Blockchain Use Cases

Blockchain Use Cases

Abhishek Prasad 24/06/2018 4

Blockchain has been one of the most talked about technologies recently. There is a lot of research happening to identify how it can help transform the way work is done currently in several industries. There is no doubt about the fact that blockchain holds a lot of power to disrupt the way we see things around us.

Let us have a quick glance at the Blockchain:

  • The peer-peer network removes any third party intermediaries like banks etc
  • The consensus, approval and the verify processes happen in real-time which ensures faster transactions
  • Every involved participant has the access to the information stored in blockchain and no alteration can be done without the consent of them. This brings trust and transparency in the entire system
  • As the distributed ledger systems are decentralized, they provide faster ROI and help businesses create a better business model that brings them more profits
  • Blockchain network is highly secure and almost impossible to hack. This reduces any fraudulent activity to take place and promises to bring a reliable business platform to ensure productive business activities
  • Blockchain’s algorithms are programmable and can be used to automate systems on the basis of prior terms and conditions

Here are some ways in which Blockchain can be used:


As a Record

  • Blockchain can be used to create a strong system for digital identity with the help of cryptographic keys
  • As tokens, it can be used for authenticating physical items, proving useful in supply chains, fraud management and intellectual property management
  • It helps in inter-organizational data management keeping an organized system of records especially the sensitive ones

Financial Institutions

  • Blockchain can be very useful in audit trails
  • It provides a more secure platform for transactions as it let goes any third party mediation keeping the key account information secure
  • It can help settlement happen between the two parties almost instantly rather than the normal 2-3 days

Supply Chain

  • Blockchain can be used to track down any information regarding the product – where and how it has come to the end user
  • With the help of Smart Contracts management of these data will be easier and more secure

Real Estate

  • The information can be stored securely and can be tracked down without the involvement of any intermediaries
  • With a secure platform, the corruption and fraudulent activities can be nullified

Insurance

  • Blockchain offers Minimization of Identity Theft and Limitation of Cyber Liability for insurance industry
  • Decentralized Data Repository bring better security for the companies and also help in the management of huge data

Healthcare

  • Medical insurance and claims involve a lot of transactions every second. Blockchain can reduce process time and friction while dealing with compliance with contract terms.
  • Healthcare has numerous data flowing into its environment. Patients personal details, medical history, advance medical records and much more and this technology can help them manage it better

These are just a few applications where this technology has proven to be very useful. 2018 can be the year where more blockchain use cases come up and surprise us with its unique application. 

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  • Chris Feltwell

    While blockchain use cases are exciting to explore and research, it’s important to point out the gap between potential and tangibility of implementation.

  • Luke Frost

    As more companies across industries begin to adopt blockchain technology into their everyday processes, use cases will expand exponentially.

  • Amy Edwards

    What I like the most about the blockchain technology is that data cannot be altered.

  • Hrishikesh Patil

    Insightful

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Abhishek Prasad

Tech Expert

Abhishek Prasad is the Director, Head of Digital Transformation at Aexonic Technologies. He has been a Management Consultant, with the first-hand experience of how technology can drive business change. Worked with Big Four accounting firm, he is experienced in advanced analytics and reporting within the professional services, Life Science, Utilities, and banking industries. Abhishek has consulted with multiple fortune 100 companies and startups, so understands the challenges faced by large enterprises and how technology can help them gain competitive advantage. He has been an SAP consultant and led multiple business transformation projects across the globe.

   

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