The ideation behind blockchains started as a way to support Bitcoin cryptocurrencies. Currently, it is used in everything from contracts to banking. Here are the top 20 applications of blockchain technology in business, with several ways to use blockchains.
Top 20 Blockchain Applications (Short List)
1. Artist Royalties
2. Banking
3. Data Storage
4. Digital IDs
5. Financial Exchanges
6. Gambling
7. Government Benefits
8. Insurance
9. Law Enforcement
10. Lending
11. Logistics and Supply Chains
12. Money Transfers
13. Non-Fungible Tokens
14. Payment Splitting
15. Real Estate
16. Sales (Goods, Services)
17. Security IoT Networks
18. Securing Personal Information
19. Sharing Medical Data
20. Voting Machines
20 Blockchain Applications
1. Artist Royalties
Blockchain technology helps artists receive their pay by determining ownership of files and reducing duplicity and piracy.
With track playbacks, distributing pay on streaming services gives artists more transparency and accuracy with payments.
2. Banking
Blockchains are changing banking as we know it. Aside from transferring funds, you can quickly validate transactions and avoid hacked accounts or math miscalculations.
3. Data Storage
With decentralization, data storage is easier and more secure. It is cost-effective and harder to hack and remove files, as businesses do not need additional servers or software.
4. Digital IDs
Blockchains let you create digital company IDs. Managed with a set of private keys the owner retains, they help reduce personal information shared online.
5. Financial Exchanges
Security exchange blockchains streamline transactions, and decentralized exchanges do not require investor deposits. These applications work best with crypto exchanges and traditional investments.
6. Gambling (Sports Betting, Casino)
Sportsbooks and casinos use blockchains for transparency when recording deposits and withdrawals. The safest betting sites provide all users an extra layer of protection and security.
Cryptos are instant and fee-free. And cryptocurrency use cases are not limited to Bitcoin. Players can stay anonymous without sharing sensitive bank data.
7. Government Benefits
Beneficial to administering government benefits (welfare, Medicare, Social Security), the ledgers are hack-proof and mitigate fraud. Recipients can receive their funds faster with digital disbursements.
8. Insurance
Interesting crypto projects include smart contracts which expedite medical claims. More transparency and less paper lower operational costs, reduce duplicate claims and decreases human errors for faster processing and payouts.
9. Law Enforcement
Law enforcement agencies use blockchains for criminal databases. With fast access to criminal names, they can quickly run searches, view crimes committed, and verify biometric details with fast access to criminal names.
10. Lending
For mortgage and automobile applications, lenders and applicants can quickly execute loans, expedite repayments, and locate better rates.
11. Logistics and Supply Chain Tracking
Tracking items is the most efficient blockchain technology for businesses like Amazon and Walmart.
Gartner says blockchain adoption can radically alter business models. Because you cannot manipulate blockchains, partners have more trust and can meet demand.
12. Money Transfers
Transferring money is cost-efficient. It is also quicker than traditional financial services.
13. Non-Fungible Tokens
Non-fungible tokens (NFTs) let you buy digital art. They cannot be duplicated and are cost-efficient (no maintenance or storage).
14. Payment Splitting
Blockchains have no transfer fees. Split a tab, share a ride, and use public keys to scan QR codes to move money instantly.
15. Real Estate
Real estate transactions include lengthy paper documents. Blockchains can organize and securely store these forms.
With faster sale transfers and transactions, storage costs are lower (no files, filing cabinets).
16. Sales of Goods and Services
Blockchains are helpful when making purchases to securely buy and sell items without the risk of third-party compromise.
17. Securing the Internet of Things Networks
Blocking nefarious actors can reduce hacking incidents. Hence, blockchains provide security to the Internet of Things (IoT). Passwords in decentralized networks (not servers) stop data tampering as blockchains are immutable.
18. Securing Personal Information
With the application of blockchains in banking, public ledgers are a superb way to store personal data (passport, birth date, social security number). Hence, blockchains are more secure than storing identifying information on computers.
19. Sharing Medical Data
Blockchain app development helps the medical, dental, veterinary, and pharmaceutical industries.
Medical professionals can protect personal identifying information (PII) and securely access real-time records, x-rays, reports, insurance forms, and charts.
20. Voting Machines
Blockchain technology reduces voter tampering and lets eligible voters cast their ballots once. In the future, voting by smartphone might be available, which can lower election costs.
How and When to Adopt Blockchains
Companies should question if now is the time to adopt blockchains. While they offer transparency, security, and cost-effectiveness, not every business will benefit.
A few tips:
1. Decide on public, private, or hybrid blockchains, or create custom blockchains.
2. Other options include customizing existing applications or developing smart contracts or dApps.
3. Begin with a minimum viable product and end product application. Repeat the process to improve your blockchain.
Expert Q&A
What is a Crypto Application?
Crypto apps let you buy, sell, trade, and hold cryptocurrencies.
What is the Best Crypto App?
Coinbase is the most popular and available in over 100 countries.
What are Examples of Blockchains?
Examples include public, private, consortium (federated), and hybrid.
What are Crypto Technologies?
Crypto technologies are virtual or digital currencies.
What are the 4 Types of Cryptocurrency?
Cryptocurrencies include store of value (long-term purchasing power), digital currencies (daily transactions), utility tokens (goods/services), and security tokens (real-world assets).
What is the Biggest Blockchain Company?
Coinbase (Nasdaq: COIN) went public in 2021. With $5.9 billion in revenue and $3 billion in net income, their market cap is $52.4 billion.
Interesting Blockchain Facts
• Blockchains were introduced in 2008.
• Satoshi Nakamoto created the ledgers to resolve digital currency double-spending problems.
• They work with cryptography and use peer-to-peer networks.
• Blockchains use three different types of technologies: Private Key Cryptography, Peer-to-Peer, and Program, which is a blockchain protocol.
• An ample use for blockchains is with cryptocurrencies.
• Manage blockchain databases with distributed timestamping servers and peer-to-peer networks.
• Blockchains are value-exchange protocols where you store data in blocks.
Final Words
Because our digital data continues to increase, the demand for secure storage is necessary, and blockchains are transparent, resourceful, and useful for every aspect of a business.
