Use cases

Here are the hottest Blockchain technology use cases categorized under specific industries/applications:

1. Smart Contracts

Smart contracts Blockchain-based contracts enforced in real-time. They are created as an agreement between two or more parties without the involvement of any intermediary. The contract exists across a distributed and decentralized Blockchain network. Smart contracts are now a staple in healthcare, real estate, and even for government agencies. 

Use cases:

BurstIQ (healthcare)

BurstIQ used Big Data-based smart contracts to facilitate the transfer of sensitive medical data between patients and doctors. These contracts specify clear outlines and parameters for data sharing. They contain personalized health plans and other relevant details for individual patients.

Propy (real estate)

Propy is a real estate platform that uses a Blockchain-based title registry system. It automates all transactions for brokers, realtors, and their clients. Thanks to Blockchain tech, Propy makes title issuance instant and allows the buying/selling of properties via cryptocurrency.

2. Internet of Things (IoT)

The Internet of Things (IoT) industry is growing rapidly with billions of connected devices. The latest forecasts suggest that by 2030, there’ll be 50 billion devices in use globally. As this number continues to grow, it will increase vulnerabilities as hackers can easily breach your data through a single connected device. By integrating Blockchain technology in IoT devices, the possibility of data breaches can be reduced to a great extent.

Use cases:

HYPR (IoT/Cybersecurity)

HYPR takes cybersecurity to the next level by combining smartphone technology with the highly secure FIDO token. This is the secret behind its True Passwordless Authentication feature. Through its decentralized credential solutions and biometric authentication, HYPR makes IoT devices tamper-proof.

Xage (IoT/Cybersecurity)

Xage boasts of being the world’s first Blockchain-based cybersecurity platform exclusively for catering to IoT firms functioning in energy, transportation, manufacturing, etc. Xage’s technology can handle and manage billions of devices simultaneously. It extends zero trust identity, data security, and local/remote access for physical and digital operations in the cloud, OT, and IT.

Also Read: Blockchain Technology Use Case in Banking

3. Money Transfer

Money transfer and payment processing are the most excellent Blockchain technology use cases. Blockchain tech enables lightning-fast transactions in real-time. This has already transformed the BFSI sector for good as it saves both time and money (mostly eliminates transaction fees charged by banks/financial institutions). 

Use cases:

Circle (FinTech)

Circle uses USD Coin (USDC), the fastest-growing regulated Stablecoin, to help individuals run and establish their internet business. The platform offers around seven cryptocurrencies (Bitcoin, Monero, Zcash, etc.). Every month, Circle handles over $2 billion in cryptocurrency investments and exchanges. 

Chainalysis (FinTech/Cybersecurity)

Chainalysis offers Blockchain data and analysis reports to financial institutions, exchanges, and government agencies in 40 countries across the globe. Essentially, it focuses on helping institutions monitor cryptocurrency exchanges. Chainalysis’s compliance and investigation tools enable you to monitor and identify fraudulent transactions, money laundering, and compliance violations, thereby building a reliable Blockchain-based economy.

4. Personal Identity Security

Personal identity theft and hacking are hot crimes in the cybercrime domain. In 2019, nearly 14.4 million people fell victim to identity fraud, which roughly translates to about 1 in 15 people. From hacking and violating personal files to forging documents, identity theft comes in many different forms. Blockchain can help combat this menace by storing crucial personal information (for example, social security numbers, birth certificates, address, PAN, etc.) on a decentralized and immutable ledger. 

Use cases:

Civic (FinTech/Cybersecurity) 

Civic is a blockchain-based platform integrated with a digital wallet that doubles as an identity card. It empowers people by giving them more control over their digital identities. It seeks to accomplish this goal through Blockchain-powered identity verification, privacy-focused health status, and peer-to-peer Bitcoin transfers. With Civic, you enjoy the flexibility to share your identity and personal information only with the companies you trust. 

Evernym (IT)

Evernym allows you to manage and control your identity on the Web by leveraging its Sovrin identity ecosystem. Sovrin stores your personal information, and for each transaction, it functions as a communication agent between you and entities demanding your private information and verifies the data in real-time. You can develop and deploy self-sovereign identity solutions by using Evernym’s tech stack and market resources.

5. Logistics

Data siloing and lack of communication and transparency are the most pertinent issues of the logistics industry. Such obstacles become even more pronounced since thousands of companies operate in this domain, costing business time and money. This is where Blockchain’s data transparency comes in handy. Blockchain tech can acknowledge data sources and automate processes, thereby building greater trust and transparency within the logistics industry.