Blockchain Technology And Its Real World Use Cases
Blockchain technology has come a long way ever since bitcoin was dropped! You can expect it to grow even more from here because the potential of blockchain is endless. The features that blockchain offers are too tempting in layman words and it’s the need of the hour. Given that the data is increasing day by day, there is no solution to buckle up for the time when data can no longer be managed. That’s why blockchain can prove to save us from not just that but many other problems that the societies and countries face on a global level. It has the potential to remove the flaws from the current systems and transform them into new and improved versions. Such an inclusive technology that can be deployed wherever the mind reaches, makes it a revolutionary technology because it is a whole new dimension yet to be explored to its full potential, just like our milky way.
Some of the key features of blockchain that are integral to its function are:
- Enhanced security
- Distributed ledgers
- Faster Settlements
Because of these key elements, many businesses had the foresight to capture the blockchain solutions market and have been funding blockchain development ever since. Although most of such businesses are yet to establish their monopoly, they have made a significant impact in delivering blockchain solutions around the world. It is expected that global investments on blockchain will reach $11.7 billion by 2022 as per IDC’s records.
With such a significant market potential, investors around the world are tempted to invest into blockchain projects. Even the UN has recognized its potential and has for the first-time welcomed proposals for blockchain solutions to achieve the UN Global Goals by 2030.
Following is a list of all the ongoing and completed projects developed on blockchain. The list entails how blockchain is spread across different sectors of all the industries in the world and has grown into a huge potential for startups to jump on. Let’s look into these use-cases to further understand and evaluate the potential of blockchain.
Blockchain Use Cases And Development In Different Sectors
Essentia developed the world’s first blockchain solution to manage international logistics hubs together with traffic labs and the Finnish government.
Voter registration is being facilitated via a blockchain project in Switzerland spearheaded by Uport.
The Blockchain ledger that Ripple uses has been latched onto by a group of Japanese banks, who will be using it for quick mobile payments.
A smart contract-based blockchain is being used by insurer American International Group Inc. as a means of saving costs and increasing transparency.
Endangered Species Protection:
The protection of endangered species is being facilitated via a blockchain project that records the activities of these rare animals.
IBM is using the Hyperledger Fabric blockchain in China to monitor carbon offset trading.
Ethereum’s blockchain can be accessed as a cloud-based service courtesy of Microsoft Azure. Google is building its own blockchain which will be integrated into its cloud-based services, enabling businesses to store data on it, and to request their own white label version developed by Alphabet Inc.
Essentia has devised a border control system that would use blockchain to store passenger data in the Netherlands. Essentia is developing a blockchain project for border control that will allow customs agents to record passenger data from an array of inputs and safely store it.
IBM and Walmart have partnered in China to create a blockchain project that will monitor food security.
A number of healthcare systems that store data on the blockchain have been pioneered including MedRec.
Shipping is a natural fit for blockchain, and Maersk have been trialing a blockchain based project within the maritime logistics industry.
Blockchain is now being used to complete real estate deals, the first of which was conducted in Kiev by Propy.
Essentia is developing a test project that will help energy suppliers track the distribution of their resources in real time whilst maintaining data confidentiality. Chile’s National Energy Commission has started using blockchain technology as a way of certifying data pertaining to the country’s energy usage as it seeks to update its electrical infrastructure. Food importation is another industry where blockchain is proving its worth, with Louis Dreyfus Co trialing a soybean importation operation using this technology.
Land registry titles are now stored on the blockchain in Georgia in a project developed by the National Agency of Public Registry.
Digital Currency Group is helping Amazon Web Services examine ways in which the distributed ledger technology can help improve database security.
New York Interactive Advertising Exchange has been experimenting with blockchain as a means of providing an ads marketplace for publishers.
Decentralized Journalism, as enabled by blockchain technology, has the potential to prevent censorship and increase transparency, as Civil has shown.
Waltonchain is using RFID technology to store waste management data on the blockchain in China.
The De Beers Group is using blockchain to track the importation and sale of diamonds.
By storing certificates of authenticity on the blockchain, it’s possible to dramatically reduce art forgeries, as one blockchain project is proving.
For the past two years, the US Department of Homeland Security has been using blockchain to record and safely store data captured from its security cameras.
In a bid to boost its tourism economy, Hawaii is examining ways in which blockchain based cryptocurrencies can be adopted throughout the US states.
In China, a tax-based initiative is using blockchain to store tax records and electronic invoices led by Miaocai Network.
Russian rail operator Novotrans is storing inventory data on a blockchain pertaining to repair requests and rolling stock.
Arbit is a blockchain based project led by former Guns N Roses drummer Matt Sorum seeking a fairer way to reward musicians for their creative efforts.
Blockchain Technology has been used to provide a transparent record of where fish was caught, as a means of ensuring it was legally landed.
Utah county in the US, for the first time ever, collected absentee votes on a Blockchain powered application for the US Presidential Elections 2020.
Blockchain Technology is vastly proliferating across the globe and in no time, that this technology will become mainstream just as everyone adopted the internet in the 90’s. Currently, there are hundreds of blockchain projects being developed by big enterprises to startups and there is no stopping for blockchain technology, its only way up from here.
Read more about how blockchain solutions are adding value to different businesses.