Among various technologies, blockchain has been touted as the game-changer in the technological phase. With surplus industries, blockchain has been striving its benefits with its predicted potential.
Many technologists have identified the use of cases of blockchain in different sectors. For instance, blockchain has been widely used in the supply chain, logistics, finance, and other sectors. In the not so far future, blockchain will create an impact in numerous ways as expected. Hence, blockchain will become a potential savior of industries.
Potential of blockchain/ Use cases of blockchain
Compared to other technologies, blockchain technology will bring in new innovations in multiple sectors including the energy industry. After implementing in the technological sector, investors are readily seeing scalable and commercial blockchain solutions at a greater rate.
As everyone has a copy for blockchain, the use cases have been increasing daily. Even the blockchain itself cannot be able to control its single entity. Here are the few blockchain use cases that have been illustrated in detail.
In the trading, say in the cryptocurrency field, sending money internationally will be expensive and time-consuming too. It is mainly because of the interruption of the middleman. Many individuals in the developing world do not have access to banking services.
Blockchain enters as a solution for the above cases. It remains as a foundation of the cryptocurrency field. Cryptocurrency rolls down as a digital currency which brings buying and selling goods an easier one. With the peer-to-peer transactions, blockchain facilitates the transaction process without any delay. This also eliminates the work of the middleman.
With the help of blockchain, the cryptocurrency wallets have enabled the opportunity to send and receive money without any hurdles. Moreover, the respective individual owns full control of the dual transactions. Even unbanked individuals will get an opportunity to receive income and get access to the decentralized networks. It thereby allows one to lend and raise capital activities. The only barrier to attain a cryptocurrency wallet is to have an internet connection. As simple as that.
Supply chain Management
In supply chain management, the product moves along with the supply chain. Here, the problem is always isolated and are investigated when incidents ought to occur. Hence, there will be a lack of transparency. In this sector, there is an occurrence of product authenticity issues. It may cause consumers to receive counterfeit goods.
With the help of blockchain, supply chain management will enable asset digitization. So, the product’s supply chain will be transplanted toward the blockchain. Using the blockchain method, the products can be tagged and assigned as per the unique identities.
Using blockchain at supply chain management might bring many advantages including accurate product track under different stages. Even the location can also be tracked. Increased transparency is an added advantage. Stakeholders are effectively using blockchain technology to isolate and tackle multiple potential problems.
With today’s technological advances, no cyber defense is 100 percent secure. It is a needed factor to deem for safety these days. Here, the blockchain combines with cybersecurity to keep data safe and secure.
Due to the enhanced tamper-proof practices of blockchain, it has been gaining traction. Critics always question the scalability, security, and sustainability of the technologies. Many organizations have started adopting blockchain for their security purposes. Blockchain prevents organizations from external attacks.
Blockchain the cloud storage takes down the data of the user and splits it down into small chunks. After splitting up the data, it will add up a layer of security and distribute it all over the network. Using blockchain features like hashing function, private and public-key encryption, and transaction ledgers help in the cloud storage application greatly.
If the intruders have hacked it, then they might have encrypted data and hence hacking seems difficult. Hence, blockchain-based cloud storage might secure the documents without any breach occurrence.
In the blockchain technology, digital ledger technology has been involving complex technology. With the help of digital ledger technology, blockchain technology helps in accessing the capabilities of native advertising. Using multiple blockchain apps, digital advertisement has become easier than before. In the shared digital ledger, the blockchain apps will conduct decentralized transactions necessary for the digital advertisement.
IoT & Networking
In IoT, the blockchain has been used to track billions of connected devices. Without having a peer look about the traditional client/server route, the coordination and the processing flow will continue without any hurdle. By doing so, the businessmen can greatly reduce the installation and maintenance cost of the servers under IoT networking.
In the nutshell, there are a plethora of use cases in blockchain technology. The above-mentioned use cases are highly prevalent in the enterprise world. In the future, the scope and the use cases of blockchain will abound to increase.