It’s no surprise that blockchain technology is becoming more popular with time. This new, revolutionary way of doing business has applications in every industry imaginable and it seems like there’s something out today for everyone!
The benefits are huge- from healthcare databases to logistics networks; this system makes sure records stay accurate while saving plenty of paperwork or manual processes when dealing with suppliers/customers etc.. And don’t forget about legal systems where attorneys can easily access all proceedings without having any difficulties finding relevant information because everything happens online right at their fingertips.
Blockchain applications are designed and developed to make business processes more efficient and transparent so of course, there would be a multitude of options for every industry and need to choose from.
Table of Contents
Blockchain Use Cases
Organizations are utilizing blockchain technology to serve a variety of purposes in order to fast-track their services into future functionality.
Blockchain applications are bringing efficient and speedy solutions to industry and business endeavors.
Below are numerous blockchain applications and use cases in respective industries:
Financial Institutions
Investment Management – Blockchain offers a number of improvements to investment management processes, including the ability for everyone involved in an agreement or contract process access to one reliable source easily without hassle
This allows for greater transparency when it comes to verifying transaction validity and relying on trustworthiness.
Even though blockchains store data chronologically, uniquely identifying each entry will always reside within its original blockchain.
Cross-Border Transactions – Blockchain is a disruptive technology that has the potential to revolutionize how we do business. It’s being used by multiple organizations for cross-border transactions, which are becoming increasingly important as global trade grows exponentially year after year.
What does this mean? Well first off, it’s no longer necessary to send money across borders because blockchain eliminates any mediation or third-party involvement.
Not only will these improvements save time but also billions upon trillions worth of dollars.
Ripple is a company that focuses on the instant, reliable cross-border transfers for financial institutions by using blockchain technology and digital assets.
Banco Santander announced the launch of a new international payment service using blockchain-based technology in 2018. The service used blockchain to reduce the number of intermediary banks so that organizations or individuals can transfer money across borders faster, more securely, and more efficiently.
Trade Finance – Current trade finance processes consist of outdated practices such as analog paper processes. These systems prove inefficient and have vulnerable points such as the absence of a trusted central authority that allow fraudulent trading.
By digitizing trade finance, blockchain can enable transparent governance. It’s more efficient and reduces complexity and risk by eliminating intermediaries that are prone to fraud or error – all while being faster than traditional methods.
Capital Markets – The global market budget for enterprise blockchain applications is around $1.7 billion dollars, but this number could grow significantly with the introduction and adoption of new technology like Blockchain which affects how capital markets operate at every phase from trading to funding deals!
Public Sector
Transparent Budgeting – The Corruption Perceptions Index suggests that two-thirds of countries are considered highly corrupt. An application for blockchain-based technology could bring transparency to government budgeting decisions by making them accessible to the public.
This action may lead governments to act more responsibly and avoid wastefulness in their spending practices as well as show dedication towards upholding citizens’ needs while also working hard on reducing poverty levels around the world.
This idea has been proposed primarily because many people feel like there isn’t much they can do about it when an organization’s integrity goes down; but worse yet is if you don’t know exactly where your money goes or who has access to it then how do we ensure our security?
Digital Voting – Blockchain-based technology can help solve the problem of election fraud by decentralizing elections and creating a system where there is no single point for hacking or manipulating votes. This makes it much harder to gain access unless you have majority support from all participants in that network which creates transparency in how we choose our leaders.
FollowMyVote is a start-up that uses blockchain to ensure a transparent online voting platform. Individuals who are eligible, receive a token that allows them to vote only once and each vote is stored as a node in the blockchain.
Internet of Things (IoT)
Smart Appliances – Imagine a world where your smart home appliances are connected to the internet and store all their data on the blockchain. You can use this technology not just for security, but also to avoid any issues with these devices going haywire or needing repairs because they’re constantly being monitored remotely from afar!
IoT smart appliances store information from these devices in an immutable way making it difficult for cybercriminals to tamper with services.
One example of this is Patently Walmart. Each of their devices comes with a unique identifier and users hold a password accessible via their smartphones. The password enables users to manage each device knowing all transactions and messages are encrypted and passing through a secured network.
All configuration changes to the devices are stored in a tamper-proof blockchain solution making them auditable.
