Blockchain and crypto projects

Top 10 Blockchain Real world Use Cases

Introduction

Trust via technology is now a label of integrity and safety generated by the

Blockchain technology. And this is attributed to the reliability this decentralized

technology proved to keep any kind of Data safe, secret, and transparent and

protecting it from any type of violation through hacking.

Blockchain technology is not just for cryptocurrency, it is being used now by many

organizations, in finance, medicine, sports, betting industries, and in business of

all kinds.

Blockchain benefits

The Ledger technology allows for transparency and time saving thanks to the

distribution method of data for any digital assets.

These assets are the digital form of literary any kind of content, be it audible,

motion pictures or digital documents, which are represented by Tokins.

That’s why Blockchain technology is involved in a lot of real world cases.

Here are top 10 of these cases ..

1- Finance and Banking

The usability of blockchain in finance is extensive and contributes to a major part

of services.

One of the important uses is payment, thanks to Bitcoin and other currencies,

transactions now are safe and secured with a complexity of ledger system.

The usability of these currencies themselves are varied. For example, Ethereum

now is being used in smart contracts (a computer program that executes itself

when certain conditions and terms are met), it’s the first cryptocurrency to be

functioned this way.

Another important one is accounting in banks. Using the blockchain in accounting

is inexpensive and allowed for the reduction in transaction fees. Third-party

services are no longer needed which contributes to a huge success in reducing

errors, frauds, and avoidable costs.

2- Bitcoin

Bitcoin itself is the major success of blockchain technology.

To own a bitcoin means you own a digital cash that can be used in literary any

transaction you want.

The difference here is that your coins and your transactions are both secured by a

complex cryptographic security system in the blockchain technology. This way,

there’s no need for any central banks to verify it, and your transaction is recorded

and verified by thousands of others in the blockchain, making the theft much

harder to occur. It’s safe and both time and cost saving.

A single bitcoin now equals around 60.000 USD, and many corporations now, like

Tesla, are investing in this currency and facilitating a payment method using it.

3- Personal Identity

Our presence online is much more important now than in real life, and with 1

billion people not having an official proof of their identity, their freedom and

access of services are both limited. Online identity is a must now, and nothing

more important to be secured than identity! As these Data are frequently used by

companies and organizations.

Therefore, blockchain technology appeared to solve these problems. Nearly all

people now own a mobile phone, and this allowed for blockchain-based mobile

identity, and what blockchain technology adds here is the lack of errors, breaches

and hacking attacks that happens in large centralized systems, where personally

identified information of millions of users are stored.

Blockchain technology allows for new identity management systems, like selfsovereign identity, where your digital identity will be safe and secured.

4- Art and Entertainment

Digital arts now is a very popular bussiness, involving art, music, and even tickets.

But, unlike physical arts, when it comes to digital art the fraud and copyrights

violation might be much easier.

Blockchain technology is the foundation of NFTs, Non-fungible tokins, which

means an irreplaceable online currency. This currency is tradable like bitcoins, but

unlike bitcoins, each tokin has it’s own value represented by the type of digital art

it holds (certificates of ownership), which can’t be interchanged, and its

ownership is recorded on the public ledger. thus, arts can’t be forged because the

ledger is maintained by thousands of computers worldwide.

These tokins are part of Ethereum blockchain, which is used in smart contracts.

In 2011, the Nyan cat meme was sold for 600.000$ in Ethereum on the

blockchain.

5- Betting industry

There are more benefits, besides anonymity, for the blockchain technology when

it’s compared with the traditional betting.

On a one level, the process of handling the bets by bookmakers involves human

efforts, which is prone to many errors and alterations.

While in the blockchain, third-party services are much reduced and the errors as

well.

On another important level, the security itself which raise many concerns

especially in a field where cheating happens anytime.

Using blockchain, each block (bet) is secured with a hash code featured upon the

previous one. Therefore, any alteration in a certain block causes alteration in the

whole series of blocks, which costs the bookmakers money, time and effort.

6- Online advertising

Your online experience is very personal and you have the right to share it or keep

it from third-party services. However, we always encounter intrusive and

unwanted ads that might be based on whatever we show interest in.

Brave browser, which is based on blockchain technology (tokenization), offers you

to keep your browsing anonymous and your data secret. In addition, you can

chose what ads can be showed for you in exchange for ‘Brave Rewards’.

7- Logistics

Logistic processes usually consists of multiple parties needing mutual execution

along every step in the process. This collaboration is managed offline and

manually, allowing errors to occur and sometimes waste of time.

Thus, when blockchain get involved in these processes, there will be room for

transparency, speed, and traceability to occur.

