7 Blockchain Real Life Use Cases

1. SMART CONTRACTS

Blockchain technology is utilized in many other sectors, including retail and hospitality. #blockchain can be used to develop #smartcontracts contracts, which are computer protocols that execute the terms of an agreement between peers without the need for third-party verification or approval.

2. MONEY LAUNDERING PROTECTION

The encryption that is crucial to the blockchain once again comes in handy when fighting money laundering. The foundation technology allows for recordkeeping, which aids in the process known as “Know Your Client” (KYC), during which a company verifies and identifies its clients’ identities.

3. CYBERSECURITY?

Blockchains’ immutability, transparency, and decentralized nature make them extraordinarily secure. There is no single point of failure with blockchain storage. Because blockchains are #decentralized , and the data stored in each block is unalterable, criminals can’t access the information.

4. ART?

Non-fungible tokens, or #nfts , have become a huge topic in the art world as works of art produced with the technology are now being sold for millions of dollars at auctions. NFTs have enabled the creation of #crypto art and digital collectibles, with artists, musicians, and influencers using the technology to profit more from their original and unique work.

5. HEALTHCARE

The applications for blockchain in healthcare are virtually limitless. “There are several potential use cases: managing electronic medical record data, preserving health information, safeguarding information, and monitoring disease and epidemics, to mention a few.

6. VOTING

Blockchain technology has the potential to make voting more readily available while also enhancing security. Even if someone gained access to the terminal, hackers would be unable to alter other nodes because of blockchain technology. The government could tally votes more efficiently and effectively because each vote would be attributed to one ID. Since creating a fake ID is impossible, officials may count votes more accurately.

7. GAMING?

Developers have developed blockchain games as soon as #cryptocurrency became well-known for payments and #finance to show the many advantages that the technology may provide to #gaming issues such as economic game manipulation by gaming firms, payment difficulties, possible shutdowns, and imbalances in gameplay. Blockchain offers new possibilities such as genuine asset ownership, consensus-driven updates, decentralized marketplaces, simplified #tokens , and more by establishing an open-source, distributed, and transparent network for gamers to participate in.