Top 8 Practical Use Cases and Applications for Leveraging Blockchain Technology Benefits
For a lot of people, blockchain technology is only a new type of tech that is used for creating and supporting cryptocurrencies. While this is true, it is far from being the only use for blockchain. In fact, in the last several years, researchers and developers have been uncovering more and more uses for this emerging technology, and they believe that they are still only scratching the surface.
For those who might not know, blockchain is a decentralized, digital, distributed ledger which is used for recording information. In most cases so far, blockchain has been used for logging transactions in a safe and secure way. However, as mentioned, it has a near-limitless number of additional uses. To demonstrate its usefulness, we have prepared a list of 8 practical uses for blockchain technology. These are everyday uses that we will likely come to rely on at some point in the future.
1) Quick And Easy Payments
This is the most common use of blockchain technology today, and the first blockchain use case that was discovered. Transferring funds among blockchain users are the very reason why blockchain was created in the first place. Because of that, it is not surprising that sending payments via this technology is quick, easy, and cheap. This is also something that cannot be said for services provided by regular banks, especially when it comes to international payments.
2) Digital Voting
For years now, digitalization has been entering our everyday operations, and most of them have become increasingly easier to perform as a result. With blockchain technology, this trend will likely progress even further, and bring additional security in the meanwhile. One use case that many will benefit from is the ability to vote online, while the process can remain transparent and safe. That way, voters will know that their vote counts and that they can actually make an impact on the future.
3) Supply Chain Tracking
One of the blockchain use cases that has received a lot of attention and hype is supply chain tracking. Thanks to blockchain's design, information regarding different products can easily be stored, and every update that ever gets made on the network will be recorded. Furthermore, this information cannot be changed without the approval of the nodes, which is why transparency and truth are guaranteed. Meanwhile, the chance of errors is significantly reduced, and so are delays and additional costs. Many companies have already recognized blockchain's potential in this sector, which is why this might be one of the most popular use cases so far.
4) Cloud Storage
Storing data has always been of huge importance online, as a lot of it can contain sensitive information which must be kept safe. Keeping data on blockchain is one of the safest ways to store information, and the new tech can completely revolutionize the way data is being held. All of the information ends up being encrypted and stored on different nodes that operate the network. Since the entire system is decentralized, no single entity apart from the data owner can access this information.
5) Safely Storing And Sharing Medical Data
While we are on the topic of sensitive information, the medical data is pretty much at the top of what can be considered sensitive. While the data is of extreme importance in the medical sector, it is also an imperative that it remains protected, as it can endanger users' privacy. With blockchain technology, this data can be safely stored and shared with whoever patients want. In fact, they can even choose which data they want to share. This is also useful when it comes to medical professionals sharing this data among themselves, and consulting on unusual cases. They can discuss diseases, examine symptoms, and even record their findings and research results without compromising the patient's identity.
6) Ensuring Food Quality
Blockchain can even affect our food, by tracking it from the place of origin, all the way to our plates. Before this use case, all that customers knew about the food is where to find it. Now, they can discover its quality, where it came from, as well as other useful information that will ensure that only the top quality groceries are being used.
7) Establishing Asset Ownership
As mentioned already, the data stored on the blockchain remains on the blockchain, which can be very useful when it comes to things such as determining rightful ownership of real-world (or digital) assets. This can be done through smart contracts which can serve as an alternative to physical documents which provide proof of ownership. This method can even be used for writing wills, which remain clear and legally binding, with no confusion regarding who is the real owner of certain assets.
8) Storing IDs
Finally, perhaps one of the most useful blockchain use cases so far is storing peoples IDs in a digital form. This opens up a lot of new possibilities and solves many ID-related problems, such as difficulties when it comes to verifying information or making payments. New businesses can be started without problems, and only a person holding their ID's private key will be able to access it or provide it to others.