Blockchain is still relatively new, although banks and other industries are already innovating with blockchain technology.
Summary of Use Cases:
- Finance and Banking
- Identification Technology
- Internet-of-Things (IoT)
- Supply Chain Management
- Artificial Intelligence (AI)
Finance and Banking
Banks and other financial institutions were the first public organizations to innovate with blockchain technology. For example, JP Morgan launched a blockchain-based platform to minimize friction in the global payments process. More than 75 different multinational banks already use JPMorgan’s IIN platform. At this point, the technology is probably ahead of regulations, and it’s not always clear what to expect in terms of protection, privacy, and dispute resolution. However, this is the area that blockchain disrupted from day 1 with no signs of slowing down.
Advantages of combining blockchain with Banking:
- Blockchain-based money transfers saves time and money for everyone involved
- Smart contracts automate activities that add cost, complexity and delays to transactions
- Fraudsters can be identified quickly and accurately through a blockchain-based digital ID
There are many existing challenges facing healthcare that blockchain technology can solve. One of the greatest challenges is the ability for individuals to own their health-related data. With blockchain, patients can have absolute proof and confidence that their medical record cannot be changed. The same concept can be applied to clinical trials. Also, in an increasingly globalized world, any party seeking to exchange medical data about a patient cross-borders could check the blockchain for permission to do so.
Advantages of combining blockchain with Healthcare:
- Blockchain ensures medical records are temper-proof
- Medical data can be shared cross-borders in a permissioned manner
- Patients can pay for medical services instantly, and check their prescription history
Identity management used to be about storing information regarding passports, credit cards, phone numbers and emails. However, with the advent of biometrics technology verification (i.e. fingerprints, facial and eye scans), the security of personal information is on the minds of all major companies. Combined, the two technologies can revolutionize the world.
Advantages of combining blockchain with Identification Technology:
- Blockchain secures your biometric data
- Pushes the adoption of biometric technology, a next-gen identification method
- Removes the need to remember private keys, passwords, key fobs, and PINs
IoT and blockchain are two topics which are causing a great deal of hype and excitement in the technology circle as well as the business world at large. There are several clear advantages to the idea of building smart machines able to communicate and operate via blockchain.
Advantages of combining blockchain with IoT:
- Complete oversight of data and physical objects
- Syncing devices onto smart contracts
- Security of confidential data
Supply Chain Management
Some supply chains are already using blockchain technology. Within the food industry, for example, major companies like Unilever, Nestle, Tyson and Dole are using blockchain to keep track of its products (i.e. pork, chicken, and milk) and the provenance of food products. Experts suggest blockchain could become a universal “supply chain operating system” within the next few years.
Advantages of combining blockchain with Supply Chain Management:
- Augmented transparency as a product moves through the supply chain
- Nearly all logistics and record keeping tasks can all be done instantaneously
- An immutable ledger can reduce the number of audits required by internal processes
Artificial Intelligence (AI)
Blockchain and AI are seemingly on two extreme sides of the technology spectrum: one fostering centralized intelligence on close data platforms, the other promoting decentralized applications in an open-data environment. However, some companies are looking for an intelligent way to make them work together.
Advantages of combining blockchain with IoT:
- Improve trustworthiness of AI technology
- Increase effectiveness, reduce network latency and lower energy consumption
- Allows AI to serve as the central switch (motherboard) of blockchains
Other Future Use Cases
These are just some of the major industries that are likely to see significant disruption from blockchain technology. The truth is, blockchain has the potential to disrupt nearly every single industry. Some industries that currently do not exist will also utilize blockchain technology. What opportunities do you see for blockchain within in your industry?
“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”
Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.