Not Only Banking, Even Beyond That Blockchain Can Transform Multiple Industries

 

Nobody knew blockchain until bitcoin was developed in 2009 and only then blockchain technology started getting attention. Normally blockchain is known as distributed ledger that records and protects digital data through the use of cryptography. The said technology is applied for network of digital currencies (cryptocurrencies), but its decentralized and secure nature make it a powerful tool for many other industries (i.e. supply chain, charity, trade finance, gaming, tourism, health, medical, etc.). Here are some innovative ways how the industries are harnessing the power of blockchain technology for the benefit of the respective industries to save upon operation costs in millions of dollars, to save upon operation time for execution of transactions, to relate how the product relates to it’s origin, etc.

 

I am going to list down certain use cases of blockchain with little descriptions for few of them.

 

1.       Banking : Please read my article on crypto banks. Lot of banks have started investing amounts on adopting blockchain technology for their backend operations. Swiss bank UBS and UK based Barclays are the latest examples. In India also 15 banks have formed a company which will look in to the domain of domestic Letter of Credits which will pave the way for such banks to prevent  upon the frauds and save upon the operation time & costs. 

2.     Supply Chain : Blockchain technology can be applied in supply chain management to ensure transparency, faster speed in distribution, authenticity of the product’s origination, etc. 

3.     Healthcare : Major significant concerns for the healthcare industry are operational bottlenecks, data errors, bureaucracy and security of patient data etc. Blockchain technology is the right answer to all these problems. 

4.       Crypto Exchanges

5.       Agriculture

6.       Commodities - Mandis

7.       Commodities backed currencies

8.       Remittances across the world

9.       International trade

10.   Internet of Things (IOT)

11.   Messaging Apps

12.   Gaming industry

13.   Arts : NFTs

14.   Royalty payments

15.   Hedge Funds

16.   Voting

17.   Digital identity

18.   Ride sharing like Ola, Uber etc.

19.   Digital marketing like internet advertising

20.   Education

21.   Car Leasing and Sales

22.   Cloud Storage

23.   Forecasting

24.   Music, Entertainment

25.   Intellectual Property Rights

26.   Stock Trading

27.   Real Estate

28.   Insurance

29.   Energy Management

30.   Sports Management

31.   Gift cards and Loyalty programs

32.   Governance

33.   Public Records

34.   Wills and Inheritances

35.   Retail

36.   Charity

37.   Law Enforcement

38.   Credit Rating of individuals and companies for finance sector

39.   Human Resources

40.   Business and Corporate Governance

41.   Crowdfunding

42.   Libraries

43.   Publishing

44.   Food & Beverages

45.   Air Travel

46.   Hotel Industry

47.   Tour operations & Holidays

48.   Gambling

49.   Pharma

50.   Waste Management

51.   Accounting

52.   Postal industry

53.   Public Transportation

54.   E-Commerce

55.  Liquor Industry

 This is not end list of use cases of blockchain but it will continue to the endless..... 

 

 

 


Comments

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