It is not very hard to spot one cryptocurrency that is making a difference and taking the world by storm, Bitcoin, and with it, blockchain technology is no different. Blockchain technology is one of the world’s most disruptive and revolutionary technologies, changing everything from how we store data to how transactionsoccur.
It can provide huge savings one of the most important problems for banks is a fraud, in that sense, a blockchain with its security systems, can solve that problem by using decentralized networks. This post will look at a few blockchain technology use cases you need to know.
Blockchain Technology Use Case #1: Supply Chain
Blockchain technology can be used to ensure that products are not tampered with before reaching the customer. So, what happens is, the shipping company has a copy of the tracking information which is sent to the blockchain once a package is delivered, the product is stored and once it is received it is stored in the blockchain.
This means that the data is available to everyone in the network, so thereis no need for centralized networks and, therefore, the potential for fraudulent activities.
Read Also: Top 10 Reasons to Outsourcing Blockchain Development Services in 2022
Blockchain Technology Use Case #2: Trade
When it comes to trading, one of the main reasons why there are such high levels of fraud is the way we process payments. The way that we process payments through traditional payment networks like PayPal is slow and there is so much room for fraudulent activities.
In contrast, blockchain technology offers a much faster, cheaper, and better solution. With the blockchain, you create a digital asset that is stored and distributed throughout the network, rather than a single point of failure, so, when we look at the example of Bitcoin, there is no central point of failure, it doesn’t crash, it doesn’t shut down, it has a very high level of security.
It means that when you want to trade something you just have to upload that asset and once it is transferred to the blockchain, all parties involved in the trade, will know what is going on and how the payments are being sent to each other and this solves many of the problems that we currently have when it comes to trade.
Blockchain Technology Use Case #3: Identity
This is where blockchain technology shines. As we have already seen in the last blockchain technology use case, when you want to deal with a business-to-business transaction, the key to making that transaction successful is to know who you are talking to, this is where the blockchain comes in.
Since it is a decentralized network, you can see in any given system that you want to use, you just pick a couple of blockchain addresses and that’s your information and you can then talk to anyone else in the network. So, you can have, you know, your identity in the network, which means you can use it in, you know, in a more secure way than we do currently.
Another great use of blockchain technology is when we are trying to do something with our identity. The blockchain offers many use cases like this one, and a lot of information is available for people interested in learning more about blockchain technology.
One of the best sources of information you can read is this, and you can just see from the videos, that this is easy to understand the source of information, and even from a simple standpoint.
Read Also: Hire Offshore Blockchain Development Company
Blockchain Technology Use Case #4: Data storage
The problem with centralized data storage, and we have mentioned this several times already, is that they can be shut down at any given time and, what happens is that companies lose access to a lot of information.
When you look at the example of banks, all banks have data on their customers and this is used to determine who we pay money that is a problem because, as we’ve discussed, they could shut down and we could lose access to that data.
In the blockchain, since everything is stored in a digital form, we can’t shut down the network or shut down that information, you know, so, if you look at the use cases that we have discussed in the previous section, you will see that a lot of them use the blockchain because you can’t shut down the information, it can’t be stolen and it can be accessed from any given machine anywhere.
Blockchain Technology Use Case #5: Ecommerce
Another one of the problems that we have looked at in the previous blockchain technology use case is that you have a lot of products and it can be hard to see what exactly you are buying.
For example, if you look at this example, we have a product and, in this case, we are looking for a product, you have all the various products you can choose from, and you have to click through and all of that is done through centralized companies.
However, with the blockchain, we can ensure that we have a lot more transparency than we currently have, and we are looking at a product that we want to buy and we are looking at all the information that we are going to need to see before we buy it. You can use the blockchain for e-commerce and this is a great use case to see the power of blockchain technology.
Blockchain Technology Use Case #6: Business
With the previous use cases, we looked at the power of blockchain technology in decentralized applications and we have seen how it can solve many of the issues when we are talking about the banking industry, we have seen how the blockchain can provide savings to companies.
Now, blockchain technology can be used to create decentralized applications that operate in a more secure way than we do now, and this is a key point that we want to highlight.
With blockchain technology, we can not only store and distribute data, but we can use the technology to create programs that can help us operate in a better way than we currently do.
Read Also: How is Blockchain Revolutionizing the Mobile App Industry?
Blockchain Technology Use Case #7: Health
Another great use case for the blockchain is how it can be used in health. A lot of people are very worried about our privacy and what happens is that with centralized systems, companies like Google, or Facebook collect data on us.
When we look at blockchain technology, the key point is that it is decentralized, and what happens is that you know, we can operate with a lot more privacy than we do currently, and you know, because you are operating in a decentralized network, the company you are dealing with can’t shut down the network, it can’t steal the information, so, what you are looking at in the previous example, is that the network is very, you know, robust and there is a lot more security for the user.
The network is decentralized, it is not tied to one central company, so, if you think about the example of Google and Facebook, those companies have to pay a lot of money to get access to all of the information that they store on people, which makes them, you know, very vulnerable.
Blockchain Technology Use Case #8: Government
Another great use case for the blockchain is the way it can help governments. This is a big one and you might not have thought about this. One of the reasons that governments are looking at this one is because, when we look at something like a centralized system, you have the governments controlling everything. You have a lot of things that can be controlled, and when the blockchain comes into place, we can operate a lot more freely and easily than we do now.
Blockchain Technology Use Case #9: Security
With the previous use cases, you have seen that, as you can see, the blockchain can create a much more secure system than we have now. We have seen, with the example of the cryptocurrency exchange, that it is easier to trade safely. We have also seen that the blockchain offers an easier way to trade and, with the example of trade, you have a great way of doing business. We have also seen that we can see our identity when we use the blockchain and we can create a much more secure system for governments.
This is another key benefit of blockchain technology, which is a key benefit for so many people, and we will discuss this a little more in a little bit more when we talk about the power of blockchain technology and its real-world benefits.
With the use cases, you can see how blockchain technology could provide the world with a more secure way of doing things.
The power of the blockchain technology
When you look at all the use cases that we have looked at so far, you will see that the blockchain has the power to do a lot more than we currently think it does.
With the blockchain, you have a lot more freedom and you can operate more securely, of course, if you are looking at the examples of identity theft, that is a big one.
With the example of centralized data storage, you know, you can’t shut down that system, it is easy to manipulate the data, so, the blockchain provides security and, you know, the ability to do things that were not possible before.
