Blockchain’s permeation across industries has gathered momentum and it is getting reflected in forecasts made by Gartner recently. At present, the global blockchain technology market is on track to reach $3.1Trn by 2030. Predictions have also revealed that around 5% to 15% of the global economic infrastructure will adopt blockchain-based systems to stay ahead of the competition.
The applications of blockchain go beyond cryptocurrency and bitcoin. Its ability to offer transparency and fairness simultaneously by saving business time and money is impacting multiple sectors. From how contracts are enforced to making the government work efficiently, we have summed up some real-world blockchain use cases in the next section, check them out.
Industry Wise Use Cases of Blockchain
- Fintech: In the US and Europe around 90% of banks have adopted blockchain in one way or the other. Blockchain’s features like security, decentralization, clarity in transaction, and others are driving this uptake so much that the global FinTech blockchain market may reach $36.04bn by 2028. Top use cases of blockchain in the industry could help in better understanding of the sector’s growth.
- RTP Frameworks: With the US financial institutions putting more emphasis on real-time payments, adoption of blockchain is likely to increase.
- KYC: Blockchain’s transparency allows identity verification without disclosing the real identity, which in turn could improve the KYC procedure.
- Trading: Blockchain handles and improves the trading ecosystem with a generalized ledger where the flow of information is quick, as it gets refreshed in real-time.
- Digital identity: Blockchain allows you to create your digital identity persona instead of depending on the one created by banks. Users can transfer funds through digital avatars, share data, and perform other bank related activities.
- Healthcare: Treatment within the golden hour is a concept that gets valued across the world in the emergency care sector, which calls for a speeding up of various processes like early detection of disease, getting a hand on medical records, and others. Investors have started believing that blockchain could be an effective solution and it may help the global blockchain in healthcare market cross $1.18bn by 2028.
- Patient-centric electronic health records: In a blockchain-based system, medical records can be linked to an existing electronic medical record software with access to only the person with patient consent.
- Medical staff credential verification: Blockchain-based platform can provide faster access to credentials of medical and healthcare professionals and accelerate the hiring process with greater transparency.
- IoT security for remote monitoring: Blockchain, with its cryptography, could secure healthcare IoTs and prevent data leaks.
- Supply chain transparency: Leveraging blockchain based system to keep track of the items from the manufacturing point and at every single stage through the supply chain gives complete visibility and transparency of the goods to the customers.
- Real Estate: Traditional form of real estate transactions are soon to become passe. Real estate can be tokenized now with blockchain smart contracts. Commercial enterprises and professionals have started recognizing how blockchain technology could impact retail and commercial property sales, streamline payments, and increase access to funds and investment opportunities.
- Property management: Blockchain enables secure data sharing, streamlines rental collections and payments to property owners, and offers premium due diligence across the portfolio thus increasing operational efficiency.
- Platform marketplaces: Blockchain platforms and marketplaces allow a more comprehensive real estate transaction where concerned parties can trade tokenized properties.
- Protection against fraud: Blockchain can ensure the removal of third parties who are likely to engage in fraudulent activities, dupe genuine buyers, and fast-track buying and selling properties.
- Cost affordability: By adopting blockchain, real estate enterprises could simplify the process of listing and selling, and curb costs.
- Supply Chain: The macroeconomy and global markets have supply chain as their foundation stone but to make it seamless, companies spend fortunes in finding inefficient areas. Blockchain could improve the scenario with its transparent systems and consequently, the global blockchain in supply chain market could reach $14.88bn by 2028.
- Supply chain finance: Blockchain could help with raising invoices by increasing system efficiency, transparency, and security, and ensuring quick payments.
- Supply chain planning: By removing intermediaries, easing verification of transactions and records, and helping in autonomous coordination, blockchain could boost supply chain efficiency.
- Food safety: Blockchain could simplify tracking and isolating food contamination and increase food safety.
- Finance management: Incorporating blockchain technology facilitates financial management. Users can access the financial records but cannot delete or alter the records.
- EdTech: The EdTech industry got a massive boost from investors during the COVID-19 pandemic. Since then, the sector is getting challenged constantly by crises like latency, fraud, leak of personal data, and others. Blockchain has the potential to resolve these issues, which is why businesses have started incorporating it into the mainframe.
- Student records: Blockchain is a perfect solution for storing, tracking, and using students’ credentials, which students and learners can use to share with employers.
- E-Transcripts: With blockchain’s distributed ledger technology, could streamline the transcript procedure and minimize fraudulent claims.
- Automated learning platforms: Smart contracts & IPFS could help with storing course-related content and its access, and simplify the process of automating courses.
- Combating fraud in resumes & diplomas: Blockchain can be utilized as a forgery-proof record for the credentials listing of students with reliable background info. Educational institutes can save time on verifying credential and simultaneously minimize fraud too.
- Agriculture: Introduction of IoT and AI in the agriculture sector could benefit from blockchain’s security, speed, transparency, and trust. In addition, with the traceability of the food chain supply, this technology could help in improving food safety. The global blockchain in the agriculture and food supply chain market may touch $0.94bn by 2025.
- Product activity control: Blockchain’s ability to track storage & transportation can be leveraged to sort out fruit and vegetable wastage.
- Fair pricing: Farmers can use integrated platforms with no intermediaries and more transparency to create an international trade union and increase their profit margin.
- Small farm insurance: Blockchain can localize the insurance industry for farmers to establish a centralized insurance market for crowdfunding and counter unfavorable conditions.
- Transparency: Blockchain in agriculture can assist in increasing transparency around the subsidies. Government authorities can leverage public blockchain to transact the subsidies to rightful farms and people can check where the money is going.
With blockchain impacting multiple industries and transforming them rapidly, these are some of the top blockchain use cases across various industries that have been explained extensively here. Before implementing blockchain in your industry, you should check out our blog on blockchain implementation This blog will surely help you to have better clarity and make the right decision.