The words Bitcoin and Blockchain can generate skepticism for some people not interested in digital assets, but the potential uses of blockchain outside of just cryptocurrency are proving to be more captivating.
These other uses for blockchain technology have the potential to improve many different areas of everyday life. The areas of vulnerability that need this new technology continue to appear and, as the technology is better understood and develops over time, solutions will follow. These blockchain use cases are expected to revolutionize and disrupt what is currently available for the better.
So, how are companies adopting the blockchain? Adding to the diverse range of blockchain use cases that can potentially improve upon the current offering, these are some more examples that highlight the potential of the technology across different industries.
Improving the Gaming Industry
There has been a lot of worry in the gaming space about the growing market of ‘micro transactions’, especially in mobile gaming. One way to improve this is through the use of cryptocurrency, for example. There have been several successful examples of gaming on the blockchain, but not all avenues of application have been explored yet.
In-game items, a key part of the gaming industry are one area targeted by blockchain. The items will not only be much more secure and less likely to be stolen but will also increase in value as they gain new functionality both in and out of the game. Non-fungible assets will also allow for more customization and variety.
Full on gaming on the blockchain still faces many different hurdles relating to scalability and speed. It will likely take some time before the gaming industry can take full advantage of the technology. For now, it can definitely embrace many different aspects that will improve gaming for all involved.
Increasing Transparency for Insurance
When it comes to insurance, having a transparent, immutable ledger for keeping track of and executing contracts would greatly increase the efficiency and speed of payouts. Currently, the processes associated with insurance is slow and expensive, giving the industry a bad image. However, the application of smart contracts would likely change this for the better and has begun to be applied already.
Using this technology, it is possible for insurance policies to execute immediately and with the agreed upon compensation. This greatly reduces the amount of bureaucracy that the industry has become infamous for, and helps the claimant get the money when they need it most. This, in turn, reduces costs, with the added benefit of being more secure. Fraud prevention is another benefit that helps reduce prices, thanks to the blockchain.
Modernizing this multi-million dollar industry will also have some humanitarian benefits. More people will have access to insurance, as the process is made simpler much more convenient for the end user. Reduced costs mean there is a lower barrier to entry, further expanding the scope of the insurance industry on the blockchain.
Helping to Secure Healthcare
Healthcare is an understandably important industry. There should be no chances taken when it comes to well-being and so adopting blockchain technology is an important step in improving coverage. Whether it is ensuring that certain drugs that are being taken do not interfere with each other or cause issues, or increasing efficiency through smart contracts, there are many ways it can help.
When it comes to things such as vaccinations and immunizations, the blockchain is perfect for keeping track of what has already been given and when they need to be topped up. This will help people stay up to date and avoid illness due to a missed vaccination. This also has use when it comes to travel, as some countries require proof of vaccination for certain diseases before entry is allowed.
There is a lot that can be said about how blockchain adoption in healthcare can potentially save the lives of countless people. Beyond the current payment-related uses and the much-lauded smart contracts in place today, broader applications that secure the drug supply chain or even the possibility to reduce the ability to falsify data from clinical trials will help improve the industry further.
Decentralizing the Real Estate Market
The real estate industry is another example where bureaucracy and red tape severely hamper the experience. It is a long and drawn out process which may likely deter potential customers from getting involved.
The applications of blockchain in real estate is multi-faceted. It will help to remove intermediaries, such as brokers, bankers and lawyers, that are currently common throughout the process. There are many parties that handle paperwork and going through all these channels makes the process very complex. Thanks to the use of blockchain technology, this will ultimately lead to less time, reduced cost and less opportunity for error.
It is also much more democratizing, as it greatly reduces the upfront costs traditionally associated with real estate investment. That is not to mention the processing fees. The ability to essentially own ‘digital shares’ of property means people can start out small while still having the opportunity to make money on an investment.
Tokenization is a very big opportunity for real estate. Not only will it open it up to a global market, but it also enjoys all the benefits that come from being a cryptocurrency, including security and transparency.
Who Uses Blockchain Technology Today?
When people ask ‘what is blockchain used for?’, the majority will think about cryptocurrencies like Bitcoin. However, this is just one of many possible uses. It is always fascinating to see new and novel ways in which the technology can be utilized to improve traditional industry, or even create something new. For this reason, more and more people will begin to make use of it in their day to day lives.
Its ability to reduce bureaucratic processes is an almost universal benefit that can be seen across a wide range of industries. Other strengths such as immutability also help to enhance security.
As more blockchain projects come to light in the future, it is almost certain that new innovations will follow. The technology still has a long way to go before it reaches its envisioned success. Regulation may be necessary for ensuring that practices are followed. However, step by step, it is getting closer.
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