What began as the foundation of cryptocurrencies like Bitcoin, blockchain software— a decentralized database capable of tracking and verifying a high volume of digital transactions with such ease — is now spreading across a number of industries.
Blockchain innovation has gone far beyond mere banking and cryptocurrency beginnings: according to IDC, companies spent about $2.9B on the technology in 2019, which is nearly 90 percent higher than 2018. From insurance to gaming and even for marijuana, businesses are starting to see applications for blockchain nowadays.
The success of Bitcoin helped to illustrate the application of blockchain in finance, but businessmen came to believe that blockchain could change many more industries. Ultimately, the use cases for a clear, verifiable transaction information register are virtually endless— especially because blockchain operates through a distributed network that does not require central control, rendering it fraud-resistant.
There are multiple uses and applications of blockchain. Since businesses are using blockchain to achieve greater transparency and authenticity across the digital information ecosystem, they are growing software knowledge in sectors from infrastructure to public policy. Here are the new creative ways in which businesses leverage global blockchain’s strength.
1. Banking & Finance
Banks and financial services are struggling with accordance, payment settlements are often slow, and attacks on cybersecurity are increasing.
Blockchain helps banks to work directly, reducing friction and minimizing the likelihood of double-spending and fraud. The essence of the decentralized and unchangeable database of blockchain also simplifies compliance disclosure for businesses and regulators.
2. International Trade
Trade finance and the sale of goods require common legislation, shipping standards and numerous other criteria for certification. The antiquated system heavily relies on paper records that are vulnerable to manipulation, leaving investors waiting for payment.
Enterprise Ethereum provides a solution that is stable, smooth and paperless. Only licensed parties may share information with enterprise blockchain, collect transaction data, or access records, thus improving the KYC system.
3. Supply Chain Management
Well, the global supply chains are unreliable, poorly tracked, and often exploitative. Paperwork can account for half the shipping costs of containers and often mislabeled goods.
Blockchain business networks build a distributed IT platform that streamlines workflows across the supply chain for stakeholders. Blockchains ‘ transparency and traceability offer goods and services visibility from source to point of use.
Oil and gas companies are suffering from siloed infrastructure and various transparency, quality and optimization problems. In addition, solar and wind production has proved to be plentiful, making it a challenge for storage and redistribution.
Enterprise Ethereum has the ability to reduce the oil and gas production industry costs significantly. A blockchain-enabled power grid, together with IoT apps, will automate billing and settlement, direct real-time transactions, and minimize utility costs.
5. Digital Identity
Account breaching. Data Hacking. Theft of digital identity is rife in our society and has a negative impact on hundreds of millions of people. A digital identity management system based on blockchain would also provide publicly registered and portable identification to document-less people.
6. Real Estate
Real estate is inaccessible to many individuals, offers poor liquidity for investors, and contains multiple intermediaries resulting in higher transaction costs.
Enterprise Ethereum enables smart contracts that can be used to remove middlemen, automate rental payments, or transfer title deeds. Furthermore, the Ethereum blockchain provides built-in tokenization which can be used to fractionalize properties. This unlocks capital and provides more people access to real estate assets.
National and local governments are often among the most dysfunctional institutions which make them prime candidates for applications for a private and public blockchain. They often rely heavily on obsolete systems while requiring high protection at the same time.
The encrypted ledger and smart contracts of Ethereum can diminish paper load, document processing time, and replication errors by government agencies.
The healthcare system is highly plagued by confusion, data silos, and lack of communication between patients, providers, hospitals, and doctors.
Data governance based on blockchain and approved sharing scenarios will lead to good, quicker and cost-effective medical findings. At the same time, improvements in the analysis of medical data can lead to more professional patient care.
9. Media and Entertainment
The entertainment industry is troubled by digital piracy and replication of digital products as fraud, knockoffs and intellectual property in the studio are often pirated.
Enterprise Ethereum will decrease intellectual property theft via piracy, protect digital content, and will allow authentic digital collectibles to be distributed.
There are many blockchain use cases for sports organizations, teams, and fans. Ethereum enabled smart contracts could make sponsorships agreements cheaper and more automated. Tokenization provides exciting opportunities for fractional team ownership, enhance loyalty programs, and new revenue streams.
Hence, If Blockchain could help such unique industries, we are pretty sure it can help any other and every other industry as well.