10 Wonderful Uses For Blockchain And How They Affect Our Lives

You've seen blockchain used in cryptocurrencies to promote anonymous transactions through decentralized finance (defi) which allows users to own non custodian wallets where their identities are dissociated from the transactions. And while cryptocurrency is one of the key uses for blockchain technology, there's more to it.

Here are a few uses for blockchain technology which shows us that the possibilities for this technology are tremendous, with even greater uses to come.

•     Health blockchain
•     Security
•     Media
•     Automotive
•     Data Sharing
•     Content creation
•     Supply chain management
•     Internet of things
•     Copyright protection
•     Anti-money laundering

In this post, we will go into a detailed explanation of the exciting use cases of blockchain I have listed above and their importance. But first, we will look at the history of blockchain. Ready? Let’s go.

The History Of Blockchain

The blockchain was formerly developed to support Bitcoin (CRYPTO: BTC). Satoshi Nakamoto, the founder of Bitcoin, explained it as a 'purely peer-to-peer version of electronic cash.' It uses digital encryption to tackle the cost problem associated with digital currency.

Blockchain is the decentralized ledger that supports most virtual currencies. Plus, it records all transactions without the help of financial institutions. In other words, it is an innovative means of distributing money and capturing data. Before the launch of the Bitcoin main net, Blockchain technology was just a research topic.

Why the sudden need for blockchain?

Blockchain is the concept of technologists who noticed defaults in the financial system. They saw banks acting as third parties and stealing from the public by charging high transaction fees. They laughed, seeing that payment confirmation cross-border transactions take five working days.

Yet, real-time transactions (even across borders) are possible with blockchain. Since they removed banks from the process, it reduced the cost of transactions. Satoshi Nakamoto provided blockchain case studies by integrating them into a larger system. We now call this the blockchain protocol.

The first significant blockchain technology breakthrough was Bitcoin. And it attempted to democratize currency following the 2008 financial crisis. Still, Bitcoin is the new digital gold, a new asset with a high store of value. With Bitcoin, we saw the first version of blockchain technology, blockchain 1.0. It was a super-secure shared ledger to record and exchange value.

Then, Ethereum built the basis for blockchain 2.0, the 2nd generation of blockchain, which can move currency and execute smart contracts to develop decentralized apps. Its adaptability enabled new decentralized finance (Defi) use cases. It includes lending, borrowing, staking, and yield farming.

Defi grew to become a $71.8 billion market in only a few years. And it is developing at a far quicker rate. And, blockchain technology has found its way to organizations and institutions recently. The reason for this because businesses have seen the opportunity to save costs and enhance their existing businesses by enforcing blockchain.

Conventional financial institutions streamline their procedures for cross-border payments and settlements. Thus, leading the way in terms of adoption. While the concept works well for crypto, blockchain has other uses. Here are ten examples.

10 Uses Of Blockchain Technology

1. Health Blockchain

One of the uses of blockchain in healthcare is to store medical records. With it, users can gain permanent storage for their health records. The use of blockchain in healthcare is available as long as there is an internet connection. Individuals may share access with doctors and insurance companies with easy online transactions. Also, physicians can add new information to the database if appropriate.

Thus, health blockchain can transform the healthcare industry. Health blockchain does this by giving people total ownership over their medical information.

Real example:

MedRec — MedRec leverages blockchain to save time. Also, it saves money and duplication in protocols between institutions and providers. Patients might provide researchers access to their anonymized medical records.

2. Blockchain Security

AARP stated that identity fraud affected about 42 million people last year. As a result, they lost about $52 billion to identity fraud last year. Fraud of this level might take the form of faked documents or hack into personal files.

When you store social security numbers, birth certificates, and other sensitive information on a decentralized blockchain ledger, the government might see a significant decrease in identity theft claims.

Real example:

Ligero — provides lightweight, flexible protocols for safe multiparty computing and zero-knowledge proofs. Thus, making a powerful platform allowing decentralized cooperation on and off the blockchain.

3. Media

Users prefer digital delivery of audio, movies, and other works of art. But artists and publishing corporations worry about online piracy. Blockchain-based distribution might make each copy of a digital media file unique. Also, it allows viewers to make micro-payments directly to producers or publishing corporations.

Real example:

MadHive – a blockchain-based digital marketing advertising and data service. The software monitors, records, and reports consumer activities. Besides that, it stores all data in a private blockchain.

4. Anti-Money Laundering

Blockchain use cases have intrinsic properties that can prevent money laundering. Every blockchain transaction produces a permanent trail of irrevocable records. As a result, it is easy for authorities to trace the origin of the money.

