If you're serious about the future of your business, you need to embrace blockchain applications.
Why?
Well, over 40 (and counting) of the world's largest financial institutions, including JPMorgan and Credit Suisse, have formed a consortium to investigate the blockchain for faster and more secure transactions.
Blockchain is also being adopted in huge ways.
In this article, we're going to take a closer look at some of the most promising blockchain applications across various industries.
By the end, you'll have a better understanding of how blockchain is changing the landscape of business operations.
Blockchain Technology Explained
What is Blockchain?
Blockchain is a technology that allows transactions to be secure and anonymous. It’s the same technology that drives bitcoin and other digital currencies.
What does Blockchain do?
In short, blockchain creates a true peer-to-peer secure transaction.
Blockchain has two main jobs:
1
Securing your data (trust)
2
Recording virtually everything of value (history)
Take Away
Well, blockchain works. It is no longer reserved for a small circle of tech specialists.
And it’s here to stay.
Now that you’ve seen an overview of what blockchain is, let’s dive straight into some mind-boggling blockchain applications.
Finance
Overview of blockchain in finance
Blockchain technology has the potential to revolutionize the financial industry by offering new ways to conduct transactions, manage assets, and ensure transparency and security.
In finance, blockchain is a distributed ledger technology that enables multiple parties to maintain a shared database of transactions without the need for a central authority or intermediary.
Applications of blockchain in banking, insurance, and investment:
Banking:
Improving efficiency, security, and transparency in banking operations is possible with the use of blockchain technology.
One of the ways it can be utilized is for cross-border payments, loan processing, and KYC (know your customer) procedures, ultimately reducing costs for banks.
Insurance:
In the realm of insurance, blockchain technology can help companies reduce fraud and enhance claims management through the creation of a secure and immutable record of all transactions.
This can be seen in the verification of insurance policies and claims, and in the automation of the claims process.
Investment:
Facilitating peer-to-peer transactions is made easier with blockchain technology, providing a means for investors to buy and sell assets without relying on intermediaries.
Fractional ownership of assets like real estate or artwork, made possible through blockchain-based platforms, can make investment more accessible to a wider range of investors.
Ripple (XRP) is a payment protocol and digital currency that uses blockchain technology to facilitate near-instant cross-border payments between financial institutions. It enables users to transact in any currency and provides real-time settlement, making it a popular choice for banks and payment providers looking to streamline their cross-border payment systems.
Supply Chain
Overview of blockchain in supply chain management
Blockchain technology has the potential to transform the supply chain industry by providing a secure and transparent way to track products and verify their origins.
In supply chain management, blockchain is a distributed ledger technology that can provide a single source of truth for all stakeholders in the supply chain, from manufacturers to retailers and consumers.
Applications of blockchain in logistics, food safety, and product tracking:
Logistics:
Optimizing logistics operations can be achieved with the help of blockchain technology. It can provide real-time visibility into the movement of goods, reducing the risk of theft, loss, or damage.
Additionally, blockchain can be used to track the location of products in transit, monitor temperature and humidity levels, and automate customs procedures.
Food Safety:
Improving food safety is possible with blockchain technology, which can provide an immutable record of the origin and quality of food products.
From farm to table, blockchain can track the entire journey of a food product, ensuring that it meets safety and quality standards.
Product Tracking:
Preventing counterfeiting and ensuring product authenticity can be done through the use of blockchain technology.
It can provide a transparent and immutable record of all transactions, allowing for the tracking of the origin and history of luxury goods, pharmaceuticals, or electronics. This ensures that they are not counterfeit or tampered with, giving customers peace of mind.
IBM's Food Trust is a supply chain blockchain application that uses blockchain technology to increase transparency and traceability in the food supply chain. It allows all stakeholders to track the journey of food products from farm to table, ensuring food safety and quality.
Healthcare
Overview of blockchain in healthcare
Blockchain technology has the potential to revolutionize the healthcare industry by providing a secure and decentralized way to store and share medical data.
In healthcare, blockchain is a distributed ledger technology that can help improve data interoperability, reduce fraud and errors, and enhance patient privacy and control.
Applications of blockchain in medical record management, drug tracking, and clinical trials:
Medical Record Management:
Providing a secure and accessible way to store and share patient data, blockchain can improve medical record management.
One example is creating a patient-centered electronic health record (EHR) owned and controlled by the patient, which enhances privacy and data control.
Drug Tracking:
Improving drug tracking by providing a transparent and immutable record of the entire supply chain, from the manufacturer to the patient, blockchain can be of great help.
A blockchain-based system can track the origin, quality, and distribution of drugs, reducing the risk of counterfeit or tampered drugs.
