The Many Uses of Blockchain Technology
Blockchain Use Case Scenarios
Blockchain technology may be the new kid on the block but it is certainly set to change the game when it comes to almost everything. Satoshi’s unlikely gift to the World has already started causing problems in the right direction.
So much so that Bitcoin price news has become what many people are searching for, because a digital asset is now described as the gold of the 21st century is something that humanity hasn’t quite seen before.
As such, everyone who is excited at the success of Bitcoin now want to see what they can do with the underlying technology. Blockchain technology is known for two basic traits: transparency and security.
Any process that is placed on any blockchain is sure of having these two traits. Blockchain technology has many uses and it can be used to achieve almost any aim when it comes to business processes.
It is All about the Distributed Ledger Systems
One critical point to note is that distributed ledger systems form the core focus of blockchain technologies.
Once that can be fully settled, then the blockchain can then be implemented in any way, form, and manner.
Use Case 1: Tracking Systems in the Logistics Industry
In the logistics industry, tracking systems have been one major issue as tracking systems always have one issue or the other. The truth is that most of the problems occurring in the logistics industry can be traced to centralized technology.
With blockchain systems, nothing happens quite by accident. Every entry into the ledger must be confirmed before it becomes a part of it.
This also allows for error reporting and the elimination of double entries of records which also are a core problem with logistics systems.
The implementation of blockchain technology ensures that this use case scenario plays out well and in cases where they have been employed.
Blockchain systems can even be employed for everyone in the entire logistics supply chain to drive down the cost of centralized systems implementation and maintenance.
Smart contracts for specific situations or to put into effect certain conditions can also make the
An example where this is employed is the Cerasis blockchain. Cerasis covers virtually everything that any logistics firm does on a minute-by-minute basis.
From accounting and audits to customs to goods classification by all categories, Cerasis has been able to present a working case scenario on how blockchain technology is solving the problems of the logistics industry.
Use case 2: The Healthcare Industry
The healthcare industry is one place that blockchain technologies can revolutionize everything concerning it.
Since distributed ledger systems have to do with how data is stored and confirmed, healthcare records come first in this regard.
From drug supplies to insurance, from treatment regimens to surgery and even the applications of artificial intelligence in all spheres of medicine, blockchain technologies can solve the problems that we currently face.
Smart contracts can help create situations where treatment regimens, medical histories, alarm-based systems for critical cases for patients and even down to post-treatment care are strictly adhered to.
One real-life scenario is Medicalchain which deals primarily with medical records, their understanding of how they are handled and control of who has access to what, where and why.
Healthcare needs a boost in times such as these and blockchain technologies might just be the answer!
Use case 3: The Hospitality Industry
Let’s face it. Hospitality is one of the biggest businesses of all time. Records of hoteliers and their client are some of the trickiest records to store security-wise.
With the rise of the internet of things and artificial intelligence, it has become easy to predict consumer behavior.
However, the major problem of centralized systems is the security of the data that has been stored.
This has created problems where data breaches have led to major scandals and the privacy of the client is no longer assured.
Double spends, fraud, corporate malpractices to name a few have been some of the issues that the hospitality industry has faced over time.
With blockchain technology, most if not all of these problems can be solved.
A practical use case scenario that ensures that end-to-end solutions are provided for clients in this critical sector include the TUI group and TRUST as solutions that provide the much-needed solutions to areas within their areas of specialization.
TUI offers bed swaps enable hotel room management based on smart contracts. TRUST, on the other hand, offers everything needed as regards data management for the restaurant industry globally using blockchain solutions.
These and more offer the best solutions as the hospitality industry is one of the biggest places where blockchain technology can thrive.
There are many other industries where blockchain technology is being employed, however, these present the critical sectors where the technology is thriving as of now.
In essence, the applications of blockchain technology in today’s world offer a whole new world of altcoins as tokens.
Altcoins will no longer be news.
They will be very present and many won’t understand but will want to use anyway.
Do you know of any other industries where blockchain technology is being used? Please let us know in the comments below!