Blockchain Tech in 2023
The Top 10 Most Promising Use Cases of Blockchain Technology in 2023
The phrase “blockchain” keeps coming up when discussing how technology has altered our way of life. With good reason, the blockchain technology is fundamentally improving many aspects of our way of life. Unquestionably, the blockchain tech represents a significant shift in record-keeping methods. Due to the numerous high-level use cases that blockchain tech promises, some of the most brilliant minds in the field have even given it the nickname “magic beans.” Since its creation, business owners in a variety of sectors have understood the advantages of this innovation. Let’s first grasp the fundamentals of a blockchain tech before diving into the list of blockchain tech use cases.
So, What Is a Blockchain?
A peer-to-peer network’s transactions are tracked via the decentralised digital technology known as blockchain tech. These documents are kept in decentralised, networked systems. Because information is held digitally and transactions don’t need a middleman, blockchain tech decreases vulnerability and improves transparency across the board of company. A blockchain tech refers to each collection of transactions as a block, and each block is connected to the previous one to form a chain. Each member has a copy of the blockchain tech, and all information stored there is open to the world. Because it is not under the jurisdiction of a single body, a blockchain tech is dispersed. We’ll talk about the ten most exciting use cases of blockchain tech in various sectors now that we have a solid knowledge of what a blockchain is.
Top 10 Use Cases of Blockchain Tech in 2023
- Supply Chain Management
The key challenges here are:
- Lack of insight into product movement across the supply chain; and
- Product authenticity issues, since customers occasionally receive fake goods.
The supply chain, as we all know, is a network created between a business and its suppliers. Blockchain tech claims to solve issues with the supply chain by digitising assets. It makes it possible to tag and correlate distinct identities with items, which are subsequently transferred to an immutable, open, and safe blockchain tech. Blockchain tech facilitates the tracking of crucial product data, including status, shelf life, time, and location. The supply chain of a product can be successfully transferred into a supply chain thanks to the digitalization of assets facilitated by blockchain tech.
Through a supply chain that uses blockchain technology, customers can confirm the legitimacy of their purchases. Products may be closely monitored at many points and stages of the supply chain. This enables interested parties to identify and resolve any problems.
- Digital Identity
Digital identity is a challenge nowadays because centralised organisations are more susceptible to identity theft and data breaches. Ownership is centred on the programmes and services that we have given permission to use our data for. An online database of data that belongs to people and organisations is what is known as a digital identity. Users may have access to and control over their data on a blockchain tech. Users can save their digital identification information in an encrypted digital hub rather than giving their permission to several service providers. People have access control over the hub and the ability to cancel access if necessary. The consumer may still manage how their digital data is utilised thanks to blockchain technology.
Voter fraud is a serious issue that currently exists in our democratic systems. In order to vote in this, a voter must be present in the polling booth. As a result, fewer people vote overall. Voting is a task that ought to be able to be completed online. However, because of worries about fraud and security, many people have refrained from voting online. Because blockchain tech provides a transparent record of votes cast, it can effectively alleviate these issues. A blockchain-based voting system is hard to hack because of the blockchain tech’s tamper-proof design. The blockchain tech makes it easier to conduct the electoral process from home. Voter turnout may rise dramatically as a result of this.
- Fundraising (Security token offerings)
Initial coin offerings have democratised the fundraising process, however there are certain drawbacks to this funding strategy. An ICO investment does not qualify as regular money, hence the rights of the investor are constrained. Brokerage fees, floating expenses, and the delay in clearing and settlement are a few of the drawbacks of conventional financial markets. The sale of tokenized financial instruments like debt and equities is made possible by security tokens, which are block chain technology tokens. Security token benefits include:
Allowing fractional ownership will lower minimal investments. They are instantaneously transactable round-the-clock and on secondary marketplaces through blockchain tech. As the tokens are in human hands and no brokers or custodians are required, this lowers the cost of the investing process. Initial Coin Offerings (ICOs) are far more immature and unregulated than Security Token Offerings (STOs) (ICOs). Since interested parties must legally register their goods and services with the relevant national authorities, STOs are less likely to be embroiled in regulatory difficulties.
Current: Medical histories of patients are not fully and clearly understood by doctors. This makes it challenging to offer practical healthcare treatments.
A key issue in the medical supply chain is fake or counterfeit medications.
Blockchain tech will act as a safe and impenetrable database to solve the issues the healthcare sector is now experiencing. A blockchain tech can be used to keep patient records. This makes it considerably simpler for medical professionals to understand a patient’s medical history. Additionally, blockchain tech would make it easier to identify and trace medications along the whole supply chain. It will enable the legitimacy of the medications to be ensured. The blockchain-stored data is within the control of the patients as well. Only when patients give their consent may others view your data.
Wealth in real estate is largely represented on paper. This opens the door for fraud or manipulation. The notarization of a document ensures the participants to a transaction that it is reliable and legitimate. The notarization procedure will benefit significantly from the use of blockchain technology. The blockchain tech is a good option for notarization because of its transparency and imperviousness to manipulation. Blockchain tech may be utilised to offer existence proof during notarization. With the use of blockchain tech, it is possible to demonstrate a document’s existence from the moment it was created and to track modifications. The document’s hash can be used to determine whether or not a document has been altered. The document will produce a different hash if there have been modifications, and the owner will be informed of the change.
- Food Safety
The chain of custody for food has grown both in length and complexity. The origins of our food are not disclosed. As a result, there are more tainted foods available. As food movement records are frequently kept on paper, there is a chance that incomplete data may be collected. Costly delays result from this. Blockchain technology enables rapid and simple authentication of a specific food product’s history, location, and condition. The blockchain may digitally store information on farm provenance, including lot numbers, storage temperatures, shipment information, expiration dates, and factory and processing dates. The food supply chain would be more effective if there was complete traceability. The information would be put digitally onto a blockchain tech, making it accessible to anybody with access to the blockchain tech.
- Intellectual Property (IP)
IT logs that aren’t kept up to date result in pointless legal action. Including a blockchain tech system can give a framework for correct and transparent IP asset ownership. A timestamp can be provided by tamper-proof blockchain techs to show the precise time that an idea was recorded. This will settle any disagreements over an idea’s source. Blockchain tech also benefits IP owners by shielding their IP assets from infringers like patent trolls.
- Energy Market
Blockchain tech contributes to decentralising the monopolised energy sector. Blockchain tech enables intelligently metered power produced by solar panels owned by individuals to be recorded, sold, and tracked in a ledger. Energy pricing will be dependent on the dynamics of supply and demand rather than a set, controlled price if power can be traded like any other commodity. Individuals can act as both energy producers and consumers in this fashion. Costs are cut and efficiency is increased as a result.
- Real Estate
Rent payments might be completely changed by the application of blockchain technology in real estate. As stakeholders, tenants, landlords, and service providers may safely engage with transaction histories or property information, a shared database promotes improved decision-making and profitability. Rental agreements and the issuance of unit titles are two operations that are made easier by the use of smart contracts. The cost of additional inspections, property taxes, registration fees, and loan fees might be decreased by automating these operations on a decentralised blockchain tech platform.
Blockchain tech enables users to protect digital relationships, which makes the impossibly possible. The blockchain tech has changed how data is currently gathered, exchanged, and safeguarded. Due to blockchain’s huge potential, a lot of clever and creative businesses are adopting it to streamline their operations and eventually take the lead in their respective sectors.
About the Author
Ahsan Azam is the author who specializes in avionics as well as research writing. The author has a keen attention to detail and is focused on providing interesting content to the readers.
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