Business Use Cases and Application of BlockChain Technology

Blockchain is considered as the most sought-after technology these days. Every business hailing from every industry is making sure to incorporate this latest technology to give new wings to their new or existing business.

Blockchain is basically, a list of records that are known as blocks. These records are linked in series and are secured by cryptography. The most popular cryptocurrency is run by blockchain technology.

Blockchain technology offers a great means to record as well as transfer important data. The data stored in blockchain is transparent, safe, and secure. Every participant knows who he is doing business with and also, has complete access to every single detail pertaining to the business. This data cannot be tampered and hence, it prevents many uncalled-for situations in the business. This also makes the business processes smooth and error-free. Also, the technology cuts all the extra cost of hiring the third party.

Many industries are incorporating the technology to garner benefits. In the coming few years, the technology is sure to dominate all the industries. The introduction of blockchain technology has already changed a lot in the business world and in near future, it shall change the things further.

As already mentioned, there are several industries that have already implemented the technology in their business and there are several other industries that are gearing up to adorn it.

Blockchain technology in different industries

  • Insurance

The use of blockchain technology can be very beneficial for the insurance market. Insurance business depends on trust management. Incorporating blockchain in the market will help by verifying various kinds of data, for instance, the identity of a person, the past record of that person, and whether the company can rely on them or not, in the insurance contracts.

Smart contracts prove to be very fruitful for insurance companies. The smart contracts depend on the actual data on which the insurance companies also depend.

  • Healthcare

Healthcare industry has long been waiting for a break from all the old technologies and implementing blockchain technology can be that much-needed change.

The biggest concern of the healthcare industry is the shortfall of a safe and secure platform to keep all the patient data safe. Blockchain offers a safe platform to store the data which is liable to tampering. The data is shared among the hospital authority and the patients.

Given the fact that hospital data is very prone to unethical practices like hacking; the healthcare industry is in dire need of blockchain technology.

  • Real Estate

Administration, errors in the public records, and absence of transparency are some of the major issues that are faced by the real-estate industry. The biggest reason why real-estate must implement blockchain technology is that blockchain is the only solution to all these common issues that keep cropping up every now and then.

Blockchain technology offers a safe place to store the data, accelerates the transactions, and ensures transparency. It also cuts- off the requirement of paper-based authorization as the ledger is public. The technology can prove to be very beneficial in tracking, ensuring the accuracy of the data that is being relocated, and verifying the property’s ownership.

  • Transportation and Ride Sharing

The implementation of blockchain technology in the transportation industry is in the pipeline. The disruption of the technology in ride sharing is going to establish a trust between the parties that have no qualms about sharing a ride. The terms and conditions can be arranged between the two parties in an efficient, trustworthy, safe, and secure manner without any interruption of the third party.

Paying for tolls and parking would become easy with the use of this technology.

  • Voting

Implementing blockchain technology in voting can be a breakthrough step. As politics has zero amount of transparency and people have no amount of trust in the game, blockchain disruption becomes the need of the hour.

As this technology assures transparency, people would be able to generate some amount of trust in the system. With blockchain implementation which would enable electronic vote counting, people would get a safe, secure, and anonymous system that would expose all the important data pertaining to votes. The votes could not be changed or moved by blockchain disruption.

By using blockchain for voting, the person would also be able to know if his vote has successfully been transmitted or not.

  • Online Music

Till now, third parties always rule between the musicians and their fans. The fans pay the third party and then the transaction is directed to the musicians. Blockchain disruption would enable a direct transaction to the musician by the fans. There are many apps that work on the principle, but it can be improved by leaps and bounds with the disruption of blockchain technology.

Implementation of blockchain would also help in another way. Any licensing issue could be easily tackled with the help of smart contracts in the blockchain.

  • Digital Identity

Blockchain technology helps in managing and tracking digital identities. The process is efficient and very secure. It also helps in reducing fraud.

With the use of this technology, you can tackle many digital identity issues. Blockchain technology offers a means to authenticate the identity in a secured manner.  The current systems that are password-based pose many issues whereby the secret information is stored on insecure systems and shared.  The authentication systems that are based on blockchain technology offer undisputable identity verification. The system uses digital signatures that are based on public key cryptography. It is checked whether the transaction was carried out by correct private key. Only the person who has the private key is touted as the owner.

Passports, digital identities, e-residency, wedding certificates, birth certificates, Ids are all the areas where blockchain technology can be applied.

Conclusion

If your business also involves the transmission of important information or data, you must implement blockchain technology. The technology will not only offer you a safe platform to keep all your data tamper-free. The technology will also help you to thrive in the competitive environment.

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