The term “Blockchain” may appear as crypto stuff for many users. After hearing the word, many people instantly picture digital, tech-savvy coders and endless talk about “decentralization.” But in reality, blockchain is more than just a cornerstone of crypto. Blockchain in today’s digital era is a powerful tool. Blockchain in Business is revolutionizing the way firms across the globe operate—yes, even the non-techy ones.
Whenever discussions revolve around highly secure and transparent digital ledgers distributed across a network, blockchain technology takes center stage. A simple yet powerful concept, where data is visible to everyone involved but cannot be changed or edited, is delivering impressive results and driving more attention.
Now, you might have already started wondering if this high-end technology applies to your business or not, isn’t? If yes, then you have landed at the right place! In this write-up below, we will discuss some of the major real-world applications where blockchain is delivering measurable value in sectors like logistics, finance, healthcare, and more.
Top 10 Real-World Use Cases of Blockchain in Business
In no time after the introduction of blockchain, industry leaders from various sectors are increasingly recognizing the transformative potential of blockchain technology. Now enterprises at different scales and from different industries are adopting the blockchain technology. Here are some of the major real-world examples to showcase how blockchain is being utilized for different industry verticals
- Banking and Finance
The banking and Fintech sectors demand high-end security within their work process, and assuring security is one of the most basic features provided by Blockchain. The technology is revolutionizing the banking and finance sector by enhancing security, transparency, and efficiency.
Industry leaders like RBC, Santander, JP Morgan, Citibank, and American Express have already opted for blockchain development company in India to deliver a more streamlined and secure transactional process.
- Insurance Claims
Earlier the process of insurance claims involved several middlemen, which further caused several delays and fraud-associated risks. But now, with the practical applications of blockchain technology, the involvement of any middlemen in any process is not required. By implementing Smart Contracts, the whole insurance claim process can be automated.
Allianz, the industry leader, is leveraging blockchain in business to restructure its insurance claims procedure. With blockchain technology in use, insurance companies can develop a seamless, faster, secured, and automated claim settlement process by eliminating the requirements for any middlemen.
- Automobile
The applications of blockchain technology in the automobile industry can be seen in supply chain transparency, vehicle tracking, and secure data sharing. The technology assists the automobile leaders to quickly verify the authenticity of parts, reduces fraud, and enhances recall management.
Leading companies like BMW use blockchain technology to track components and ensure ethical sourcing. Meanwhile, Tesla, identifies the application of blockchain for secure over-the-air software updates and autonomous vehicle data sharing.
- Education
Educational institutions witness improved security, transparency, and efficiency. The technology enables immutable record-keeping for the student’s credentials, simplifying verification for employers and institutions while reducing the fraud risk.
The involvement of decentralized platforms facilitates universal access to learning resources and automates course management via smart contracts. The Massachusetts Institute of Technology (MIT) is a major example of blockchain in education providing digital diplomas on smart cards, allowing employers to instantly verify authenticity.
- Retail
Retail industries work around security, transparency, and trust, which Blockchain development guarantees. Retailers use blockchain to gain a proper sight of the product at every stage of supply chain to ensure authenticity and reduce fraud activities.
A real-world example for the retail sector is Walmart, a retail firm that uses blockchain to trace food origins quickly. The firm is setting an example for others to hire software developers and integrate the ideal blockchain solution required for their businesses.
- Aviation
If talking about the blockchain in business, particularly in aviation, then it has some affects on tracking the maintenance history of aircraft parts for ensuring authenticity in supply chains.
For example, Honeywell uses blockchain to create an online marketplace of aircraft parts, allowing buyers to verify parts’ origins and certifications instantly.
- Supply Chain and Logistics
The latest and innovative solutions like Blockchain redesign the traditional supply chain processes by bringing in more transparency, efficiency, and security to logistics operations. Blockchain technology simplifies and automates processes like document sharing, compliance, and auditing while having a major focus on improving the inventors and payment systems.
Large scale firms like Maersk have adopted blockchain to optimize their global supply networks, providing its transformative potential in modern logistics.
- Healthcare
The healthcare industry has the involvement of a large amount of data, and blockchain here restructures the way of storing, managing, and sharing patient data. The integration of the latest technologies like Blockchain in healthcare systems ensures the security of medical health records and confidential patient data, allowing access to only authorized healthcare professionals.
Healthcare platforms like Patientory, which have applications of Blockchain for security purposes, allow patients to easily access their health data and receive personalized care plans.
- Media and Entertainment
The entertainment industry is taking close look at the applications of Blockchain in addressing issues like piracy, revenue leakage, and the inefficient distribution of content. Blockchain in the Media and Entertainment industry may sound like an off-beat combination, but it has a major role in securing intellectual property, enabling decentralized content distribution, and automating royalty payment through smart contracts.
Leading brand TIME Magazine introduced a decentralized magazine as an NFT, highlighting blockchains potential in the rightful content distribution strategy.
- Real Estate
Real estate industries mark the involvement of middlemen to complete every transaction, which Blockchain can avoid. The applications of Blockchain like Smart Contracts can eliminate the requirement of middlemen and also increase trust through greater transparency and expedites saving both money and time.
Real Estate firms like SMARTRealty investigate the applications of smart contracts in automating property sales, rentals, and mortgage agreements.
The above-mentioned are some of the major real-world uses cases of Blockchain, however, there are still many that remain unexplored. With the end of the blog, it’s fair enough to say the blockchain advancements are game-changing solutions for businesses to transform their working mechanism into a streamlined, secured, and efficient process.
Conclusion
As of now, you might have prepared your mind to investigate ways and processes where Blockchain in your business can bring changes. But what’s important here for you to understand is that implementing blockchain into existing business processes without collaborating with experts is next to impossible. So, for a successful implementation of blockchain for your business requirements, you must consider partnering with a software development company. The experts at the software development company can quickly analyze your business requirements and implement the needful solutions to help you gain significant benefits.
