Simply put, a blockchain is a peer-to-peer database design that includes built-in encryption and thorough procedures for authenticating data before it is added to the database.
Considered to be the cornerstone of cryptocurrencies, blockchain technology received widespread attention outside of computer science schools after the birth of Bitcoin.
Blockchain, in addition to cryptocurrencies, has numerous uses in financial services, supply chains, and the public sector by providing increased security, more transparency, and quicker traceability.
Governments, like UAE's, are enacting new legislation to encourage the usage of this new technology in order to support blockchain applications.
This article would be much shorter if blockchain evolution had ended with the introduction of Bitcoin. However, Blockchain’s architecture lends itself nicely to applications in a wide range of industries.
5 Blockchain Application Use Cases in Business and Life
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Internet of Things
It's true that the concept of Internet of Things (IoT) has been around way before the blockchain technology was born.
The IoT is describes the network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. As you can notice from this description, millions of applications on IoT devices can be vulnerable to security and hacking threats.
With more IoT gadgets on the market, hackers have more opportunities to steal your data or make you a victim of fraud or scams on everything from smart home devices to internet passwords.
The IoT Blockchain applications increase security by preventing data breaches through the use of blockchain technology's transparency and virtual incorruptibility.
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Media
The media's main concerns are data privacy, royalty payments, and intellectual property piracy.
According to a Deloitte study, the digitalization of media has resulted in widespread content sharing and copyright infringement. Deloitte believes that media blockchain applications can give the industry a much-needed boost in terms of data rights, piracy, and royalty payments.
Media firms have already begun to use blockchain technology to minimize fraud, cut expenses, and even preserve content's Intellectual Property (IP) rights, such as music records. MarketWatch estimates that the global market for blockchain in media and entertainment will reach $1.54 billion by 2024.
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Supply Chain Management
Due to the enormous number of logistics companies crowding the field, a frequent criticism in the shipping industry is a lack of communication and openness.
According to a collaborative study conducted by Accenture and logistics giant DHL, there are over 500,000 shipping companies in the United States, resulting in data silos and transparency difficulties. In addition, blockchain can alleviate many of the challenges that plague logistics and supply chain management, according to the paper.
Because the technology is built on blocks, it has the potential to be useful in the supply chain. For example, if you receive a damaged package, it may be difficult for the company to determine where the harm happened.
This is where blockchain technology may help. Businesses will be able to track where the damage happened in the supply chain thanks to the openness provided by the technology; because it allows for the easy tracking of shipments, inventory, transportation, and all other processes. Both owners and customers will have easy access to records.
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Healthcare
Despite its early usage in the healthcare sector, the technology is already showing promise.
Early blockchain systems demonstrated the potential to cut healthcare costs, increase information access across stakeholders, and expedite business processes. An innovative method for gathering and exchanging private information could be exactly what the doctor prescribed to ensure that an already overburdened sector can cut extravagant expenses.
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Real Estate
Property sales can be carried out directly between seller and buyer since the secure technology eliminates the requirement for a third party to carry out transactions. And this results in increased security and lower prices.
Furthermore, employing blockchain in real estate can aid with the tracking of sales as well as the recording and verification of papers. Aqarchain, a technology business that operates in both the UAE and Saudi Arabia, built its real estate investing platform using the public blockchain platform Tezos. Using digital tokens, the company hopes to assist its customers in managing their real estate holdings.
