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Blockchain Beyond Cryptocurrency Real-World Applications

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9 views

Blockchain Beyond Cryptocurrency Real-World Applications

Uploaded by

aronyo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Blockchain Beyond Cryptocurrency:

Real-World Applications
I. Introduction
II. Adoption of Blockchain: A Timeline of Innovations
III. Breaking Boundaries: Blockchain’s Use Across Industries
IV. Blockchain and Corporate Giants: A Win-Win Bet
V. Bridging Gaps with Blockchain: What Lies Ahead?

I. Introduction
Does hearing of Blockchain remind you of only Bitcoins? Brace yourself, because you will
soon find out how this technology has been revolutionizing diverse sectors and industries –
from music to banking, from healthcare to democracy, and whatnot!
Although Blockchain came into limelight due to its association with cryptocurrency, its secure
architecture has made it a worldwide game-changer. Today, its applications are so far-
reaching that Bitcoin only comprises a tiny portion of it. Think of the two complex challenges
every business and industry faces – lack of security and transparency. Lucky them, because
Blockchain can be utilised to create the perfect solution to both!

II. Adoption of Blockchain: A Timeline of Innovations

2015  Case assessments conducted to evaluate its capabilities, mostly


Exploration for internal reconciliation
2016-17  Deeper understanding of the technology led to its adoption in
Initial Adoption banking and auditing
2018-2024  New products, services and business models created in
Expansion accordance with Blockchain
2025  Blockchain is expected to become elemental to the capital market
Maturity eco-system

III. Breaking Boundaries: Blockchain’s Use Across Industries


The advantageous features of Blockchain is now playing a crucial role in the growth of
industries – ranging from small entrepreneurships to corporate giants. The top sectors with
successful implementation of Blockchain are-

1. Finance and Banking


Starting from the transactions of digital currencies, Blockchain has secured its place in
traditional banking as well.
 Data Security
Blockchain can store information on a distributed ledger with timestamps, and group
transactions by linking them in a chain. This feature can combat fraud and criminal activities
by making it much difficult for hackers to breach the system.
 Know Your Customer (KYC)
KYC is one of the costliest projects conducted by banks, often ranging from $60 million to a
mighty $500 million per year. The decentralized identity solution provided by Blockchain can
significantly lower the time and cost of these projects, while also keeping money laundering
cases at check.
 Decentralized Finance (DeFi)
Another benefit brought by the Blockchain technology is the real-time cross-border
payments. DeFi platforms like Aave and Compound allow users to borrow, lend and collect
interest without the meddling of any third parties.

2. Supply Chain Management


Have you ever ordered from an online shop and received defected products? What if the
shop doesn’t provide refunds?
As Blockchain ensures traceability throughout the entire supply chain, it can easily prevent
such issues from occurring, tracking every transaction in a secure way. The permanent
record shared by multiple supply chain partners can be used to verify the status of the
product at each phase of the chain.

3. Healthcare
The secure storage of sensitive medical data through Blockchain technology has
substantially improved the healthcare sectors.
 Electronic Health Records
The implementation of Blockchain technology in EHR systems allow patients to control the
access to their medical data. They can seamlessly share their reports with authorized
personalities, while ensuring their own privacy.
 Clinical Tests and Trials
Transparent and tamper-proof records lead to accurate research outcomes, and also
improve public trust in it.
 Quality Assurance of Drugs

By allowing the traceability of drugs across the supply chain, Blockchain helps in identifying
counterfeit drugs and ensuring quality control.

4. Real Estate

In the real estate sector, Blockchain systems can reduce cost, speed up processes, and
tackle fraudulent deals by ensuring transparency.
 Smart Contracts

Automated contracts and agreements minimize the clients’ dependency on intermediaries,


making the whole process much more time-saving and cost-effective.

 Title Transfer

Permanent property records prevent dispute over ownerships. The title transferring is also
simplified by the use of Blockchain.

 Fractional Ownership

Blockchain platforms like RealT allow more people to invest in real estate. Since Blockchain
operates on decentralized networks, anyone with an internet connection can purchase
shares, owning affordable fragments of otherwise high-value assets.

5. Intellectual Property

Musicians, content creators and artists can utilise Blockchain platforms to safeguard and
monetize their works.

 Intellectual Property Ownership

Platforms like Royal and Audius implement Blockchain technology to guard the digital rights
of contents, helping the owners receive fair compensation for their works. Blockchain can
also verify the authenticity of digital creations to combat piracy.

 Non-fungible Tokens

Artists can directly sell their creations to consumers by tokenizing them. This method allows
artists to reach audiences regardless of distance, while still protecting their ownership of the
creation.

6. Other Industries and Organizations

 Food safety: IBM Food Trust has already started using Blockchain to trace food at
every phase of the supply chain – from farm to table.

 Democracy: Voting applications like MiVote allows users to cast their vote without
revealing their identity. Voters can track their votes, and the authorities can be
absolutely sure that each ID can cast only one vote, ensuring fair elections.
Blockchain can also be implemented to fight corruption. For example, Canada is
testing the system to create transparency between citizens and government
expenditures.

 Humanitarian Aid: Blockchain platforms, BitGive for example, allow donors to track
their donations. Automated distributing systems ensure efficient and fair distribution
of aids.
 Gaming: Blockchain technology allows gamers to trade and monetize virtual items,
similar to Cryptocurrency.

IV. Blockchain and Corporate Giants: A Win-Win Bet


The successful use of Blockchain in decentralizing data has motivated various regional and
global businesses to invest in it. Many of the big brands that we know and consume on a
regular basis are modifying their business models to integrate Blockchain into it.
The first name that comes to mind? Google. They took an early lead by becoming the
biggest investor to the ventures that are researching on Blockchain technology. So how
could Apple stay behind? In December 2024, Apple also filed a patent, stating that the
company will be adopting Blockchain method to create and verify timestamps.
Let’s move beyond tech giants. Coca-Cola, for example, has been using Blockchain for
rather humanitarian causes. Their purpose is to create a secure registry for global workers,
which would gradually diminish forced labor worldwide.
Fast forwarding, Porsche has already integrated Blockchain systems to its cars, facilitating
autonomous driving and better data security. Walmart, IBM, Nestlé or even
Louis Vuitton – just name the company; utilizing Blockchain has been bringing benefits to all!

V. Bridging Gaps with Blockchain: What Lies Ahead?


While Blockchain continues to transform industries, challenges like accessibility, scalability,
and lack of regulations are prevalent to this day. Nevertheless, ongoing exploration and
increasing adoption of this technology suggests a promising future.
As many global individuals, organizations and industries acknowledge its potentials, its real-
world applications will also keep expanding. Mastering this technology or integrating it to
your business venture is highly likely to bring you positive outcomes in the long run!

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