Blockchain technology came into the limelight because of its association with Bitcoin. Many people have used these two terms synonymously for a long time. But as the understanding of the technology has grown, the difference between cryptocurrency exchanges and blockchain technology has become clearer, with Blockchain applications extending beyond cryptocurrency. Let’s read Blockchain Beyond Cryptocurrency: Real-world Use Cases.
Best Blockchain Beyond Cryptocurrency use recognized in a range of various industries:
- Government
- Banking
- Cybersecurity
- Healthcare
- Pharmaceuticals
- Advertisement
- Affiliate marketing
Government
In the Government and political setting, the blockchain is a hot topic. There are many blockchain government use cases that improve service quality, safeguard individual property rights, and provide transparency in the system. Governments across the world, including China, Canada, the USA, and the UAE, are using blockchain technology to better their country’s lifestyle, and the adoption trend is largely confined to Ethereum.
Banking
There are several use cases of Blockchain in the banking sector beyond the exchange of digital currencies. It is mainly used for fraud reduction and know-your-customer (KYC) projects. It is used to bring all the information onto a distributed ledger with timestamps and batches of selected transactions, securely linked to another block. This use case of blockchain beyond Cryptocurrency in the banking sector will make it nearly impossible for hackers to breach the system network without the timestamp of the breach being notified or recorded.
Cybersecurity
You can store your data on a distributed, decentralized system using Blockchain as a service model and reduce the instances of security threats and hacks. Usually centralized servers are used to store data in computer networks and cloud-based business operations. So, if you save all your important business data on a centralized system, you become more vulnerable to data loss, corruption, hacking, and human error. Blockchain technology can help avoid these risks.
Healthcare
There are multiple blockchain use cases in Healthcare. You will be amazed to know how disruptive an industry can become when combined with the introduction of a revolutionary technology like blockchain into healthcare. It also became one of the top and most dominant healthcare trends in 2020. The technology comes with a secure and inflexible architecture for storing EHR data, safeguarding it from security breaches. Also, many blockchain app developers are using the technology to create new medications or more personalized treatment regimens.
Pharmaceuticals
According to the World Health Organization (WHO), 1 out of 10 medical products distributed in low-income countries are counterfeit or substandard. Therefore, an app called Verifier has been developed to lower the risks of pharmaceutical fraud. This smartphone app uses the phone camera to carry out a spectral analysis of the medicine and uploads the results to a blockchain for verifying the drug’s medical footprint. This is just one of many blockchain use cases to decentralize the pharmaceutical industry.
Advertisement
The main aim of an advertiser is to deliver relevant ads on time. The blockchain use case in advertising is all about targeting the right people at the right time. This Technology can be used to track different service providers and link them together. This saves advertisers from losing money when someone creates fake web traffic or uses bots to visit the page. Blockchain can efficiently track the origin of the visitors and test if they are authentic and organic.
Affiliate Marketing
You all know what affiliate marketing means, a business pays a decent amount to people who promote their service or product through various social media platforms, like Instagram or Facebook. So, the concept is entirely based on trust that influencers won’t remove the post after getting paid. Smart contracts in blockchain operations ensure that money is only transferred when someone has completed the assigned task.
Conclusion:
These are the top real-world use cases of Blockchain beyond cryptocurrency. Also, many of the biggest brands in the world have started to explore this technology with the help of top blockchain app development companies to grow their business alongside the future uses of blockchain.
