Top-15 Blockchain Use Cases and Applications in 2024
Blockchain is a decentralized digital ledger that records transactions in thousands of computers in a distributed manner for data integrity and to ensure that it is transparent, secure, and immutable. Each block in the chain contains some transactions, and once it's filled, a new block is created, linked to the previous one, forming a chain. This simple system secured by a sophisticated network of computers ensures that no single entity can control the data, and transactions are transparent.
But for those who know blockchain as merely the technology behind cryptocurrencies, we have aggregated a list of top use cases and applications of blockchain technology across sectors.
Top-15 Use Cases & Applications of Blockchain
Blockchain's traceability ensures the authenticity of drugs, tracking them from manufacturers to consumers. For instance, companies like Mediledger use blockchain to track pharmaceuticals, ensuring they aren't counterfeit. Blockchain technology also provides secure platforms like Patientory for storing patient data, ensuring privacy and easy access for authorized personnel.
Supply Chain Management
Blockchain offers real-time tracking of goods, ensuring product authenticity and reducing fraud. It's especially vital in sectors like agriculture, where consumers demand transparency about the origin of their food.
De Beers, the diamond giant, uses blockchain to trace the journey of diamonds from mines to consumers, ensuring they aren't sourced from conflict zones. Similarly, Walmart, the retail store chain, uses blockchain to track the origin of produce, ensuring food safety and reducing the impact of recalls.
Artists and creators can register their work on the blockchain, ensuring protection against copyright infringements and guaranteeing royalties when their work is used.
Musicians like Imogen Heap have embraced blockchain platforms like Mycelia, which allow artists to receive direct payment for their songs and performances, bypassing traditional intermediaries. Several other blockchain projects are working in the same domain.
Blockchain eliminates the need for intermediaries in property transactions, reducing costs and increasing transparency. Property titles and transaction histories can be stored securely and immutably using public blockchains.
For example, Companies like Propy offer global property transactions on the blockchain, automating the process with smart contracts and reducing the need for intermediaries, making cross-border transactions seamless.
Elections & Voting
Blockchain can create a transparent and tamper-proof voting system, ensuring the integrity of electoral processes and instilling trust among voters.
Countries like Estonia are exploring blockchain for electoral processes. Blockchain could ensure a transparent, tamper-proof system, reducing the chances of vote manipulation around the globe.
One of the biggest use cases of blockchain is in the Banking sector. In many cases, Traditional banking systems are often inefficient in cross-border transactions and settlements. Blockchain facilitates instant and secure global transactions, reducing costs and waiting times.
Ripple, a blockchain solution, is being adopted by banks like Santander for real-time, cross-border transactions, significantly reducing costs and transfer times.
Blockchain allows for peer-to-peer energy trading, enabling homeowners to sell excess energy directly to neighbors, promoting sustainable energy practices.
A blockchain-based platform called Power Ledger allows homeowners to sell excess solar energy to their neighbors. This not only promotes green energy but also reduces costs for consumers.
Educational institutions can issue blockchain-based certificates, reducing certificate forgery and making credential verification effortless for employers.
MIT has issued blockchain-based certificates to its graduates, ensuring the authenticity of academic credentials and making instantaneous verification by employers or institutions.
Blockchain streamlines the claim process in insurance, reducing fraud and ensuring faster payouts. AXA has introduced "Fizzy," a blockchain-based insurance product that automatically compensates travelers for flight delays, providing a transparent and hassle-free claim process.
Artists can use blockchain to manage digital rights, ensuring they're compensated for their content while preventing unauthorized distribution. Blockchain platforms like SingularDTV offer solutions for artists to manage and monetize their content, ensuring they're paid fairly and preventing unauthorized distribution.
From manufacturing to sale, every aspect of a vehicle's life can be recorded on the blockchain, ensuring transparency and aiding in aspects like insurance and resale. Renault has explored blockchain to capture the entire lifecycle of their vehicles, from manufacturing to sales. This aids in factors like insurance, maintenance, and resale.
Retail & Luxury
Brands can use blockchain to prove the authenticity of luxury goods, and consumers can trace the origins of their purchases. Luxury brands like Louis Vuitton use blockchain to establish the authenticity of their products, allowing consumers to verify the origin and ensure they're purchasing genuine items.
Smart contracts automatically execute, control, or document legally relevant events based on blockchain, reducing the need for intermediaries and ensuring contractual obligations are met.
Leading blockchain platforms, like Ethereum, offer smart contract functionality. The lines of code have terms of agreement directly written into these self-executing contracts, ensuring obligations are met without intermediaries.
Public Records & Governance
Government records like land registries, birth and death certificates, and business licenses can be stored on the blockchain, ensuring transparency and reducing bureaucratic inefficiencies.
For example, Dubai aims to have all its government documents on the blockchain by 2025, ensuring transparency, reducing bureaucratic inefficiencies, and fostering trust among its citizens.
Blockchain can track and verify carbon credits, promoting sustainable practices and allowing companies to trade in carbon offset markets. Platforms like IBM's Hyperledger are being used to track and verify carbon credits, promoting sustainable practices and allowing companies to trade in carbon offset markets.