Blockchain Beyond Cryptocurrency

You think Blockchain is just Bitcoin? Think again. While the world goes crazy with crypto valuation, Blockchain has turned its heads to businesses. It’s not only a currency-obsessed network anymore. This digital ledger is now revolutionizing the industries that touch our daily lives; often we don’t even get to notice it.

From progressing in healthcare, simplifying property transactions, and securing elections to creating digital identities, Blockchain is now way beyond cryptocurrencies. It’s offering solutions to problems that we don’t even know exist. It’s no longer only a buzzword, recording transactions and loving crypto — Blockchain is a revolution that’s just getting started.

According to Fortune Business Insights, the global Blockchain technology market is expected to be at $825.93 billion by 2032.

Now, let’s discover how blockchain helps transform industries.

What’s Blockchain?

Blockchain is a digital ledger technology that helps record and store data with decentralization.

It supports the exchange of currencies for making transactions. This technology is known as “chain,” as each block of data is somehow linked to the previous data blocks using the alphanumeric Hash algorithm.  

Initially, this distributed ledger had only digital currency use cases, but not anymore. Blockchain’s capability is stretched far wide now. You can see it making industries better and solving human problems with efficiency, unprecedented transparency, and security.

Let’s see some instances in which the distributed ledger helped transform.

4 Major Use-Cases of Blockchain Technology

It’s important to understand where blockchain technology can be used in our daily life operations. Its use cases include:

1. Supply Chain Management

Blockchain has transformed the supply chain industry by improving efficiency and building trust among the participants. It’s an immutable and unaltered data system that ensures each supply participant has access to a single, trustworthy source of truth. It offers end-to-end visibility so the customers can track products from the initial to the final destination.

Blockchain implementation has introduced automation in the supply chain industry. Also, the use of smart contracts helps enforce the settlements quickly, once predefined conditions hold valid.

If you have a supply chain business, you can also integrate blockchain to increase efficiency. However, make sure to use a secure and reputable cryptocurrency payment gateway for this purpose.

This one right here provides you the ability to accept Bitcoin and other stablecoins from anywhere in the world. You can then convert it into fiat and get a payout directly into your bank account. 

2. Health Sectors

Hospital industries are booming and all set to reach a record of US$4.23 trillion in 2024. Traditional data storage isn’t used anymore by hospitals. The healthcare market is now revolutionizing its old strategies with Blockchain technology.

Its decentralized nature makes sure a patient's record is stored in individual nodes across the network, leaving no suspects for failures and hacking. The data in the nodes can’t be altered or deleted. It’s permanent and immutable.

This data can even be shared smoothly with different healthcare providers to ensure the track is always up-to-date. Blockchain usage in healthcare has promoted remote monitoring as well. Data from wearable devices can be recorded and shared across different hospital systems. 

Smart contracts have been implemented in blockchain which offers so many perks like:

• Automating insurance claims

• Speeding up the settlement process

• Minimizing fraud risk

• Almost no paperwork

3. Banking

Other than exchanging digital currency, the banking industry has a lot of use cases. It revolutionizes the banking system with its decentralized environment. It brings all the transactions together on a distributed ledger with a timestamp on each batch to make it impossible for the hacker to control the system.

It has eliminated the need for intermediaries and third-party sources through smart contracts that ultimately reduced the cost. Banks that use blockchain technology have the fastest international payment settlement.

4. Government Sectors

Be it the government of the USA or Dubai, Blockchain is a hot topic of political backdrops. This distributed ledger technology records several cases of safeguarding citizen’s property, improving service, maintaining infrastructure, and keeping up with the people to improve the transparency of the system. Most first-world countries are exploring Blockchain to transform their nation’s lifestyle.

These governments want their people to adopt digital ledgers so they can also progress ahead of time. Dubai is all set to become a completely integrated Blockchain city by 2030. Estonia has started building a digital republic ecosystem by transforming its traditional manual systems to the Ethereum blockchain.

Brands with Blockchain Integration

Tech giants like Google, IBM, Nestle, Walmart, etc have integrated blockchain in their systems which makes them roll some big bucks into accounts. For instance, IBM developed the Food Trust Blockchain to efficiently trace food products. On the other hand, De Beers introduced Tracr to help them trace diamonds.

Porsche, the luxury car company, has also integrated blockchain into its cars for secure access, autonomous driving, and fast data transmission. The co-founder of Apple, Steve Wozniak, said that Blockchain will be the new Apple. All these blockchain consumer ships show how big this industry will be in the upcoming year.

Conclusion

If you’re thinking of integrating Blockchain into your business, it’s the right time. It’ll help improve efficiency and transparency and enhance security protocols for your customers. Blockchain isn’t only about crypto anymore, it’s beyond them. This technology is revolutionizing industries and helping them progress more quickly than ever.