrencies to one extent or the other are:
Fraud Reduction – By bringing all the information on a distributed ledger with a timestamp and batches of specific transactions with a link to another block, the blockchain use cases in banking will make it impossible for the hackers to break into the system without the timestamp of the breach getting highlighted.
KYC – It is estimated that banks spend somewhere around $60 million up to $500 million per year in their ‘Know Your Customer’ project. These practices are followed to lower the money laundering instances and to keep terrorists out of the banking ecosystem. If the KYC process is brought on Blockchain, the verification time and associated cost will get lowered by manifold.
2. Cybersecurity
When it comes to cloud and the typical computer network usage in business, centralized servers are usually used to store the data. Now, when you save all your business data on a centralized system, you open yourself to risks like corruption, data loss, human error, and hacking.
But when you put your data on a distributed, decentralized system by employing Blockchain-as-a-Service model, the instances of hacks reduces by manifold.
3. Government
The blockchain is a hot-topic in the government and political backdrop. There are several Blockchain government use cases that improve the government service quality, safeguards the citizen’s property rights, and cuts the red tape, all the while improving the transparency element in the system.
While governments all across the world – from Dubai to China and the US are exploring the Blockchain opportunity to better the nation’s lifestyle, the trend of adoption is mostly restricted to Ethereum.
4. Healthcare
The onset of multiple blockchain use cases in healthcare is the example of how disruptive an industry could be when clubbed with revolutionary technology. And this is the reason why Blockchain has found a place in the 10 healthcare trends that would be dominant in 2020.
The fact that Blockchain comes with an immutable architecture makes it possible to store the EHR data in a way that is safeguarded from any or all instances of hacks and breaches. Also, several experienced blockchain app developers are using the technology to help with the creation of new medicine or a more personalized treatment regime.
5. Affiliate Marketing
The concept of Affiliate Marketing lies in businesses paying a set of the commission to the people who would promote their product on the social media platforms. The concept in itself is based entirely on trust. Trust that the people won’t remove the post after getting a commission or that they won’t use fake ids for promoting a website etc.
Smart contracts Blockchain functionality ensures that the money is transferred to the people only when they have done on ABC task.
Seeing these Blockchain use cases and how perfectly the technology is able to decentralize the various economies, a number of the world’s biggest brands, with the support of the blockchain development company, have now started exploring the technology with the hopes to turn their business growth story alongside the growth in Blockchain future uses.
Originally Published On - https://appinventiv.com/blog/blockchain-beyond-cryptocurrencies/