IoT monitoring – Blockchain offers an innovative way to track and manage assets with IoT sensors. The system can be transparent, easy for all users in the organization (especially those without access), provides peace-of-mind knowing where your product is at any given time–and there’s no need for expensive equipment or laborious processes.
Smart Contracts – One such application area of blockchain platforms, smart contracts can remove the need for trust by resolving problems related to it in order to make agreements between two parties more efficient.
The first step would be eliminating any intermediaries who might take their own vested interests into account when deciding what’s best for you – this includes lawyers specializing in trust law as well.
Blockchain use cases in the smart contracts category include:
-Smart contracts in insurance
-Supply chain management
-Financial data recording and management
-Copyright management
-Clinical trial tracking
-Property ownership transfer
Personal Identity Protection
Digital IDs (Passports, Personal IDs, Marriage Certificates) – The blockchain could help to solve some major problems in record keeping. For example, it would allow people control of their personal data and the way it’s utilized by different parties through encryption methods such as public-key cryptography or digital signatures which are used for authenticating electronic messages on computer networks.
Wills and Inheritances – Blockchain can be used to create an interactive digital will that benefits inheritors. Testators have the option of transferring their assets into a smart contract and then automatically executing it after death, or distributing them as they see fit through other means such as print-outs with instructions on how wills should work if this technology isn’t available for whatever reason.
When creating one’s Digital Will using blockchain technology there are many security features built right in due to its transparency which makes tampering impossible.
Choosing a Blockchain Platform
Once you have decided on your business use case, the next step is to select the right blockchain platform. Consider the following factors when choosing the blockchain platform:
Type of Blockchain you need
There are two different types of blockchains – permissioned and permissionless. If you want your participants authorized before participating in the network, then go with a permissioned network that allows only selected users access to its database or ledger while maintaining transparency for all other stakeholders on how data is stored on these networks so they can verify it themselves through their own nodes.
On contrast, if there’s no need at all for authentication from outside parties then unpermisssionary blockchain might better suit what you’re looking for.
Languages supported by the platform
Programmers need to be able to work with the right tools for their job. This means looking at what languages your team uses and evolving as technology moves forward.
If you have a team of in-house developers who work with different programming languages, for example, you may need to find an app development platform that supports specific types like Python or Java since they cannot mix them on one project without issues arising from confusion about code.
Features of the Ethereum platform:
Imagine if you could send money across borders in seconds, without relying on third parties like banks or governments. That’s what faster internet is all about – bringing our world closer together by cutting out the hassle of waiting for approval from some centralized authority! But there’s one problem: many blockchain platforms can’t keep up with how quickly people want to move around currency these days…
In order to scale, a blockchain platform needs to achieve a high TPS (transaction per second) rate. For example, Bitcoin can currently handle around seven transactions per second while Ethereum performs 20 and Stellar 1000 TPS (transactions per–second).
If you want your project’s needs met within this area then it is important that they are measured against what’s required before making any final decisions about which one will work best with yours.
Security
Keeping your organization’s sensitive information safe is a top priority. To do so, you need to make sure that the platform has been carefully selected and will maintain security as well! Some popular blockchain-based systems like Hyperledger Fabric or EOS have an excellent track record when it comes down to choosing platforms with strong protection features in place for all users of their respective networks which means they’re definitely worth looking into if this area concerns you at all
There are many different ways hackers can compromise cybersecurity but one way isn’t better than another – each approach has its own set of advantages & disadvantages depending on what kind of data needs protecting against etcetera
Smart Contracts Functionality
Smart contracts are a powerful way to structure and enforce agreements on the blockchain. They’re especially useful for validating actions, like payments or trades that happen automatically when their conditions are met – without having to go through an approval process first. But, not every network supports this type of smart contract functionality.
Blockchain Platforms
Polkadot (DOT)
Polkadot was created to provide an innovative platform to allow for integration with many other blockchain technologies. Its protocol is aimed at connecting authorized and permission equivalence blockchains with oracle, enabling the integration with other blockchain systems in a single system. Polkadot is most important for its relay chain which allows interaction with various network systems. A parallel blockchain is also available with its own native token for specific uses. Polkadot differs significantly from Ethereum, as developers can create their own blockchain and use Polkdot’s own security chains to protect their assets.
