Not Only Banking, Even Beyond That Blockchain Can Transform Multiple Industries

Nobody knew blockchain until bitcoin was developed in 2009 and only then blockchain technology started getting attention. Normally blockchain is known as distributed ledger that records and protects digital data through the use of cryptography. The said technology is applied for network of digital currencies (cryptocurrencies), but its decentralized and secure nature make it a powerful tool for many other industries (i.e. supply chain, charity, trade finance, gaming, tourism, health, medical, etc.). Here are some innovative ways how the industries are harnessing the power of blockchain technology for the benefit of the respective industries to save upon operation costs in millions of dollars, to save upon operation time for execution of transactions, to relate how the product relates to it’s origin, etc. 

I am going to list down certain use cases of blockchain with little descriptions for few of them. 

1. Banking : Please read my article on crypto banks. Lot of banks have started investing amounts on adopting blockchain technology for their backend operations. Swiss bank UBS and UK based Barclays are the latest examples. In India also 15 banks have formed a company which will look in to the domain of domestic Letter of Credits which will pave the way for such banks to prevent  upon the frauds and save upon the operation time & costs. 
2. Supply Chain : Blockchain technology can be applied in supply chain management to ensure transparency, faster speed in distribution, authenticity of the product’s origination, etc. 
3. Healthcare : Major significant concerns for the healthcare industry are operational bottlenecks, data errors, bureaucracy and security of patient data etc. Blockchain technology is the right answer to all these problems. 
4. Crypto Exchanges
5. Agriculture
6. Commodities – Mandis
7. Commodities backed currencies
8. Remittances across the world
9. International trade
10. Internet of Things (IOT)
11. Messaging Apps
12. Gaming industry
13. Arts : NFTs
14. Royalty payments
15. Hedge Funds
16. Voting
17. Digital identity
18. Ride sharing like Ola, Uber etc.
19. Digital marketing like internet advertising
20. Education
21. Car Leasing and Sales
22. Cloud Storage
23. Forecasting
24. Music, Entertainment
25. Intellectual Property Rights
26. Stock Trading
27. Real Estate
28. Insurance
29. Energy Management
30. Sports Management
31. Gift cards and Loyalty programs
32. Governance
33. Public Records
34. Wills and Inheritances
35. Retail
36. Charity
37. Law Enforcement
38. Credit Rating of individuals and companies for finance sector
39. Human Resources
40. Business and Corporate Governance
41. Crowdfunding
42. Libraries
43. Publishing
44. Food & Beverages
45. Air Travel
46. Hotel Industry
47. Tour operations & Holidays
48. Gambling
49. Pharma
50. Waste Management
51. Accounting
52. Postal industry
53. Public Transportation
54. E-Commerce
55. Liquor Industry

This is not end list of use cases of blockchain but it will continue to the endless…..