Blockchain applications are all-encompassing and intrinsically dynamic by nature.
From facilitating safe and secure transactions, protecting sensitive data to ensuring better supervision of operations across the finance, health care, supply chain, and real estate industries, Blockchain is emerging as the most sought-after technology for scaling business operations today.
As a result, businesses are keen to invest and capitalize on the emerging Blockchain trend. Since Blockchain is fairly new, it has been most commonly used in cryptocurrency.
Harnessing Blockchain technology creates more transparency while also helping businesses save time and money. It has now begun influencing the way in which companies oversee contract enforcement, track anti-money laundering instances, leverage advertising insights, and maintain efficiency in government initiatives. In this article, we will explore the top applications of Blockchain across leading and emerging industries.
- Blockchain-based Smart Contracts
- Blockchain’s Application in Online Transactions
- Blockchain infused with the Internet of Things (IoT)
- Blockchain Ensures Personal Identity Security
- Blockchain Use Cases in Healthcare
- Grow Your Business With Blockchains
Blockchain-based Smart Contracts
Smart contracts are just like traditional contracts but slightly different. Here, the contract’s terms are enforced in real-time on a Blockchain, removing the middleman and adding degrees of accountability for all parties involved that are not feasible with traditional agreements. This saves time and money for businesses while also ensuring that everyone engaged follows the rules.
As sectors such as government, healthcare, and real estate realize the benefits, Blockchain-based contracts are becoming increasingly popular. Here are a few instances of how businesses are utilizing Blockchain to make contracts more intelligent:
A Healthcare company, their Blockchain contracts assist patients and doctors in transferring sensitive medical information securely. The smart contracts establish what can or cannot be shared, apart from displaying personalized health plans for each patient.
This company in the music industry uses Blockchain-based smart contracts to make sure that musicians get the money they deserve on time. Since it is decentralized and transparent, artists can agree to get higher royalties too.
This is a Blockchain application in the real estate industry with a decentralized registry system. It uses the online marketplace to offer properties that can be purchased using cryptocurrency instantly.
Blockchain’s Application in Online Transactions
Cryptocurrency transfer apps, which were pioneered by Bitcoin, are booming in the digital era. The money and time that Blockchain can save financial organizations of all sizes are why the technology is rapidly becoming popular in finance.
As per reports, Blockchain can save the major banks $8-$12 billion per year by eliminating bureaucratic red tape, making ledger systems real-time, and cutting third-party fees.
Here’s a look at some money transfer use cases of Blockchain applications:
At the OPSkins online marketplace, gamers can pay with Bitcoin to purchase rare skins, accessories, and even emotes. The bitcoin is delivered to the seller’s virtual wallet, where they can keep it or swap it for cash. OPSkins processes around 8 virtual million transactions a month.
Circle manages approximately $2 billion in cryptocurrency investments and swaps between friends each month. Circle presently supports seven major cryptocurrencies, including Bitcoin, Monero, and Zcash, on its investment and money transfer platform.
Chainalysis creates tools to assist financial institutions and governments in monitoring cryptocurrency exchanges. Due diligence software developed by the company monitors and detects fraudulent trading, money laundering, compliance issues, and building trust in the Blockchain.
For financial services, Chain creates cloud Blockchain infrastructures. The digital ledgers developed by the San Francisco-based firm assist financial institutions in safely and efficiently transferring bitcoins.
Blockchain infused with the Internet of Things (IoT)
The Internet of Things (IoT) is the natural next step in Blockchain development. IoT has millions of uses across industries. Given the number of IoT gadgets being created today, there has been a significant rise in security risks. Hackers have plenty of opportunities to steal your personal data and information, be it from an Amazon Alexa or a smart thermostat.
