Summary– Blockchain is most of the time heard due to its cryptocurrency-based use cases. However, there are plenty of evolving blockchain trends that IT businesses have brought into existence. In this blog, we are discussing the same for your reference.
Blockchain has turned out to be one of the most popular technologies of the 21st century. A Statista report shows that the global blockchain technology market has grown from 2017 and by 2027, it is projected to value at $163 billion globally. However, cryptocurrencies have turned into one of the most talked about topics of blockchain technology today. But right now, we are going beyond cryptocurrencies and planning to explore more blockchain use cases that are becoming normal across the globe.
Blockchain technology, according to its various uses, is divided into three main stages. To simply define them, Blockchain 1.0 enabled cryptocurrencies, currency transfers, and digital payment systems. Additionally, Blockchain 2.0 brought smart contracts, stocks, bonds, mortgages, etc into existence. The third stage AKA Blockchain 3.0 helped the technology spread across different sectors such as Government, Science, AI, and IoT among others.
In this blog, furthermore, we are listing down a few new use cases and benefits of the blockchain technology that are existing apart from cryptocurrencies. So, to have some cool blockchain insights and facts, stay with us until the end of this discussion.
Popular blockchain use cases & trends
While talking about new use cases and the benefits of blockchain technology, we can not simply avoid talking about Metaverse. The concept that originated in 1992, Metaverse has turned into a new hot topic among IT and non-IT enterprises across the globe. Among all crucial technologies involved in Metaverse, blockchain plays the most important role.
From providing a massive network of virtual data storage systems to enabling a faster data processing speed, blockchain technology is empowering Metaverse for multiple purposes. Blockchain is also letting Metaverse developers deploy advanced cybersecurity and payment protocols on its servers to make Metaverse a safer space for its users.
2. Banking & finance
Fintech companies and the majority of banks have adopted blockchain technology to leverage it into their day-to-day operations. The technology is being used to empower and enhance cybersecurity protocols, automate processes, detect fraudulent activities, and more.
Blockchain also offers some of the most important features to banks and fintech organizations such as smart contracts. To automate processes such as transaction approvals, insurance settlements, online payments, and more, smart contracts are used. Smart contracts remove the dependency of various business operations on third parties.
Removing third parties from processes have plenty of benefits like the reduced probability of data breaches, reduction in third-party expenses, elimination of the requirement of manual tracking and follow-ups, removing the time invested in manual approvals, etc.
Blockchain has joined the healthcare industry as well. The technology is helping healthcare organizations in providing secured and faster platforms to target users. Moreover, blockchain helps healthcare app developers in building secured sharing and storage systems for their apps or websites so the patient data can be protected. As one of the crucial features of blockchain is that it lets users track any possible alterations in the data, it is also easy to locate any source of the data breach or cyberattacks. Additionally, with the help of smart contracts, blockchain also helps in automating settlements of insurances, payments, etc.
The Decentralized Voting System is a concept enabled with the help of blockchain technology that plenty of governments across the world are researching about. The goal is to avoid incidents such as EVM hacking, poll booth capturing, Denial of Service (DoS) attacks, malware attacks, etc. Moreover, blockchain also allows users to reduce the requirement of physical documents that are involved in the entire voting process and enables online voting. The reason behind the increasing trust in blockchain for the voting process is its ability to record the voting data along with time stamps and user/voter data. So, the authenticity of every vote recorded can be verified and users can also vote from anywhere without having to visit the physical polling location. Governments will also have fewer responsibilities to handle such as the arrangement of security, managing long queues, etc.
Manufacturing of products could be one of the most delicate processes existing across various organizations. Especially if there are server-connected machines involved that use digital data to produce items. In such processes, there are plenty of possibilities that can make things go haywire and influence the production processes negatively. For example, any error in feeding the data to servers or any possible cyberattack. Thus, it is crucial to ensure the transparency of the process which can be done with the help of blockchain technology.
The data transparency feature of blockchain will let concerned authorities in finding the source of the error quickly and with the help of time and user stamp, possible data breaches or human errors can be detected as well. There are plenty of other reasons as well why advanced technology leaders are promoting the idea of adopting blockchain technology for manufacturing processes like blockchain’s ability to support advanced AIs and smooth automation by leveraging its data processing speed.
6. Supply chain
Blockchain in the supply chain enables many possibilities that help in verifying the ownership of commodities and tracking their authenticity. To record data such as price, location, ownership, alterations, sellers, buyers, shipment partners, etc securely, blockchain-as-a-service-provider (BaaS) is the most suitable technology currently available. Blockchain technology can be used to track processes involved in the supply chain starting from the manufacturing to the delivery stage as well.
Blockchain, as a technology, is one of the major foundations of a safer data storage and exchange environment. The existence of this technology has saved and will continue to save enterprises and individuals from threats of compromising the data up to an extent. Additionally, there are plenty of other growing applications of blockchain as well like Non-fungible tokens (NFTs), blockchain in IoT, encrypted texting, and more that also exist beyond its cryptocurrency-based features.
In the end, we hope that you found this blog on the new uses and benefits of blockchain beyond cryptocurrencies helpful to read. We keep publishing such informative blogs for you on MAKEANAPPLIKE. You can explore our blogs to stay in the loop with evolving IT trends like Metaverse, NFT, AI, IoT, etc.