When you hear the term “blockchain” other terms such as “cryptocurrency” and “Bitcoin” may invariably come to your mind as well. Indeed, blockchain has features that make cryptocurrencies very popular. However, the application of blockchain technology extends well beyond cryptocurrencies. Rather, the technology is increasingly being adopted in multiple industries. Below, we’ll dive into real-world blockchain applications across sectors including healthcare, government, supply chain, and more.
What Is Blockchain?
Blockchain refers to a distributed digital ledger composed of records known as “blocks”. These blocks store data in chronological order in a secure and public manner and without central control by an authority. It is public because people within the network can access the blocks. However, data already recorded on a blockchain cannot be altered. Because it operates on a decentralized network, blockchain ensures transparency, immutability, and fairness—which explains its growing popularity beyond cryptocurrency.
Real-World Applications and Use Cases of Blockchain Technology
Blockchain Blockchain’s hallmarks—trust, security, and efficiency—are transforming various industries. Let’s explore some key use cases and real-world examples:
Blockchain-Based Smart Contracts
- Smart contracts are self-executing agreements where terms are coded on the blockchain. They eliminate intermediaries, reduce costs, and speed up transactions. Today, many sectors use blockchain to make their contracts smarter. Examples of such sectors include the government, healthcare, and real estate industry.
- Chainlink Labs: This platform offers Web3 services and allows users to connect smart contracts to API services, data providers, and other external sources. In this way, clients are able to verify real-world outcomes of events.
- DFINITY: has an open-source blockchain network called Internet Computer. With it, you can build on-chain applications and Web3 services. In addition, the smart contracts are scalable, you can integrate the Bitcoin network, and it supports decentralized social media apps.
- Google: Web3 businesses can use Google solutions such as Blockchain Node Engine to streamline their smart contracts. The Engine can also reduce blockchain DevOps needs and allow you to fully manage blockchain nodes and deploy smart contracts.
- BurstIQ: This is a blockchain platform that doctors can use to gain insights on and securely manage sensitive health data. As a user, you entirely own the data in each smart contract, and you can decide how your data is used.
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Blockchain in Government
State governments in some countries implement blockchain technology to help secure government documents. The New York Times reports that through smart contracts and public record-keeping, blockchain can help improve efficiency and increase the accountability and transparency of public officials.
- Kaleido: This platform provides blockchain-based solutions for multiple industries. Governments can use it to run and deploy ledgers, streamline operations, reduce risks, and perform audits in public health, education, customs and other sectors. Moreover, organizations such as the Centers for Disease Control and the United Nations make use of Kaleido’s solutions.
Blockchain Technology in Voting
Centralized Electronic Voting Machines (EVMs) may be vulnerable to hacks and vote counts may be manipulated. However, a decentralized, blockchain-enabled system can help remove this vulnerability and thus ensure fair election processes. Examples of blockchain platforms that help to protect the integrity and security of voting processes include MiVote, Follow My Vote, and Voatz.
Blockchain in Cyber Security
Cases of fraud, data theft, and hacking of transfer funds often occur in centralised cloud networks. This is because transaction records are stored in the cloud and can, therefore, be compromised.
To buttress this, the AARP, reported that the amount of losses that Americans sustained from investment fraud and scams was up to $8.8 billion in 2022. However, transactions that are recorded onto blockchains are protected by cryptography and are immutable.
Furthermore, the connections are peer-to-peer which makes the data less prone to tampering.
- Mastercard: Mastercard uses blockchain technology to send and receive money and enable currency exchanges.
- Xage: IoT companies use this blockchain-enabled cybersecurity platform to help manage multiple devices using multi-factor authentication. During breaches, the platform can also provide self-healing services. IoT companies therefore use Xage to offer services in the transportation and manufacturing industries.
- Helium: Helium is a blockchain-based contiguous wireless network that connects and shares information between IoT devices. The network is deployed in smart cities, smart agriculture, and smart logistics projects to help track and monitor asset data in real-time.
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Blockchain in Healthcare
Blockchain solutions have shown the tendency to lower healthcare costs, streamline processes, and improve access to information.
- Novo Nordisk: This pharmaceutical and biotechnology company applies blockchain technology in clinical trial processes to aid data collection and security. The company specializes in developing treatment solutions for chronic diseases like diabetes and obesity.
- Avaneer Health: True to its mission, Avaneer Health leverages blockchain technology in its bid to provide healthcare solutions that promote transparency and interoperability. For instance, their blockchain-based decentralized network aids secure collaboration and real-time data sharing between participants in healthcare administration.
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Blockchain in Financial Services
Real-world applications of blockchain abound in many areas in the financial services sector. It has helped financial services firms to lower costs, increase efficiency and improve settlement systems.
Financial companies also use blockchain to transfer money efficiently. Ledger systems are made in real time and third-party fees are reduced thereby saving lots of time and money.
- Block: Small businesses and their clients make use of the financial and digital payment services of Block. This includes the processing of credit card payments. With Bitkey, a modern finance app with security and accessibility, customers can work with platforms such as Cash App and Coinbase.
- Cash App: Cash App itself is a fintech platform that provides peer-to-peer payment service. It also leverages blockchain technology to enable you to buy and sell bitcoin using the Lightning Network.
- Chainalysis: Financial institutions can use Chainalysis to help them track blockchain transactions and the exchange of cryptocurrencies. The platform has tools that can help detect fraudulent trading, NFT security risks, and compliance violations.
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Blockchain in Supply Chain Management and Logistics
The advantages of blockchain technology in supply chain management goes beyond aiding permanent record-keeping. It also helps in the validation of transactions between supply chain partners. Transparency of transactions is improved as it is easier to verify the authenticity or status of product delivery.
In other words, you can use blockchain technology to track various transactions with improved security and transparency.
- Oracle: This software aids supply chain management as an Intelligent Track and Trace application that is blockchain-based. Users can more easily detect issues and track shipped equipment as the software provides multi-tier visibility across systems.
- Chain: The company has blockchain-based solutions that aid supply chain and logistics management. Supply chain firms can also use these solutions to scale their businesses. These solutions and integrations include freight operations, milestone automation, and shipping automation.
- DHL: The shipping giant leverages blockchain-backed logistics solutions to improve the security of transactions and maintain digital ledgers.
Blockchain in NFTs
Through non-fungible tokens (NFTs), you can claim full rights to digital items such as music, videos, and art. This is because the digital items are sold on a blockchain. Companies that leverage the NFT wave include Dapper Labs, and OpenSea.
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Blockchain Technology and its Expansive Future
Blockchain technology has evolved far beyond its earlier association with cryptocurrency. Many industries are not only exploring its potential but are actively applying the technology in their processes. Smart contracts are enhancing efficiency in government and healthcare and blockchain solutions are improving the security of voting systems and improving supply chain management. You can as well explore and implement blockchain solutions for your business as it keeps shaping the future of business operations, security, and transparency.
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