Clinical Trials:
Enhancing the efficiency and transparency of clinical trials, blockchain can provide a secure and decentralized way to store and share data.
For instance, securely sharing data between multiple parties involved in clinical trials using blockchain can improve collaboration and data integrity.
Medicalchain is a blockchain platform that allows patients to securely store and share their medical data with healthcare providers, improving patient privacy and control. It also enables patients to grant access to their medical data to researchers, contributing to medical research and innovation.
Government
Overview of blockchain in government
Blockchain technology has the potential to improve government services by providing a secure and transparent way to store and share data.
In government, blockchain is a distributed ledger technology that can help improve data integrity, reduce corruption and fraud, and enhance transparency and accountability.
Applications of blockchain in voting, identity management, and public service delivery:
Voting:
Blockchain technology can enhance the security and transparency of elections by providing an immutable and tamper-proof record of all votes.
A secure and decentralized voting system can be built using blockchain, allowing voters to cast their votes from anywhere using their mobile devices.
Public Service Delivery:
The use of blockchain technology can enhance public service delivery by providing a transparent and immutable record of all transactions.
A secure and decentralized system can be created using blockchain to track and verify government contracts, which reduces corruption and fraud.
Identity Management:
To improve identity management, blockchain can provide a secure and decentralized way to store and share personal data.
By creating a self-sovereign identity system using blockchain, individuals can own and control their identity data, which enhances privacy and data control.
One example of a government entity using blockchain technology is the Georgian National Agency of Public Registry, which has implemented a blockchain-based system for land registry. The system uses blockchain technology to provide a secure and transparent way to track and verify land ownership, reducing the risk of fraud and disputes. (source)
Energy
Overview of blockchain in the energy industry
Blockchain technology has the potential to transform the energy industry by enabling secure and transparent peer-to-peer transactions, reducing costs, and improving efficiency.
In energy, blockchain is a distributed ledger technology that can help optimize energy trading, grid management, and carbon credits.
Applications of blockchain in energy trading, grid management, and carbon credits:
Grid Management:
To improve the stability and reliability of the energy grid, blockchain can provide a transparent and decentralized way to manage energy flows.
A distributed energy management system can be created using blockchain, allowing real-time monitoring and control of energy production and consumption.
Energy Trading:
Improving the efficiency and transparency of energy trading, blockchain provides a secure and decentralized way to trade energy.
A peer-to-peer energy trading platform can be created using blockchain, enabling buyers and sellers to trade energy directly, without the need for intermediaries.
Carbon Credits:
Blockchain can enhance the transparency and integrity of carbon credits by providing a secure and immutable record of all transactions.
Using blockchain, a transparent and decentralized carbon credit trading platform can be created, enabling buyers and sellers to trade carbon credits more efficiently and transparently.
Power Ledger is an Australian-based startup that has developed a peer-to-peer energy trading platform using blockchain technology, enabling households and businesses to buy and sell renewable energy directly, without intermediaries. The platform has been piloted successfully in several locations worldwide, increasing efficiency and transparency of energy trading.
Education
Overview of blockchain in education
Blockchain technology has the potential to transform the education industry by providing a secure and transparent way to store and share educational data, improving data integrity, privacy, and control.
In education, blockchain is a distributed ledger technology that can help improve credentialing, student records management, and plagiarism detection.
Applications of blockchain in credentialing, student records management, and plagiarism detection:
Credentialing:
Improving the efficiency and transparency of credentialing, blockchain provides a secure and decentralized way to store and share academic credentials.
Using blockchain, a tamper-proof and portable digital credentialing system can be created, enabling students to own and control their own academic credentials.
Student Records Management:
To enhance the management and sharing of student records, blockchain can provide a secure and decentralized way to store and share educational data.
Creating a self-sovereign student record system using blockchain allows students to manage and share their educational data, improving privacy and data control.
Plagiarism Detection:
To improve the accuracy and efficiency of plagiarism detection, blockchain can provide a transparent and immutable record of all academic publications.
By creating a decentralized plagiarism detection system using blockchain, institutions can detect and prevent plagiarism more efficiently and accurately.
Blockcerts has developed a blockchain-based platform for issuing and verifying academic credentials, improving the efficiency and transparency of credentialing.
Real Estate
Overview of blockchain in real estate
Blockchain technology has the potential to transform the real estate industry by providing a secure and transparent way to store and share property data, improving data integrity, efficiency, and transparency.
In real estate, blockchain is a distributed ledger technology that can help improve property titles, property management, and real estate transactions.
Applications of blockchain in property titles, property management, and real estate transactions:
Property Titles:
Enhancing the accuracy and transparency of property titles, blockchain provides a tamper-proof and decentralized way to store and verify property ownership.
