Bitcoin was launched in 2009 to be the new monetary system of the world. However, Bitcoin and other cryptos underlying technology, blockchain, have expanded beyond the financial sector. The use of blockchain technology has spread across multiple industries.
The Revolution of Blockchain
Bitcoin was created to be a novel monetary system run by a network of computers around the world. It was proposed to make transactions with money less reliant on central authorities. To make transactions easier, the network of computers handles a specific type of database called the blockchain.
The blockchain makes use of distributed ledger technology, allowing for a verified recording of transactions that is secure through cryptography in accordance with the computer operating it. Ever since the Bitcoin blockchain was created, many developers have embraced the technology, adding more functions and uses to it. Its possibilities have expanded beyond cryptocurrency.
5 Interesting Blockchain Use Case
The use of blockchain technology is prevalent in the financial sector. However, many other industries are using it to solve problems. As crypto’s popularity increased over the last decade, it unlocked new uses of blockchain. Here are 5 interesting case use of blockchain around the world.
1. Real Estate
The real estate industry faces issues with administrative disputes, slow transactions, and distrust between intermediaries, sellers, and buyers. However, blockchain offers the industry better service.
The implementation of blockchain technology into real estate systems allows the automation of contracts and tasks, reduced cost, data tracking, and transparent listing. Additionally, blockchain technology permits hard-to-share assets, the crowdfunding of real estate through tokenization, and digitized contracts so transactions can be faster.
Developers created blockchain games soon after crypto became popular for finance and payments. Blockchain games were introduced to be a solution to imbalanced gameplay, possible shutdowns, payment woes, and manipulation by gaming companies.
Using blockchain, through the implementation of an open-source, transparent, and distributed network, players can participate in games. CryptoKitties is one of the earliest examples of blockchain being used in the gaming industry. Other blockchain games include Cartesi, The sandbox, Axie Infinity, Alien Worlds, etc.
Insurance is a record-intensive industry that benefits from blockchain technology with its uses, including record keeping, fraud detection, and reinsurance. Vulnerability to fraud and inefficiencies are some of the issues the insurance industry is plagued with.
With blockchain, more sophisticated versions of microinsurance products and on-demand insurance can be provided by insurers. Blockchain insurance innovations have vast potential to solve many insurance problems. A great number of insurance companies are planning or already incorporating blockchain technology in their respective business units.
One hot topic in the art world today is Non-Fungible Tokens (NFTs). NFTs uses the use of this technology has resulted in some arts selling for millions of dollars at auctions. NFTs development has brought about digital collectibles and crypto art.
Influencers, artists, and musicians are increasingly making use of this technology to make more profit from their unique and authentic work. NFTs can also be used for the authentication of real-world assets like jewelry and artworks.
Blockchain offers solutions to some security levels ranging from an entire nation to individual accounts. Blockchain security on an individual level includes self-sovereign identity, secure private messaging, protected data transmission, and security layers for Internet-of-Things (IoT).
Companies at the organizational level deploy blockchain for distributed record-keeping and the prevention of denial-of-service attacks on websites. Blockchain technology is currently being used for security purposes by governments of countries like China, Malta, and Australia.
Blockchain's use is beyond just being the underlying technology for cryptocurrency. There are many other uses cases, and companies are embracing the possibilities. You can read about some other blockchain applications and real-world use cases that are disrupting the status quo here.
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