Blockchain is a new revolutionary technology. Its features have guided technologists to look at the technology efficiently and innovatively. Before getting right into the use cases of blockchain, let’s see some of the primary technical features of this technology.
The technical features include,
- The use of distributed ledger technology
- Security through cryptography
- Ability to have smart contracts logic embedded into it
With these features, there are several compelling uses cases of blockchain that we believe will reduce inefficiency and unlock more valuable areas in the existing industries. Here are some of the most compelling use cases of this technology.
💰 Asset Tokenization
Without any doubt, the most compelling use cases of blockchain are the application in financial services and asset tokenization in finance in particular. Using blockchain technology, illiquid assets can easily be converted into its tokenized form and can be efficiently fractionalized. It can even be traded and settled on-chain. In this way, it does not have to go through the lengthy process of clearing and settlement processes. TOkenization will also unlock liquidity for small business owners, entrepreneurs, and real estate owners.
🚚 Supply Chain Management
Supply chain management is another great use case of blockchain technology. Transparency in the supply chain is one of the biggest problems firms tend to face. But, one of the features of blockchain eliminates this issue. Blockchain allows anyone in the network to access the database and act as a single source of truth referred to as consensus. From a consumer’s point of view, blockchain can help find the genuineness of products that are claimed to be.
⚡ Energy Market
A few large corporations control the energy market in any given geography. To decentralize the market, blockchain technology can be of great use. If electricity is traded like any other commodity, prices in the commodity market would be affected by forces like demand and supply as well, instead of being a fixed regulated price.
In the present state of healthcare technology, patient data is held across different institutions in legacy silos in several different formats and standards, making sharing of information ill-suited for the modern world. Although the healthcare industry has improved a lot over the years, blockchain technology can make the situation better. This generation requires data to be available to the users instantly. And Blockchain can get this into play. Blockchain technology can record patient information on a distributed ledger, which allows different institutions to access data as a single source of truth. Also, with blockchain, the access to patient’s health records is more secure as it is encrypted.
Medicalchain is an example of a healthcare data exchange platform.
These are only some of the most compelling use cases for blockchain technology. In our upcoming article, we will be discussing the applications of this groundbreaking tech in different other industries. So, stay tuned!