When we hear blockchain, we think about Bitcoin and other cryptocurrencies. Distributed ledger technology aka blockchain, is disrupting countless industries, That will change our perception of how we use the internet. It will change the financial industry, like the social media changed journalism. bringing the most innovative solution in the financial services industry and beyond, by providing safe, convenient and fast transactions. It is possible to turn any centralized process to fully autonomous and decentralized. There are a plenty Blockchain use cases.
Many governments have started using and test blockchain-based applications. It has a huge potential to revolutionize the activities of governments. It can change management systems, defrauding voting , transparency on taxes and revenue monitoring. There are many countries that already adopted blockchain technology. such as:
- United States
Government of Dubai started implementing Dubai Blockchain Strategy. Itdetermines to be the first blockchain-powered government by the end of 2020.
From 2008 Estonia tried to use blockchain technology in many government activities. Now the government uses this technology in registry database. Also attempts to adopt of blockchain technology are actively implementing in different institutional units of U.S. and Gibraltar.
At the beginning of 2017 many researchers and analysts begun to think implementing distributed ledger technology in healthcare industry. Doctors will store Patients’ data digitally. to make medical care more effective.
The information is entered anywhere along the line of communication and with the help of advanced algorithms it can lead to compelling diagnosis and better treatments. Besides, it will be possible to reach medical records wherever you are on the planet.
Internet of things
Many researchers suggest that IoT supported by blockchain technology, as second wave of Internet revolution. IoT appliances in general are very complex, but with use of Blockchain technology. It becomes very convenient for authentication and data transferring, which also prevents altering data or duplicating with any malicious sources. Also with its peer-to peer method it eliminates third parties and reduces additional costs.
One of the most popular use case is using IoT applications based on Blockchain technology in healthcare. Besides, IoT based on Blockchain technology will be used in manufacturing, shipping, and many more.
First real estate operation based on blockchain was made on September 24. The founder of the popular US tech news website TechCrunch Michael Arrington purchased an apartment in Kiev, settled on smart contracts and in Ethereum cryptocurrency.
Today, commercial real estate brokers, owners, buyers and sellers often use web services, but with blockchain seeking, buying, renting and performing other operations is done easier, and more effective in a transparent way.
It will give countless benefits such as: improving property search, effortless cash flow management, information transparency, and providing more efficient process of payments.
Banking and Payments
When it comes to payments and money transfers, by getting rid of the middle men between consumers. As a result blockchain technology will achieve faster payments at lower fees than banks.
When it comes to stocks and bonds by tokenizing them, it will alter the structure of capital markets. Additionally, eliminating number of bureaucratic structures in the loan and credit industry, the blockchain can make it more secure to borrow money and give lower rates, and make that information internationally available for all the banks for credit check.
Charity and donations
Implementing blockchain technology in charity can help people to overcome skepticism, increase trust based on the transparency and accessibility of information.
Thus donors will be able to make transactions without brokers, as a result it will remove commissions. Senders can track their transactions and be sure that their money will reach to its destination.
Blockchain technology can forever change the education system. Students will store their degrees and certificates on a blockchain technology. Without spending additional resources to confirm the validity of the certificate to third parties. There won’t be the need for students every time to identify themselves with different organisations. Moreover, they will have full control over their educational and working experience data.
Several universities have already implemented blockchain technology. It includes famous universities as MIT’s, Media Lab The Open University UK, The University of Nicosia in Cyprus.
Blockchain as a Service
BaaS (Blockchain as a Service) is similar to SaaS (Software as a Service). BaaS provides supplying and managing aspects of a distributed ledger technology infrastructure. specifically The main advantages of BaaS are cost saving and reducing technical barriers to implementing blockchain.
With an increasing number of companies expressing interest in blockchain, industry leaders started to offer their own blockchain platforms. One of the first software vendors are IBM, Microsoft, and Oracle that offers BaaS.