Blockchain Ruling the World

In a few years, the term ‘blockchain’ will be pretty much a part of our everyday vocabulary just like the internet is right now. Change is inevitable and the coming of the blockchain is what’s causing the stir today.?

Blockchain is not just limited to cryptocurrencies, bitcoin, and all that you hear the frantic digital currency enthusiasts talk about. It’s a revolutionary technology that will impact how businesses operate and how the common man interprets the internet.?

Security, transparency, and integrity are some of the core aspects that define the sustenance of a blockchain. People can interact with each other via these decentralized platforms knowing that their private info is protected and never under scrutiny.?

Currently, in 2023, this inherent technology that essentially holds a digital ledger of distributed and immutable data is awakening companies worldwide to incorporate blockchain applications into their mainstream marketing apparel.?

In this article, we’ll be demonstrating some of the important real-world applications and use cases of blockchain development services and how they’re helping businesses to implement a trustless business model.?

Top 5 Blockchain Real-World Applications & Use Cases ??

The concept of a decentralized web has now spread its wings and entered mainstream business use cases and real-life dealings. Blockchain has revitalized how mutual trust is being cemented between businesses and their customers/clients. Let’s take a look at the top 5 real-world applications and use cases of the technology.?

1. Decentralized Finance

With the emergence of cryptocurrencies, digital tokens, and assets, blockchain platforms such as Ethereum and Bitcoin were developed to support its conduct. Today, there are diverse blockchain applications that facilitate the exchange of digital assets with their own native coins.

Defi exchange platforms now allow digital traders to swap their cryptocurrencies for the preferred one and facilitate online transactions. Companies such as Circle also allow the exchange of traditional and cryptocurrency payments and give traders the freedom to choose their mode of payment transfer.?

Defi or decentralized finance is becoming an increasingly adopted form of payment as there’s no third-party fee involved in the transaction. Centralized authorities such as banks are non-existent in this model and hence transactions are automatically verified using the technology mining power. This enhances the effectiveness of cross-border payments wherein payments that have to reach large distances happen instantly.?

2. Supply Chain Management

The level of complexities associated with the current supply chain systems is very high and it often leads to issues such as delayed order delivery, counterfeit goods, and lack of product authenticity. Businesses working on SLM models have to manage multiple parties and in the process lose so much time validating regular processes such as quality checks, timestamping, etc…?

That’s why more and more companies such as IBM, Mastercard, Emerson, etc. are making use of blockchain development services and integrating custom blockchain solutions into their supply chain management platforms as it allows for enhanced transparency and traceability.?

With permission blockchain systems stamping every detail related to the supply chain process such as supplier info, timestamps, and QA checks in their digital ledger, mutual trust is established amongst all the parties involved in the SLM process. Products can be traced to their authentic roots and counterfeiting of goods can be avoided.?

3. HealthCare

It’s a high priority to store sensitive information such as a patient's medical history, the current set of medical prescriptions, etc safely so that it doesn’t reach the wrong hands. Blockchain applications are highly used in the modern healthcare industry these days to accommodate medical records safety, ensuring that the digital ledger holding all medical reports doesn’t get exposed.?

Medical research companies that are undertaking extensive scientific tests involving sensitive information are using blockchain technology to prevent data theft. Nebula Genomics is one such company that decoded 100% of human DNA and maintains the record in a private immutable blockchain.?

Using smart contracts, now medical insurance and drug test companies are automatically verifying whether the candidates are worthy of insurance and drug-free license. This way, lots of time can be saved and comprehensive medical procedures can be automated.?

4. Fashion?

Mainstream fashion brands such as Nike, Addidas, and Tiffany have generated great revenue with the use of NFTs. These non-fungible tokens authenticate the originality of a product which is very important when it comes to understanding whether a given fashion product is original or not.?

Virtual fashion is the next major highlight that’s risen out of the decentralization trend. Brands are showcasing virtual fashion week events and turning in revenue from selling their fashion statements during the events via purchasing NFT tokens and other digital assets.?

Independent designers are now able to expand their business as the counterfeiting of goods is avoided with the blockchain stamping real-time transaction and product purchase records in its digital ledger. Along with the metaverse, blockchain technology is a huge deal in revolutionizing the fashion industry.?

5. DAO

One of the game-changing real-world use cases of blockchain is the DAO i.e. decentralized autonomous organization. It’s basically an organization built upon the foundational principles of blockchain technology and operates via smart contracts. DAOs are being used in many projects, such as crowdfunding, grant proposal, etc…?

The concept of these decentralized organizations is also extending to the governance level where a City DAO is formed to run the administrative process concerning the developments and smooth operation of a city.?

In a DAO, there’s no hierarchical structure or distribution of power; every member of the organization has an equal say in all matters concerning the execution of rules and the operation of the DAO. This leads to enhanced decision-making efficiency and automation of regular business and governance processes.?

Wrapping Up!

There are so many use cases and applications of blockchain technology, but these are some of the real-world use cases. Almost all major industries and business models are using blockchain to store their valuable information safely and automate business processes. With the current pace in advancements of the decentralized web, we can envision a future built on trustlessness and transparency.?

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