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

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…..

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