The top 5 use cases of blockchain technology beyond cryptocurrency – hackernoon.com | Jewelry Dukan

Blockchain technology has been instrumental in changing the way we view finance. Let’s see what else you can achieve with it.

As we know, blockchain is a digital public ledger that stores data securely, making it almost impossible to hack or alter it without permission. Since its inception in 1992-93, it has evolved dramatically and made a name for itself in promoting cryptocurrency. Even those critical of this change cannot deny blockchain’s potential for other use cases. In this article, we will discuss how this revolutionary technology is transforming business processes beyond cryptocurrency.

Top 5 blockchain use cases beyond cryptocurrency

1. Blockchain in supply chain management

With overall market uncertainty, complex consumer demand patterns and unreliable data, managing supply chains is not easy. These systems must also be robust in order to better understand disruptions. Switching from the traditional methods of storing data in spreadsheets and iterating through endless email threads to integrating blockchain technology can make all the difference here.

Blockchain can help monitor every stage of supply chain processes, from raw material inventory to final product delivery. For example, Walmart has successfully used blockchain to track products in supply chains from origin to final delivery in the grocery industry.

2. Blockchain in the land register

Creating land register deeds is a complex task that can take many years. It involves a variety of steps that require proper data storage at each stage. Losing data at any stage can complicate the process and further complicate matters. Also discrepancies in this data can have serious consequences and ownership changes.

The introduction of blockchain technology for decentralized storage of this information will ensure greater data security and transparency. The likelihood of human error is also reduced. For example, Tech Mahindra introduced Blockchain for the Abu Dhabi Land Registry. It helped them eliminate friction when sharing documents and provided a safe, secure, and transparent environment for all parties involved.

3. Blockchain to KYC

Know-Your-Customer or KYC processes are at the heart of financial services compliance and anti-money laundering efforts. Despite the allocated budgets and efforts to improve these processes, KYC operations are still inefficient. The introduction of blockchain technology here can make the affected data unhackable, increase the accuracy of the information and provide real-time user data updates.

It helps with all operations including verifying customer identity, streamlining the KYC onboarding process and throughout the customer lifecycle. Reducing data processing costs by reducing response time and eliminating manual labor is also one of the added benefits of blockchain in KYC.

4. Blockchain in E-Voting

Elections are central processes for any democracy or institution. The accuracy and security of the data must not be compromised at any cost. Over the years, elections and voting have become largely automated with advances in technology. However, sharing this sensitive information on the internet is not without cyber security risks. Blockchain technology can help make this process more robust in terms of data security and accessibility.

With blockchain, the possibility of creating a fake voter ID can be narrowed down to zero as each voter ID is efficiently counted and each ballot is associated with an ID. In addition, the setup costs are reduced since only the Internet connection costs are incurred on each voting platform. Accurate results, speed of vote counting and fraud prevention can be achieved without unnecessary human intervention.

5. Blockchain in Unified Communications

Unified Communications has proven itself again and again in the handling of organizational communication in all industries. In particular, they have changed the information exchange process for the hospitality industry. But despite its benefits, it can still be cumbersome to manage and track since communication is asynchronous.

Blockchain helps eliminate the need for a central clearing house. Communication is also more authorized and more secure than before. The problems of transparency, time stamping and traceability can also be solved by using chatbots.

6. Blockchain in healthcare

Blockchain is fairly new to the healthcare industry, but it’s showing its benefits from the start. It offers an unprecedented level of data integrity, which is the primary requirement for medical records. Patients are given control over their data to increase trust in the system. The vast amount of data generated by connected medical devices can also be securely transmitted and stored.

Conclusion

We conclude by acknowledging the development of the blockchain over the last few years. What started out as a cryptocurrency application has now apparently taken over almost every other application in the IT space. And yet there is still a lot to discover. As an innovation leader, we will invest in educating the community and developing solutions that leverage this groundbreaking technology to improve people’s lives and empower them to build new things for years to come.


GeekyAnts, Leveraging Blockchain Technology and the Future

As an industry leader in developing hi-tech digital solutions with advanced features, GeekyAnts – Blockchain development company has always believed in adapting to new technologies. Our expert team of blockchain developers develops new solutions for clients and also conducts their own experiments. One of the latest solutions we are working on is a blockchain-based game solution for football managers. The solution is still in beta and our customer is extremely happy with the results.


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