Blockchain’s popularity has grown during the last few years. Digital assets are now used for various purposes, from paying salaries to buying tickets to various events. However, the popularity is growing rapidly, and we see how blockchain use cases change daily.
Both crypto startups and established organizations now also want to develop their business strategies by incorporating the latest technologies. Providing transparency, security, and speed, blockchain is the ultimate technology for different industries, domains, and use cases.
If we know that blockchain is used in baking and for the crypto world, what unusual blockchain cases have been emerging? This guide will show you how blockchain use cases have changed within the last few years and what fields the technology entered.
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1. Reducing Identity Theft
Forbes magazine reports 2.6 billion records were stolen in 2017 while also identifying that theft accounts for 70% of all data breaches. Blockchain is known for its increased safety, offering a new level of security in the form of identification checks. These include verifiable user IDs and multi-factor authentication. This eliminates the need for countless passwords and usernames that you will eventually forget. The most bright example of this case is Civic’s Secure Identity Platform (SIP).
2. Buying Virtual Cats and Gaming
Even though blockchain has been designed for the financial sector mainly, its uses now are moving to entertainment and gaming. In fact, these industries have gained popularity thanks to blockchain. That is because this technology allows us to create digital and analogue gaming experiences. Let’s take as an example Cryptokitties, which emerged in 2017 and generated over $1.3 million in about one month. Only one year later, they raised $12 million. The key idea behind this project is that it utilized a game in an economy. Therefore, the project allows users to invest, build and extend their gaming experience through blockchain.
3. Easing the Internet of Things (IoT)
The Internet of Things (IoT) is one of the most promising technologies in 2022. With the adoption and use of a vast range of IoT devices, there is an increased need for boosted security and speed. The blockchain ledger is the best solution for simplifying IoT. That is because this technology is able to record the huge amounts of data produced by IoT systems, while transparency offered by blockchain cannot be compared to any other system. Our article discusses innovative approaches to Blockchain Design, highlighting key principles and strategies for optimizing efficiency and security.
The Internet of Things is considered to be one of the most exciting technologies since these connected devices can record and share various interactions, and blockchain fits the space ideally. Blockchain can help transfer data and provide identification for public and private sectors alike. Now you can even use blockchain technology, especially for IoT, which handles machine-to-machine micropayments and is known as Tangle.
4. Improving Supply Chains
Blockchain allows companies with a great number of supply chains real-time tracking. This can be incredibly valuable for the consumer and pharmaceutical industry. According to the report, Walmart partnered with IBM to develop a blockchain known as Hyperledger Fabric blockchain. It was specially developed to track the food chain directly from the supplier to the shop shelf.
This allows companies to get accountability and enjoy a clear real-time process from start to end. Blockchain’s transparency and speed make the entire supply chain clear and understandable and grant different parties access to the same database.
5. Healthcare
Since 2019, the healthcare industry has been experiencing lots of changes. One of the key changes is digitalization. As a result, clinics and healthcare organizations have developed a huge number of mobile applications and web apps. While this digitalization increased convenience and made the healthcare process easier, many issues have arisen during this time as well.
Considering how much sensitive information healthcare apps and the webs hold, the healthcare industry is one of the most appealing targets for any hacker. As a result, the need for increased safety is growing rapidly. And blockchain lends itself nicely to medical records and healthcare. For example, MedRec is one of the most popular businesses that use blockchain to keep files and medical records secure by using a decentralized CMS and smart contracts.
Blockchain ledger also allows for increased transparency and the ability to ensure protected payments connected to your health. Using blockchain development services, clinics help clinics improve their processes and boost patient care.
6. Smart Contracts Instead of Intermediaries
One of the most exciting blockchain use cases is its ability to reduce the need for intermediaries. This can be done through smart contract implementation. In contrast to traditional payments, the financial structure of cryptocurrencies doesn’t need a centralized bank. Just like with medical records based on blockchain, you won’t need a complicated system and staff responsible for managing messages between medical facilities. Smart contracts are self-executing since they operate according to terms written in advance, reducing the need for banks.
7. Rights Protection
Artists are usually distant from business aspects and attacks that may happen to them. It is a common practice that someone may steal their rights, especially when we talk about digital art. With Metaverse and NFT popularity, artists started to convert their art pieces into digital items, which only increased fraud in the sector. Luckily, all these products are based on blockchain, issues associated with the right protection.
Since NFT has its own identity number and cannot be duplicated, the chances of stolen rights are minimal. In fact, now you can even digitize your property, known as real estate tokenization, allowing property owners and investors to boost security and reduce issues associated with documents when selling and buying properties.
Final Thoughts
Now almost everyone knows the term blockchain. And it isn’t surprising since blockchain is a buzzword, offering many benefits for businesses within various industries. Blockchain solutions have been developed for the financial world but are not used for different purposes. While you may know some of its use cases, knowing the most surprising use cases can help you explore all the opportunities blockchain has to offer.
