Blockchain and its Applications and Use Cases

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• The peer-peer network removes any third party intermediaries like banks etc
• The consensus, approval and the verify processes happen in real-time which ensures faster transactions
• Every involved participant has the access to the information stored in blockchain and no alteration can be done without the consent of them. This brings trust and transparency in the entire system
• As the distributed ledger systems are decentralized, they provide faster ROI and help businesses create a better business model that brings them more profits
• Blockchain network is highly secure and impossible to hack. This reduces any fraudulent activity to take place and promises to bring a reliable business platform to ensure productive business activities
• Blockchain’s algorithms are programmable and can be used to automate systems on the basis of prior terms and conditions

So, what are the different ways Blockchain can be used for?

As a Record

• Blockchain can be used to create a strong system for digital identity with the help of cryptographic keys
• As tokens, it can be used for authenticating physical items, proving useful in supply chains, fraud management and intellectual property management
• It helps in inter-organizational data management keeping an organized system of records especially the sensitive ones

Financial Institutions

• Blockchain can be very useful in audit trails
• It provides a more secure platform for transactions as it let goes any third party mediation keeping the key account information secure
• It can help settlement happen between the two parties almost instantly rather than the normal 2-3 days

Supply Chain

• Blockchain can be used to track down any information regarding the product – where and how it has come to the end user
• With the help of Smart Contracts management of these data will be easier and more secure

Real Estate

• The information can be stored securely and can be tracked down without the involvement of any intermediaries
• With a secure platform, the corruption and fraudulent activities can be nullified

Insurance

• Blockchain offers Minimization of Identity Theft and Limitation of Cyber Liability for insurance industry
• Decentralized Data Repository bring better Security for the companies and also help in the management of huge data

Healthcare

• Medical insurance and claims involve a lot of transactions every second. Blockchain can reduce process time and friction while dealing with compliance with contract terms.
• Healthcare has numerous data flowing in its environment. Patients personal details, medical history, advance medical records and much more and this technology can help them manage it better