However, by exploiting the Blockchain technology’s transparency and virtual incorruptibility to keep things “smart”, IOT adds a layer of security to avoid data breaches. Here are a few examples of companies in the United States which are embracing Blockchain to make the Internet of Things safer and smarter:
Filament develops Blockchain-enabled software and microchip hardware, which enables devices to operate on Blockchain. Their technologies specialize in encrypting ledger data, sending real-time data to other Blockchain-connected devices, and enabling machine monetization based on timestamps.
With its decentralized credential solutions, HYPR mitigates cybersecurity concerns in IoT devices. The startup makes IoT devices nearly impossible to hack by removing passwords from a centralized server and replacing them with biometric and password-free solutions.
3. XAGE SECURITY
Xage is the world’s first Blockchain-based cybersecurity platform for Internet of Things (IoT) businesses. T The system can handle billions of devices at once and even identify and correct security vulnerabilities on its own. IoT enterprises in the transportation, energy, and industrial industries are the most common users of Xage.
Blockchain Ensures Personal Identity Security
Blockchain applications keep sensitive information such as birth certificates, social security numbers, etc., on a decentralized ledger. Ever since these applications have come into existence, the government has seen a drastic drop in identity theft.
Here are examples of companies leveraging Blockchain to make way for greater personal identity security:
1. BlockCHAIN INITIATIVE IN ILLINOIS
This is a state-funded initiative that has put several measures into place to safeguard and improve birth certificates, death certificates, voter registration cards, social security numbers, and other documents using a distributed Blockchain ledger.
Civic is a Blockchain-based ecosystem that allows users to see who has access to their personal information. Users sign into smart contracts with the firm, selecting who and how much of their personal data may be shared with whom. The individual is promptly notified if the contract is breached or an unauthorized source attempts to access their sensitive data.
Individuals may manage their identities over the Internet via Evernym’s Sovrin identity ecosystem, which uses distributed ledger technology, Sovrin maintains private information, serves as a communication channel between the individual and entities seeking private data, and verifies that the information given is true in real-time.
Ocular’s anti-money laundering compliance technology uses Blockchain-enabled security to ensure data cannot be corrupted or manipulated. They use biometrics to scan the faces of the people applying for any government-issued identification. Thus, governments can more readily detect identity thieves hunting for bogus passports and certificates from other countries by examining biometric systems on Blockchains.
Blockchain Use Cases in Healthcare
Though still in its early stages of implementation, Blockchain in healthcare has already shown some promise. An innovative system for gathering and exchanging personal data could be exactly what the doctor prescribes to ensure that an already overburdened industry can cut costs.
1. NEBULA GENOMICS
Nebula Genomics’ objective is to comprehend the human genome better while also making personal genomics more inexpensive and accessible. This company has a monopoly over all the whole genome DNA sequencing tests currently. The data collection is kept a secret using Blockchain-based encryption systems, thus, protecting it from theft.
Blockchain’s Use in Logistics
According to DHL, there are over 500,000 shipping companies in the USA. Applying Blockchain technology here solves a lot of issues plaguing logistics, such as siloing and transparency. Blockchain has proven to be a cost-effective solution for shipping companies, thus, saving them a lot of time and money.
1. Block ARRAY
Businesses use this platform to track the progress of shipments and their employees, apart from managing payments. Smart contract processing and secure document management are also included in Block Array.
DHL, the world’s largest shipping company, is at the vanguard of Blockchain-based logistics, employing it to retain a digital ledger of shipments and ensure transaction integrity. DHL is one of the largest shipping corporations to embrace Blockchain, with a significant presence in the United States.
Grow Your Business With Blockchains
Blockchain technology is versatile and is employed in various industries to ensure security, stability, and better monitoring of data and insights.
Given that it maintains data transparency and protects sensitive information, more and more companies seek to leverage this futuristic technology to scale their business. If you are looking to incorporate Blockchain into your business operations, don’t hesitate to reach out to us.
Hire Blockchain Developers from Skein Technologies now!
Rajamanickam Rajan is the director at Skein Technologies, a leading IT solution company in India. He has 10+ years of experience in developing application using IBM Worklight hybrid, native applications for IOS and Android systems.