What is Blockchain Used For?
Blockchain technology is revolutionizing various industries, and we wanted to know the favorite use cases from industry experts. From DeFi’s transformation of financial services to an improvement in global supply chain transparency, we’ve gathered 10 insightful perspectives from CEOs, founders, and other professionals on how Blockchain is being used today.
- Transforming Financial Services with DeFi
- Storing Secure Info for the Healthcare Industry
- Providing Smart Contracts in Pharma
- Promoting Financial Autonomy to Personal Funds
- Shifting Gaming to a Potential Investment Strategy
- Revolutionizing Money Transfers
- Enhancing Overall Cybersecurity
- Leveraging Cloud Computing for Secure Platforms
- Revolutionizing Digital Identity Management
- Improving Global Supply Chain Transparency
Transforming Financial Services with DeFi
DeFi, in my opinion, has emerged as one of the most intriguing and transformational blockchain applications.
DeFi, which uses smart contracts and decentralized networks, provides a variety of financial services such as lending, borrowing, and trading without the use of intermediaries like banks. This decentralized approach improves financial inclusion, accessibility, and transparency.
DeFi systems allow anyone with an internet connection to participate in the global financial system, removing traditional boundaries and giving individuals authority over their assets and financial decisions.
Storing Secure Info for the Healthcare Industry
Blockchain technology is currently being used for many different applications. My personal favorite use of blockchain is in the healthcare industry.
Healthcare organizations can securely store vast quantities of patient data and records on the blockchain, ensuring privacy and security due to its immutable storage functionality. This would enable better interoperability between healthcare providers, making it easier to track data as patients move from one organization to another while also providing end-to-end transparency in the flow of information.
Providing Smart Contracts in Pharma
A lot of people think of blockchain only in terms of cryptocurrency. But, working at MediLedger, I’ve seen the immense power of smart contracts being executed over the chain. These smart contracts can eliminate the need for expensive law firms and actually execute business rules within the blockchain itself automatically. With if/then logic built-in, smart contracts are transparent, tamper-proof, and automated.
We utilize the power of smart contracts in the pharmaceutical supply chain to manage contracts and chargebacks. In the pharma world, these contracts and chargebacks can get quite complex, involving multiple parties and conditions. Traditional methods of handling these can be time-consuming, error-prone, and lack transparency.
The blockchain in our network allows for automatic contract adjudication, saving tremendous time and money.
Promoting Financial Autonomy to Personal Funds
Blockchain brings freedom to using your own funds. You will never be the same after realizing that you can send 10 million dollars without asking for any permissions, delays, or limitations.
On top of that, the transaction fee can be as low as 1-2 dollars depending on the network. Furthermore, nobody can block your funds for no reason. This fundamentally changed my perspective on the power of financial autonomy. This is the potential of blockchain, and why its utilization excites me every single day.
Shifting Gaming to a Potential Investment Strategy
The intersection of blockchain technology and gaming has ushered in a new dimension to e-commerce. Web3 gaming has created a burgeoning marketplace for trading digital assets. These assets range from virtual land parcels to unique game characters, each having intrinsic value tied to the gaming ecosystem they belong to.
The interesting shift here is the transformation of gaming from a leisure activity into a potential investment strategy. When gamers make progress, their blockchain-based assets grow in value. They can then sell or trade these assets, turning a virtual victory into a real-world financial gain.
This novel blend of gaming, commerce, and ownership is breathing new life into the e-commerce sector.
With each trade of a Web3 gaming asset, we’re witnessing the birth of a dynamic e-commerce subsector. A subsector where every digital asset acquired, every level up, and every game won could mean a potential increase in a player’s digital portfolio.
Revolutionizing Money Transfers
One of the most remarkable applications of blockchain technology is its ability to facilitate money transfers, which happens to be my personal favorite. The advent of cryptocurrency transfer apps, pioneered by Bitcoin, has led to an unprecedented surge in their popularity during the 2020s. The finance sector, in particular, has embraced blockchain due to its potential to save both time and money for financial institutions of all scales.
The utilization of blockchain for money transfers offers several advantages over traditional money transfer services. It presents a cost-effective and expeditious alternative, particularly for cross-border transactions that are often burdened with sluggishness and high fees. Even within the contemporary U.S. financial system, transferring money between accounts can take days, whereas a blockchain transaction is completed within minutes.
Enhancing Overall Cybersecurity
My favorite use of blockchain has to be its transformative role in cybersecurity, particularly through a platform known as HYPR. It was an absolute lifesaver for one of our clients dealing with recurrent cybersecurity threats in their IoT devices.
HYPR leveraged the blockchain’s decentralized security framework to validate users’ identities, thereby effectively neutralizing potential security breaches. Seeing their relief from persistent cybersecurity woes was a gratifying testament to blockchain’s immense potential. The real-world application of this technology left a deep impression on me, and I’ve been a vocal advocate ever since.
Leveraging Cloud Computing for Secure Platforms
Blockchain technology is increasingly being adopted in cloud computing due to its secure and tamper-proof nature. This means that data stored in a distributed ledger is secure from hacking and manipulation attempts, making it ideal for financial services, supply chain management, and other mission-critical applications.
Companies such as IBM, Amazon Web Services, and Microsoft are leveraging the power of blockchain to create secure cloud platforms for their customers. Amazon, in particular, has taken a major step forward by offering Amazon Managed Blockchain, which makes it easier for businesses to manage their blockchain networks.
With the continued development of blockchain technology, its use in cloud computing is likely to increase in the coming years.
Revolutionizing Digital Identity Management
My favorite use of blockchain technology is its application for digital identity management. We now have the ability to create, store, protect, and share identities on a distributed ledger without having to rely on traditional proof-of-identity methods like government-issued ID cards or passports.
This could be extremely valuable for immigrants who may not have access to certain forms of identity documents, as well as those living in areas that don’t have access to or resources necessary for obtaining them.
Improving Global Supply Chain Transparency
COVID-19 exposed the world to how fragile our supply chains truly are and how important it is to improve efficiency for businesses across the globe. With the growing consumer interest in where and how our food and products are sourced, I believe that blockchain technology is the key to the transparency that we have been looking for.
For businesses and consumers alike, blockchain will ensure that goods are not counterfeited and tampered with, which could be a game changer for luxury brands that experience an ever-growing counterfeit market. This would also be a catalyst for transparency in industries such as the fishing industry, where unethical fishing is a problem.
Currently, Walmart China is using a blockchain known as VeChain to track the transport of their food products from the farm to the table. This helps Walmart ensure the authenticity and transparency of its food. I am eager to see how blockchain will continue to improve the global supply chain in years to come!