Over the past decade, Blockchain technology has been rapidly progressing. Several things that seemed impossible have turned out to be false, like double spending, high transaction fees, retrieving lost data, net fraud, etc. Nowadays, all these can be avoided with Blockchain technology.
Blockchain technology has transformed the world completely. Satoshi Nakatomi invented it in 2009, and Bitcoin was the first one to use it. At present, numerous blockchain use cases have been implemented in the real world, and it has disrupted every industry right from manufacturing to Artificial Intelligence (AI).
Before going to its use cases, first let’s know “what Blockchain technology is?”
Blockchain Technology:
Blockchain technology is defined as a distributed and decentralized ledger that several parties access at once. It is used to store the information/data electronically in a digital format like a database. Blockchain technology is best known for its vital role in the cryptocurrency systems like Bitcoin to maintain a decentralized and secure record of transactions. It guarantees the security and fidelity of a record of data and can generate trust.
How Does a Blockchain Work?
One of the key differences between Blockchain and a typical database is the way the data is structured. Blockchain technology collects the information/data together in groups known as “Blocks” that hold sets of data/information. Usually, a database structures its information/data into tables, but in the case of Blockchain, it structures its data into blocks (chunks). Inherently, this data structure makes an irreversible data timeline when implemented in a decentralized nature.
The main objective of Blockchain technology is to allow digital information/data to be recorded and distributed. In such a way, a Blockchain is a foundation for the ledgers or transaction records that cannot be deleted, altered, or destroyed. That’s why Blockchains are called “Distributed Ledger Technology (DLT).”
Real World Use Cases:
If you want to know the use cases and applications of Blockchain technology, you’re in the right place. Let’s move into knowing them.
Here’s the list of the top 8 Blockchain Use Cases, along with their application categories.
1. Brave (Content Management)
2. Factom (Data Management)
3. GuardTime (Cybersecurity)
4. Gem (Platform)
5. SimplyVital Health (HealthCare)
6. Abra (Financial Services)
7. Maersk (Manufacturing and Industrial)
8. Samsung SDS
Let’s know the details about each use case.
1. Brave (Content Management):
Use Case: It protects the user’s privacy by sharing needed information, saving time and effort.
Solution: Brave is a modern browser that offers a quick, secure and private browser. It can be done with the help of Blockchain technology. Using an in-built ad-blocker blocks all the ads and also maintains the user’s privacy. Also, due to the trackers blocking and advertisements, the brave browser operates quickly compared to other browsers like Mozilla and Chrome.
Application Category: Content Management
2. Factom (Data Management):
Use Case: The need to protect government, critical commercial, and non-profit systems from data/information theft and instill honesty on all the systems and platforms.
Solution: Factom is about honesty, trust, and immutability. They can secure the world’s system with technology that helps in protecting the systems. By using Blockchain, systems can attain honesty, transparency, security, and integrity. The Factom software can also be pluggable into an existing system.
Application Category: Data Management
3. GuardTime (Cybersecurity):
Use Case: The need for a better verifiable security proof that protects users’ data much better than the traditional Blockchain solutions.
Solution: GuardTime is a cybersecurity blockchain project that ensures the utilization of Guartime’s KSI technology. It is specially designed for enterprise solutions; besides, the performance can be untouched as well. At present, they are collaborating with many companies that are benefiting from their KSI technology.
Application Category: Cybersecurity
4. Gem (Platform):
Use Case: The need for an operating system that can be used to identify the problem of the silo and connect various silos into one, saving effort, time, and cost for several business verticals like media, health, banks, and so on.
Solution: Gem is known to be an operating system that links data related to a person or an asset together by creating various global identifiers. This can eliminate the need for reconciliation and time consumption. It also offers better outcomes and transparency with reduced risks. It is all about finding global entities and then giving them the right platform to communicate and exchange by sharing the data.
Application Category: Platform
5. SimplyVital Health (HealthCare):
Use Case: The need for a systematic healthcare solution that can offer a platform for customers, providers, and healthcare specialists.
Solution: It’s a Blockchain solution that connects providers and patients under one roof. It’s a health data management solution and uses machine learning algorithms for the best possible solution. It works equally for hospitals, private providers, and health systems. “Health Nexus” is one of its major components. It is also known to be a HIPAA-compatible protocol accepted across the world.
Application Category: HealthCare
6. Abra (Financial Services):
Use Case: It can let anyone invest in Bitcoin (cryptocurrency) and make their store and secure all their assets with no worries.
Solution: Abra is known to be a cryptocurrency app that lets customers invest, store, and buy cryptocurrency. It also ensures that anyone can use it. It supports 25 cryptocurrencies at the time of writing, including popular cryptocurrencies like bitcoin, bitcoin, dash, etc. With this app, anyone can buy or trade cryptos. It provides mobility as well.
Application Category: Financial Services
7. Maersk (Manufacturing and Industrial):
Use Case: Cargo movement that can be tracked efficiently and effectively.
Solution: It’s an already established transport organization that handles cargo worldwide. They are slowly transiting to Blockchain technology to get the benefits of integrity, transparency, and security. In such a way that transport ports or companies can have better control over the goods and services.
Application Category: Manufacturing and industrial
8. Samsung SDS:
Use Case: The need to boost transparency in government services, including welfare, public safety, and transportation.
Solution: It partnered with the South Korean government to create more transparent government services to improve welfare, public safety, and transportation.
Application Category: Government
Conclusion:
We have covered almost all the possible Blockchain examples in all the application categories. Blockchain technology can change how we perceive and utilize our surroundings to build a better world. Which “project” is your favorite listed in this article? Feel free to comment below.
