Over the past decade, blockchain popularity has been massively growing, thanks to Bitcoin. However, blockchain use cases are now beyond cryptocurrency.
Blockchain technology is taking charge in multiple industries, including healthcare, BFSI, real estate, education, and supply chain and logistics, to name a few.
The increase in popularity of blockchain and the rise in industrial use is due to its innate qualities (Transparency and immutable).
Blockchain doesn’t rely on a centralized authority to manage its network. Instead, all the peers available in the network verify information kept in the blockchain ledger.
The critical point, blockchain is highly secure, reliable, and void of attacks.
In essence, blockchain technology is among the most revolutionary technological tools in this century, thanks to its qualities. Due to its tamper-proof nature, the technology provides several possible use cases in almost all industries.
Numbers dont lie. According to statistics, the global Blockchain market is expected to grow at a CARG of 67.3% to hit a value worth US$ 39.7 Billion between now and 2025
In this article, we will highlight the best Blockchain technology use cases. This will give you an insight into the strength of this tech and also what it has to provide to the world.
Blockchain Technology Use Cases
Here are some major use cases of blockchain technology.
Smart Contracts
These are blockchain-based contracts enforced in real-time. They are made as agreements between parties without involving the third party.
Contracts are found in decentralized blockchain networks. Smart contracts are primarily in healthcare, government agencies, and even real estate.
Use Cases
BurstIQ (healthcare)
BurstIQ is transferring sensitive medical data between doctors and patients by use of Big Data-based smart contracts. These smart contracts specify the parameters of data sharing, and they include user-specific health plans and relevant individual details.
Propy (real estate)
Propy platform uses blockchain as a title registry system. It also automates transactions for realtors, brokers, and their clients. That is to say, blockchain technology has made Propy generate instant titles and allows the exchange of property with cryptocurrency.
Money Transfer
Payment processing and money transfers are the most excellent use of blockchain technology. The tech also enables speedy transactions in real-time.
Use Cases
Circle (FinTech)
Circle uses USD Coin, a regulated stablecoin, to help individuals set up and run their internet business. Also, the platform uses around seven cryptocurrencies. Circle handles more than $2 billion in cryptocurrency investments and exchanges every month.
Internet of Things (IoT)
The IoT industry is rapidly growing with several connected devices. The latest prediction suggests that by 2030, the devices shall be around 50 billion globally. The rise in numbers makes it easy for hackers. However, by integrating Blockchain technology in IoT devices, the data breach possibilities are low to a great extent.
Use Case
HYPR (IoT/Cybersecurity)
By combining smartphone technology with the FIDO token, HYPR raises cyber security a notch higher. This is also why they use the True Passwordless Authentification feature. The organization creates IoT devices tamper-proof due to its biometric authentication and decentralized credential solutions.
Wrapping Up on Blockchain Technology
Above are some of the few scenarios on the application of blockchain technology and, the list might be longer since everyday people keep embracing it.