Blockchain technology use cases categorized under specific industries/applications
· Smart contracts Blockchain-based contracts enforced in real-time. They
are created as an agreement between two or more parties without the involvement
of any intermediary.
· The contract exists across a distributed and decentralized Blockchain network.
Smart contracts are now a staple in healthcare, real estate, and even for
government agencies.
Use
cases:
BurstIQ (healthcare) :
· BurstIQ used Big Data-based smart contracts to facilitate the transfer of
sensitive medical data between patients and doctors.
· These contracts specify clear outlines and parameters for data sharing.
· They contain personalized health plans and other relevant details for
individual patients.
Propy (real estate) :
· Propy is a real estate platform that uses a Blockchain-based title
registry system.
· It automates all transactions for brokers, realtors, and their clients.
· Thanks to Blockchain tech, Propy makes title
issuance instant and allows the buying/selling of properties via
cryptocurrency.
· The Internet of Things (IoT) industry is growing rapidly with billions
of connected devices.
· The latest forecasts suggest
that by 2030, there’ll be 50 billion devices in use globally.
· As this number continues to grow, it will increase vulnerabilities as
hackers can easily breach your data through a single connected device.
· By integrating Blockchain technology in IoT devices, the possibility of
data breaches can be reduced to a great extent.
Use
cases:
HYPR (IoT/Cybersecurity):
· HYPR takes cybersecurity to the next level by combining smartphone
technology with the highly secure FIDO token.
· This is the secret behind its True Passwordless
Authentication feature.
· Through its decentralized credential solutions and biometric authentication,
HYPR makes IoT devices tamper-proof.
Xage (IoT/Cybersecurity):
· Xage boasts of being the world’s first Blockchain-based cybersecurity
platform exclusively for catering to IoT firms functioning in energy,
transportation, manufacturing, etc.
· Xage’s technology can handle and manage billions of devices simultaneously.
· It extends zero
trust identity, data security, and local/remote access for physical and
digital operations in the cloud, OT, and IT.
· Money transfer and payment processing are the most excellent Blockchain
technology use cases. Blockchain tech enables lightning-fast transactions in
real-time. This has already transformed the BFSI sector for good as it saves
both time and money (mostly eliminates transaction fees charged by
banks/financial institutions).
Use
cases:
Circle (FinTech):
· Circle uses USD Coin (USDC), the fastest-growing regulated Stablecoin, to help individuals run and establish their
internet business.
· The platform offers around seven cryptocurrencies (Bitcoin, Monero, Zcash, etc.).
· Every month, Circle handles over $2 billion in cryptocurrency investments and
exchanges.
Chainalysis (FinTech/Cybersecurity):
· Chainalysis offers Blockchain data and analysis reports to financial institutions,
exchanges, and government agencies in 40 countries across the globe.
· Essentially, it focuses on helping institutions monitor cryptocurrency
exchanges.
·
Chainalysis’s compliance and investigation tools enable you to monitor and identify
fraudulent transactions, money laundering, and compliance violations, thereby building a reliable
Blockchain-based economy.
· Personal identity theft
and hacking are hot crimes in the cybercrime domain. In 2019,
nearly 14.4 million people fell victim to identity fraud, which roughly
translates to about 1 in
15 people.
· From hacking and violating personal files to forging documents, identity
theft comes in many different forms.
· Blockchain can help reduce this menace by storing crucial personal
information (for example, social security numbers, birth certificates, address,
PAN, etc.) on a decentralized and immutable ledger.
Use
cases:
Civic (FinTech/Cybersecurity)
· Civic is a blockchain-based platform integrated with a digital wallet
that doubles as an identity card.
· It empowers people by giving them more control over their digital
identities.
· It seeks to accomplish this goal through Blockchain-powered identity verification,
privacy-focused health status, and peer-to-peer Bitcoin transfers.
· With Civic, you enjoy the flexibility to share your identity and
personal information only with the companies you trust.
Evernym (IT)
· Evernym allows you to manage and control your identity on the Web by leveraging
its Sovrin identity ecosystem.
· Sovrin stores your personal information, and for each transaction, it
functions as a communication agent between you and entities demanding your
private information and verifies the data in real-time.
· You can develop and deploy self-sovereign identity solutions by using Evernym’s tech stack and market resources.
· A data silo is a collection of data held by one group that is not easily
or fully accessible by other groups.
· Data siloing and lack of communication and
transparency are the most appropriate issues of the logistics industry.
· Such obstacles become even more pronounced since thousands of companies
operate in this domain, costing business time and money.
· This is where Blockchain’s data transparency comes in handy. Blockchain
tech can acknowledge data sources and automate processes, thereby building
greater trust and transparency within the logistics industry.
Use
cases:
DHL (Supply
Chain Management, Logistics)
· Everyone knows that DHL is a shipping giant DHL that has a
global presence.
· It leverages Blockchain-powered
logistics to track and record information related to shipments while
maintaining the integrity of transactions.
Maersk (Supply
Chain Management, Logistics)
· Another shipping giant, Maersk,
has collaborated with IBM to bring Blockchain into the global trade scenario.
· Through this partnership, Maersk aims to leverage Blockchain tech’s
potential to better understand and optimize supply chain management and
digitally track products across international borders in real-time.
· Digital media companies are burdened with many challenges
like data privacy, piracy of intellectual property,
royalty payments,
and copyright infringement,
among other issues.
·
By
incorporating Blockchain technology into the digital media infrastructure, companies can protect their intellectual property, maintain data
integrity, target the right customers, and ensure that artists receive their royalty payments in due
time.
Use
cases:
MadHive (Media & Advertising) : MadHive is a New York bases advertising agency that
delivers full-stack solutions to digital marketers.
· You can use MadHive to monitor, record, and
create reports on customertarget=”blank”
rel=”nofollow” activity and
stores all the information in a private Blockchain ledger.
· By offering real-time data monitoring and audience analytics reports, MadHive allows marketers to understand their target
audiences better.
Steem: Steem is a social media or a “Social Blockchain”
platform that encourages users to create original content by rewarding them
with cryptocurrency.
· When you use Steem, you become a stakeholder
of the platform with full control over your data.
· For each contribution you make, you earn cryptocurrency tokens. So far, Steem claims to have paid over US$ 59 billion to platform
creators.