A public blockchain ledger can track, analyze, and document the history of each trade. The transaction stops automatically if you do not verify all transaction stages, the recipient and departure wallet, currency, and amount. Also, blockchain allows risk evaluation and reporting tools for money laundering. It enables system-wide analysis rather than monitoring entry and exit points.

5. Automotive Blockchain Applications

A lack of operational openness is an issue for automobile sales and manufacturing workers. One of the uses for blockchain automotive applications is for the industry to build a uniform platform. That helps to efficiently track down and pay for vehicle components, services, and produced autos. It does this by deploying automotive blockchain applications for payments.

Unlike traditional paper-based systems and digital web2 databases, automotive blockchain applications are not susceptible to data loss, human mistakes, or deletion. In addition, ridesharing and car-sharing services are now widespread. Plus, car ownership has become more expensive than sharing one. What's important here are blockchain use cases to automate processes and avoid fraud.

Fraud is the most challenging problem for providers and receivers of automotive services. And blockchain technology may assist both parties in creating enforceable financial agreements, that will be executed with certainty once they meet the agreement contract.

Real example:

Bitcar — A BitCar token allows for fractionalized ownership of collectible autos.

6. Data Sharing

Data sharing from one network to another is quite complicated. In addition, older technology may take a long time to process data. One of the uses of blockchain technology is to improve this area. With blockchain, you discover data exchange has become both complex and simple.

Also, the use of blockchain in data sharing is to permit real-time settlement of transfers, which improves the process even further.

7. Content Creation Blockchain Applications

Undoubtedly, some successful Instagram and Facebook users reap the benefit of social media stardom. And this benefit applies to YouTubers and TikTokkers. However, many other content producers find it difficult to make ends meet. Well, this is because of the various hurdles associated with this industry.

These difficulties revolve around the following issues:

Plagiarism: Content writers sometimes devote time to a project to have it stolen or reproduced by someone.

Intermediaries: Digital platforms allow content producers to earn from ads for their efforts. But the media platform on which they post will reduce their revenues. For example, Facebook's Watch function consumes around 45% of its total income.

The industry is now set up to favor platforms or intermediaries over authors. So, creators earn a small fraction of the profit generated by their content. Or they must have a large following before receiving any monetary benefits.

The uses for blockchain in the content creation industry will help to resolve the above-highlighted issues by helping creators effectively monetize and track their work. Also, it builds a rewarding ecology to enrich artists through its content sharing.

8.    Supply Chain Management

Producers, merchants, and customers are all interested in tracking supply chains from the original suppliers to the consumer's shopping cart. Blockchains may play an important role in monitoring products along their long path from production to usage. It could be either to ensure that meals are free of inorganic toxins. Or to make sure that import taxes are paid correctly at national borders.

Real example:

IBM Blockchain — It is vital to know the state and quality of every product in your supply chain. It begins with raw materials to the distribution of finished goods. Blockchain for supply chains provides transparency. Hence, it maintains a shared record of ownership and the location of goods in real-time.

9. Internet Of Things

The Internet of Things (IoT) provides a natural setting for emerging IoT blockchain case studies. Millions of apps on IoT devices are vulnerable to security and hacking threats. With more IoT gadgets on the market, hackers have more chances to steal your data. They could even make you a victim of fraud or scams on everything from smart home devices to internet passwords.

IoT Blockchain use cases will increase security. As a result, it avoids data breaches through the use of blockchain technology's transparency and digital incorruptibility.

10. Copyright Protection

One of the crucial use cases for blockchain technology is copyright protection. Most classic firms now need something to protect their intellectual property. Yes, non-fungible tokens are an essential illustration of this. Their intellectual property is safeguarded to the greatest extent by blockchain technology.

Therefore, it is critical to explore how Blockchain technology might assist organizations in protecting their intellectual property. 

Final Thoughts

You may have observed that many blockchain case studies share many features. It is not a coincidence. Blockchain technology is positioned to tackle the difficulties that every business faces.

The uses for blockchain, from supply chains to IoT, may give a secure feeling of confidence. What's more? It offers centralized record-keeping between two or more parties. Using consensus-based validation, you can automate slow procedures. When required, maintain privacy by safeguarding data. Additionally, blockchain allows businesses to receive a complete view of their data and gain further insights to make informed decisions. 

The primary element fueling this surge in the use cases for blockchain in all industries is the advancement of blockchain technology. It is far more reliable and has fewer disadvantages. With the uses for blockchain outlined above, it will soon become a common name in households and businesses.