What is blockchain beyond cryptocurrencies - 16 use cases

What is Blockchain Beyond
Cryptocurrencies: 16 Use Cases

What is Blockchain technology?
In simplest words, Blockchain is a distributed database that holds
records of digital data or events in a way that makes them tamper-
resistant. While many users may access, inspect, or add to the data,
they can’t change or delete it.

What are the uses of Blockchain, other
than Bitcoin cryptocurrency?

BANKING
Beyond digital currency exchange, Blockchain can do
wonders for Banking:
Fraud Reduction: Timestamp cryptography is
impossible to hack. Thus, making it easier for banks
to reduce fraud.
KYC: It is revealed that the average bank spends
£40m to £300M a year on KYC Compliance. It is done
to avoid and minimise Money laundering.
Blockchain technology can reduce the verification
time and the associated cost.

CYBERSECURITY
Cloud storage and the typical computer network in a
business use centralized servers to store the data.
So, when you save all your business data on a
centralized system, you open yourself to risks like
corruption, data loss, human error, and hacking.
With Blockchain:
When you put your data on a distributed,
decentralized Blockchain system on Cloud, the
possibility of getting hacked becomes negligible.

INTERNET
OF THINGS Internet has connected us to the entire world. But, it
comes with as many vulnerabilities too.
One device getting hacked, puts all the other devices
in danger too.
With Blockchain:
But when you introduce Blockchain in the picture, the
IoT sensors get to exchange data on the platform
instead of a third party.
Also, businesses get an access to the usage history of
the connected devices.

UNIFIED
COMMUNICATIONS Automated communications and chatbots are almost
always asynchronous, even though many industries
are using them these days.
With Blockchain:
The above stated situation can be changed.
Companies can have more bidirectional and
authorized communications.

GOVERNMENT Government, being a centralised authority figure,
cannot maintain a level of transparency in the system.
And many nations’ governments are already on their
way to experiment with the technology.
With Blockchain:
● Dubai is prepared to become a completely
integrated Blockchain based city by 2020.
● Estonia matured in a ‘digital republic’
ecosystem by shifting a number of its national
system on Ethereum Blockchain.
● Canada is testing the platform for providing
transparency to how the government use grants
for easing the concerns that citizen’s show
related to corruption and misappropriation.

CROWDFUNDING
The biggest issue in crowdfunding becomes the lack
of transparency in the system where people can’t see
how their money is being used.
With Blockchain:
With donations made in bitcoin or other
cryptocurrencies, there can be absolute transparency
about the usage of funds.

HEALTHCARE
Current technologies do not fully address the
requirements of -
● Ubiquitous, secure network
● Verifiable identity and authentication of all
participants
● Consistent representation of authorization to
access electronic health information
Because they face limitations related to security,
privacy, and full ecosystem interoperability.
With Blockchain:
● Blockchain comes with an immutable
architecture which helps to store the EHR data
safeguarded from all instances of breaches.
● The technology can even help with the creation
of new medicine or a more personalized
treatment regime

RIDE-SHARING
ECONOMY Uber ecosystem has issues like
● The brand making a cut from driver’s income
● Calling the shots on all the terms and conditions
that are majorly partial towards the brand’s
profits.
With Blockchain:
By introducing Blockchain in the ride-sharing
economy, the control comes in the hand of riders and
drivers. They get to make all the decisions without
looking up to a ruling agency.

SUPPLY CHAIN
Currently, supply chain is plagued with human errors
which go undetected and cause delays.
With Blockchain:
By identifying the production processes and
components and then storing the information on
Blockchain, business can monitor their supply chain
process from the raw material stage to the end
delivery stage.
Everytime a product changes hands, it can be added
to an undeletable history shortening the delays by a
great deal.

ENCRYPTED
MESSAGING The current state of public portals of messaging is
harrowing. With user information available openly in
the unending pool of data, it is crucial to save personal
data.
With Blockchain:
Businesses get to offer their users a place where they
can make the to and fro of encrypted messages that
have minimal to zero scope of getting hacked.
A platform like blockchain-based encrypted
messaging solutions is especially helpful when
incorporated within an Enterprise system.

ELIMINATION OF
COUNTERFEIT
PRODUCTS
There are uncountable cases of people selling fake
goods, especially the precious belongings like
paintings, jewelry, etc. And Up until now, no system
has been proved resistant to this problem.
With Blockchain:
It becomes a lot easier for the businesses to find out
and trace the chain of asset ownership. By storing the
serial number on a Blockchain, all the involved parties
are able to verify whether or not the product in
question is authentic.

CONTRACTS
In the present day, any sort of contract signing
requires an intermediary presence for proof. And still,
the whole process is not foolproof.
With Blockchain:
Smart contracts Blockchain are designed in a way that
they check the contract rule, verify, and process the
transaction all without the need of an intermediary
involvement.

PHARMACEUTICALS
Counterfeiting is greatly expanded in the
Pharmaceutical industry with 1 in 10 drugs being
falsified.
With Blockchain:
To lower the instances of phrma fraud, Verifier – a
smartphone app uses the phone’s camera to conduct
a spectral analysis on the drug and loads it on
Blockchain for verification of the drug’s medical
footprint.

MICROLOANS
Currently, the repayment rate, collection methods and
accounting practices are mostly informal and
questionable.
With Blockchain:
Companies like, IBM researching and Twiga use AI to
find out the credibility score on the basis of mobile
data, they incorporated Blockchain to manage the
complete lending process from the application of loan
to getting offers and accepting the conditions of
repayment.

ADVERTISEMENT Measuring the effectiveness of an advertisement is
one of the most challenging part of businesses. With
fake profiles on a hike and not enough authentication
methods, the number becomes indecisive.
With Blockchain:
● Blockchain can be used to navigate the tracks
of the different service providers and linking
them all together – an event that ensures right
people are targeted at the right time.
● It saves the advertisers from losing money
when the hackers create fake web traffic and
make fake bots visit the site in place of real
humans by tracking the origin of the visitors and
gauging if they are authentic.

AFFILIATE
MARKETING
Affiliate Marketing is when businesses pay a set of
commission to the people who would promote their
product on the social media platforms.
The concept in itself is based entirely on trust. Trust
that the people won’t remove the post after getting
commission or that they won’t use fake ids for
promoting a website etc
With Blockchain:
Smart contracts Blockchain functionality ensures that
the money is transferred to the people only when they
have done ABC task.

COMPANIES
PLANNING TO GET
ON BLOCKCHAIN
TECHNOLOGY

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What is blockchain beyond cryptocurrencies - 16 use cases

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