Blockchain technology is gaining more prominence than ever. As the world has welcomed 2021 with full hearts, Blockchain is becoming more popular. But why so much hype, popularity, and buzz?. So, All your questions will be answered in the next 10 minutes. Come, let’s understand the top 4 real-world use cases of blockchain technology.
Because Blockchain technology is much popular in business-to-business sectors like healthcare, finance, supply chain, and more.
As we already know that blockchain is the digital ledger. So, It keeps track of all the transactions between two entities. you can now witness no more frauds in the transactions.
So, Let’s discuss the real world use cases of blockchain technology in 2021.
1. Healthcare
Healthcare is one of the prominent industries. Here blockchain has many applications and uses cases. The applications involve fields like data, security, systems management, and more. Some of the blockchain use cases in these fields are as below.
- Maintain the health records.
- Keep track of medical facilities.
- Secure digital payments.
- Efficiency and cost reduction.
Some of the Prominent Applications of Blockchain in healthcare are here.
- With blockchain, the officials can store and access the data records with utmost integrity and transparency.
- People themselves can access their medical data from any part of the globe.
- Digital transactions can be made in the most secure environment.
2. Finance
The finance industry alone contributes 20% to the global economy. It deals with billions of dollars each day. It is important to keep the environment safe and secure for a smooth process.
For years, issues like data breaching, fraud transactions, and heavy paperwork contributed to the loopholes of the system. But with the blockchain, we can put an end to these frauds and enhance security.
Blockchain includes high secure payment nodes. People can make global payments without any fraud activity interference.
Using blockchain, all the banking invoices and data can be made accessible. To the respective users to bring the transference in the system.
Along with that, with blockchain, the financial systems or devices can be made effective in its operations.
3. Supply chain
Did you ever wondered how you are getting the milk by morning without delay?. Or how veggies and daily products are available within time?. It’s all about the supply chain.
The major application of the blockchain in the supply chain is automation. One can automate the process to maintain the supply chain with more integrity and efficiency.
So, some of the applications of blockchain in supply chain are here.
- Reduced costs.
- Automation.
- Real time tracking of shipments.
- Less errors.
- Global transactions.
- Data visibility and verification.
- Automated supply chain.
4. User security
So, Identity management and security are one of the important aspects of the digital world.
In the modern world, tons of data are generating from millions of devices. Here comes the word “Security”. It is very important to uphold the privacy of user data.
The traditional systems are using the username and password system. It is used to store and access data.
Although people use complex password combinations. But still, we are facing many data breaches and data hijacks.
Applications of blockchain in Identity management and security are here.
- But Using blockchain technology we can use the security walls.
- It includes two factor verification or the multiple layer security verification as well.
- All the data can be stores with nearly untraceable by others other than the data owner.
- The data records and private information will be secure and safe with blockchain.
Final words
Blockchain is evolving rapidly. But, It’s applications and use cases found importance in major sectors of the world.
These are the top 4 real world use cases of blockchain technology that organizations can implement in 2021. That’s all about blockchain use cases.