This way the data shared between parties are kept secure and safe from fraud

and any alteration is nearly impossible, as this step will go through a strong

verification process.

There also will be a reduction in intermediaries, and thus reducing cost and time

of any process.

8- Governance and Democratization – DAO

The idea of decentralization in blockchain inspired the invention of decentralized

autonomous organizations.

The problem with the traditional organizations is the lack of transparency in the

hierarchical system and their decisions. While in DAO, once the organization

established, the stakeholders are in the same power with the original creators

regarding decision-making and actions taken by any member, from the bottomup.

This way, there’s no need to trust the hierarchical system, as this trust will be

replaced with a simple code that can be tested extensively allowing voting

between members over decisions. This way, the agent will not deviate from the

principal major goals.

These organizations give the chance for early investment through tokens and

smart contracts, and a new block will be added to the ledger system.

9- Ownership

The way blockchain gets involved is somehow complex. But to replace paper work

is something that would solve the problem of fraud and theft.

The properties get attached to a certain tradable but non-fungible (colored) coins

(transaction output), this process is established on an owner. Each coin has its

own transaction history that ends to the owner.

When this object is transferred or sold, the old coin is spent and a new one for the

new owner is created on the ledger system. This process happen without

intermediaries so that little trust is needed and cheating would be impossible.

This process is applicable for something like cars or antique ownership where you

can attach a traceable chip for the coin to prove ownership. However, a problem

might appear when it comes to real estate ownership, where a third party, or a

registry, might be needed.

Another important application of blockchain in intellectual property is the

technology-based IP registry. This technology saves a lot of time and paper work

for inventors when they register new IP to transfer their ownership and use it for

their profit via smart contracts.

10- Others

Blockchain technology is now extensively involved in many promising things.

In space travel, for example, blockchain technology facilitate the exchange of data

and value between the participants of the space travel projects. It also allows for

financing of the space startups via Initial coin offerings (ICO) and initial exchange

offerings (IEO)

When it comes to IoT, private blockchain networks are created for devices to send

and share their data without using any centralized authority, and all transactions

are recorded so any disputes are solved easily.

It’s important to note how useful blockchain technology in medial fields.

Security and privacy of patients Data is a major issue in this field with 3.705 data

breaches have been recorded between 2009 and 2020. That’s because the

traditional methods of storing data have many flows and can be hacked.

But with blockchain technology, medical records can be securely encrypted and

kept safe completely.

Blockchain Usage and Utilization Examples

We have illustrated how blockchain technology is being used in different fields as

real world use cases.

And here are some popular examples of the usability of this technology.

1- BurstIQ – Healthcare

Using BurstIQ, your sensitive data are securely transferred between you and your

doctors using the security power of blockchain technology

The smart contracts used here can identify what information can be shared or

displayed. It provides a solution for the most frustrating issue in healthcare

industry.

2- Mediachain – Art industry

it’s a peer-to-peer decentralized technology that uses smart contracts for

musicians to profit from their content in a way that’s safe, rewarding, and without

a third-party control.

In this way, musicians get to earn the money they deserve with no delay or fraud.

In 2017, Spotify acquired this technology to improve music attribution.

3- Xage – Cybersecurity

Xage is a cybersecurity platform for IoT companies, and it’s a first of its kind to use

blockchain technology.

Xage now is managing billions of devices involved in many fields, such as

manufacturing and transportations.

4- Patientory - Healthcare and cybersecurity

Patientory is a medical record system that collects your data and medical history

in a single profile for medical providers to access and find whatever relevant info

they need.

The platform allows for communication between the doctors and patients as well.

5- VOATZ

Thanks to blockchain technology, we now have a platform that secures the voting

process via encrypted biometric security system.

People now can vote from anywhere without any alterations in data or the

voting process.

It’s already been used in elections to collect votes in West Virginia.

Future of blockchain technology – 2022 and beyond

Perhaps all you know about blockchain technology is the cryptocurrency, but

bitcoins is just a glimpse of how this technology might affect the world replacing

the traditional methods of trading and improving privacy and security of any

online experience.

As the industry of digital assets is emerging now along sports, music, and all kinds

of entertainments, NFTs provided the best management system. These tokins can

represent nearly anything digital, and in March 2021 the sales of cryptocurrencybased top 10 collectibles increased by 400%.

The security and speed this technology offers in transactions, makes it the best in

replacing the traditional banking transactions, where hours and costs are lost due

to the bureaucracy of central banks

Conclusion

Countless benefits can be mentioned for this technology, ranging from identity

management to the voting process and healthcare management.

In near future, everyday action will involve this genius technology, sales will get

easier to handle and our online experience will no longer be a threat for us.