A decentralized property registry can be created using blockchain, enabling individuals to prove ownership of their properties, which reduces disputes and fraud.
Real Estate Transactions:
Blockchain can enhance the efficiency and transparency of real estate transactions by providing a secure and decentralized way to execute and verify transactions.
A peer-to-peer real estate transaction platform can be created using blockchain, enabling buyers and sellers to execute transactions directly, which reduces the need for intermediaries.
Property Management:
To improve the efficiency and transparency of property management, blockchain can provide a secure and decentralized way to manage and share property data.
A transparent and decentralized property management system can be created using blockchain, allowing property owners, managers, and tenants to access and share data in real-time.
Propy is a global real estate platform that uses blockchain technology to streamline property transactions through smart contracts. The company has successfully completed several transactions, including the first-ever real estate transaction using cryptocurrency.
Entertainment
Overview of blockchain in entertainment
Blockchain technology has the potential to transform the entertainment industry by providing a secure and transparent way to manage and monetize digital content, improving data integrity, ownership, and distribution.
In entertainment, blockchain is a distributed ledger technology that can help improve music and media rights management, fan engagement, and ticketing.
Applications of blockchain in music and media rights management, fan engagement, and ticketing:
Music and Media Rights Management:
Blockchain technology can enhance the transparency and efficiency of music and media rights management.
By providing a secure and decentralized way to manage and track ownership and distribution, a transparent and decentralized music rights management system can be created using blockchain.
This allows artists to own and control their own intellectual property, improving the overall management of music and media rights.
Fan Engagement:
Improving fan engagement, blockchain technology provides a secure and decentralized way to interact with fans and reward them for their engagement.
Using blockchain, a decentralized fan engagement platform can be created, enabling fans to earn tokens as a reward for their engagement with artists and content.
Ticketing:
To enhance the efficiency and transparency of ticketing, blockchain technology provides a secure and decentralized way to verify and track ticket ownership and distribution.
A tamper-proof and decentralized ticketing system can be created using blockchain, enabling artists and event organizers to sell tickets directly to fans and reducing the need for intermediaries.
Kaleido is a blockchain-based platform that offers solutions for various industries, including entertainment. The platform provides tools to help content creators and distributors to streamline their operations, track royalty payments, and manage digital rights.
Beyond the Hype
As you've seen throughout this article, blockchain technology has the potential to revolutionize various industries, and there's no shortage of blockchain ideas to explore.
However, turning those ideas into successful blockchain projects can come with challenges, especially when it comes to maintaining the technology after integration. If you don't have an in-house IT expert, outsourcing IT support can be a viable option to ensure a smooth transition and ongoing maintenance of your systems.
As blockchain continues to evolve and mature, it is likely that we will see new and innovative use cases emerge, leading to a more decentralized, secure, and transparent world.
The future of blockchain applications is exciting, and it will be interesting to see how this technology will shape our lives in the years to come.
Did I Miss Out Anything?
Now I’d like to hear your take:
What are you doing to get your business ready for blockchain? Or maybe you have a question or some blockchain new ideas to share.
Either way, let me know by leaving a quick comment below.
Hello,
I really enjoyed going through the list. The applications are pretty innovative.
I have also written one post on blockchain app here.
Hi Andy, thanks man. More blockchain applications coming up. Stay tuned. 😀
Thanks For giving the good information about the Blockchain Now a Day’s Most of the people fallowing your Post.
Thanks Jack! 🙂
we need a more impact studies or concepts for applying blockchain technology ,so please provide more ideas which change our present situATIONS
Hey Raviteja, hope you enjoy so far. We’re in the midst of updating more ideas for the brand new year 2019. Do keep a look out. 🙂
Hi, I agree that those scenarios are quite disruptive (and thank you to the author for the hard work and the ideas it gives to people). However it can also be used for non-disruptive scenarios especially for company looking to apply but with a business already running. I made a video on that subject if it can helps https://youtu.be/_P6HrHTPP00
Thanks Nicolas. Nice video out there. 🙂
Hello , this is very helpful list . We are producing IoT devices for elevator market which make emergency calls and tracking online failure signals – better analaysis for predictive maintanance, better manage about service and staff , better knowledge about what you need to get into on-site location before you went there – As you imagine , in every movement of elevator , it genrates data and transfer to you . In this concept main problem is that only one centralized server has collecing/prosessing/transfereing all data . so that reason some of the big player in the market do not want to install this device , because they do not want to show all of their data which produceced by their elevator . I think that if there is solution about hide and encyrpt their data in our servers by blockchain technology in somehow . At that time big player is about the start to trust our solitions ( privacy wise ) and they are going to be convinced the install our device in their elevator.
So finally , I am looking forward to getting help on this issue by using blockchain technology
Omer, thanks for your insight. I guess what you need is a ground up case study with any escalator vendor that is willing to work with your solution first. Once you’ve gathered more testimonial and case studies, it’s easier to convince the big player. Your idea is pretty new, and keep me posted once your team has got a prototype. Maybe, I can add you to this list too. I believe shopping malls and commercial owners will be keen to reduce escalator mishaps with your solution too. Talk to them.
Thanks for sharing the content it is useful to all the aspirants of blockchain!
You’re welcome.
Great Blog, A number of useful applications of Blockchain explained beautifully. I have also started a project in combination with number of doctors to maintain health records using block chain technology. It will help patients to protect their record data and also it makes it easier for them to have access to it.
Thank you Robert. That’s awesome. Share with us more on the challenges.
This is really an awesome guide about blockchain applications. Yes! It will take some time to implement these applications in the real world. It will happen in the near future.
Blockchain technology is evolving so rapidly. All we need is proper regulation for this innovative technology.
Thanks again for sharing this detailed guide. The use of visual images makes this article extra informative. Keep posting.
Thanks Noor! Totally agree that more creators are embracing Blockchain. I’m not sure if it’s too early to regulate now as it may kill innovation. Maybe a best practices on the usage will work great.
The Spectrum of applications have covered all the lanes good innovation.. we need in-depth case studies for implementation
Thanks Leela for the suggestion! Though several blockchain projects are still in their infancy stage, I believe there’s more practical use cases in the very near future.
Thanks! I just loved it ..
Thanks Pravin. Appreciate it. 🙂
Thanks for sharing power packed blockchain ideas. Very good brain storming ideas that you have discussed here.
Thanks Rajesh! Glad that you like it.
hey!
those ideas were really cool and helpful! first of all thanks for that !
i’m a student and our team is planning to do a project which is about certifying the students with their graduation certificates so that there data and their effort for that graduation cannot be tampered, using a blockchain . you must be knowing that there are many people out there who would wanna get a degree without any effort and by tampering the data of the people who have achieved a degree with their hard work, so, we’ve got this idea to reduce it to an extinct we can!
however the only part we are stuck over is HOW. As we are beginners to this blockchain stuff and got a lot way ahead on this ,we still couldn’t figure it!
could anyone please help us on this !
You’re welcome, and good idea you have. You may want to decide on the framework (eg. multichain, ethereum, etc..) first to build your blockchain project. A good framework has great community and roadmap. That’s one way you get support as you build on your idea. Hope this helps. Keep going.
thanks for the response…! and that’s quite helpful
we were thinking about the ethereum framework, and can we use ethereum apart for its transactions? if yes then how…?
another thing that bugged me was… what are the benefits for a blockchain developer
in any third-party removing platforms….i mean that , blockchain technology removes the third-party involvement in platforms like smart contracts and music industries.. so what would be the benefit for the developer by removing this third-party thing and creating a direct connection between the client and artist? even though these connections were really helpful for the users , what about the developers?
Those 2 pizzas are worth a lot more now!!!!
Oh yes! 😀
Thank you for taking the time to provide us with your valuable information
You’re very welcome. Blockchain technology is a fascinating and constantly evolving field.
Hello,
Thanks for the great content. May I suggest a project that you might find very intriguing.
Co-Founder and CEO, Robert Mao. He has created ArcBlock/ABT, which is your new decentralized developer platform that simplifies the development of DApps, DLT and Blockchains.
Ready-made dev tools to add decentralized identity to any project with a best-in-class decentralized user wallet DID Wallet.
Using Block Servers integrated Open Chain Access Protocol developers can use ArcBlock-powered blockchains, or integrate your data sources including Ethereum, Hyperledger, or Amazon's QLDB.
Also, much much more. Hope this has caught your attention. Thanks again and be well.
The decentralized user wallet DID Wallet also sounds like a promising feature. Thanks again for your suggestion.
Blockchain is the future and now every industry is working on it. Here I am to collect some information about blockchain and trust me your blog is really fantastic. Thanks to you and your team you all providing such a great information in free. Good luck
Thanks! It’s exciting to see how it’s being adopted and implemented worldwide.
Block Chain Code Request.
I don’t have one. 🙂 Keep exploring the exciting world of blockchain technology!
This is an amazing article, thank you for sharing this! Nowadays, Blockchain technology increasing rapidly and people are not much aware of blockchain app development. Looking forward to more great content!
Jasper, you’re absolutely right that blockchain technology is growing at an incredible pace, and there’s still so much more to explore and learn about its potential.
was very interesting buddy loved it
Thank you so much for your kind words! I’m glad to hear that you found the article on blockchain applications interesting. Blockchain technology has a lot of potential to revolutionize various industries.