Features include:
- Heterogeneity
- Scalability
- Interoperability
- Shared security
- On-chain governance
- Forkless upgrades
- Extra key security
- Novel economics and game theory
Stellar (XLM)
Stellar (XLM) is an open blockchain system aimed at providing solutions for business applications by connecting banks for large transactions. Currently, massive banking transactions can be made without intermediaries almost immediately intermediaries costing little to nothing for the parties making the transaction. Even though Stellar aims to be an enterprise blockchain for institutions, it remains an open blockchain that is available to everyone. It also facilitates transborder transactions of currencies between different countries. Its native currencies include Lumens (LXLM).
Features include:
- Decentralized and open-source database – the leading traits of a true blockchain platform.
- Transaction confirmation time is 3 – 5 seconds, facilitated by its consensus mechanism.
- It can support thousands of transactions per second.
- Enables Multi-signatures and Smart Contracts.
- It has a 1% fixed annual inflation.
Tether (USDT)
Ethereum (USDT) is among a handful of so-called stable coins – cryptocurrencies – which seek to bind its value to an external point in order to limit volatility. As digital currency markets are notorious for dramatic volatility despite their relatively large size, Tether attempts to smooth out the fluctuating prices to attract consumers who would otherwise be cautious to use the currency. Tethers cost is directly related to the currency. The system enables users to transfer money to the US dollar quicker than to convert it into other cryptocurrencies.
Features include:
- The main feature of tether is that it is always worth one US dollar.
- The Tether parent company claims to hold assets equal to the total outstanding market value of its currency.
- International remittances and trading crypto without converting back into dollars.
- Once in the crypto marketplace, it trades like any other currency using blockchain technology.
EOS
EOS is a blockchain platform designed to develop scalable and secure dApps. It provides dApps’ hosting, smart contracts capability, and decentralized storage of enterprise solutions to solve the scalability issues faced by Ethereum and Bitcoin.
The EOS platform eliminates all users’ fees and accomplishes consensus by leveraging multithreading and delegated proof-of-stake algorithms. They have a dedicated community named “EOS forum,” where developers and investors can discuss the platform.
Features include:
- Usability
- Governance
- Multiprocessing
- Flexibility
- Measurability
- Upgradability
- Permission Schema
Corda
Corda is well known as an entrepreneurial blockchain platform. Corda is able to build integrated blockchains that allow safe and confidential transactions. The software is innovative and offers to contract. This makes the firm more efficient in the business process. In addition, it allows companies to monitor transactions in one ledger, reducing the requirement for verifying the activities of the participants after the interactions. It is mostly applied to industries like manufacturing, medical care, and banking.
Features include:
- Preserving privacy, identity, business model, and consensus of the distributed network.
Cardano (ADA)
Cardano is a third-generation, decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks. Its primary aim is to be a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
Multichain
MultiChains is an open-source Bitcoin version that is available in many languages. The system is easy operating, and can also serve to build custom-made blockchains. The product features a well-selected blend of functionalities and improvements for both business and personal use. The compatibility of locally owned assets and the storage of larger volumes of random information seems promising. A consensus-based authorization process for conventional blockchains offers another unique and alternative solution.
Features include:
- Tracked and verified assets on the blockchain, which can be used to perform safe multi-asset and multi-party transactions.
- Ideal for data streaming, data sharing, timestamping, and encrypted archiving.
- Follows Github.
- Supports c, c++, Python, and JavaScript programming languages.
Tezos
Tezos is a self-governing blockchain platform that can be used for creating decentralized networks. It’s designed to provide safety and accuracy of code in high-value cases, with its open-source design across the globe providing greater security than other platforms on offer today
Tezzies’ peer–to–peer transaction process makes it unique from any other type of system out there; this feature’s powerful algorithm produces safe results ensuring user assets remain protected at all times.
Features include:
- Self-amendment Protocol
- Delegated Proof of Stake Consensus Mechanism
- On-Chain Governance
- Smart Contracts and Formal Verification
Solana
Solana is a new public blockchain that supports smart contracts, including NFTs and dApps. The native token of the Sol system provides network security through staking as well as being able to transfer value between users on this digital platform
A unique aspect about its design philosophy that sets them apart from other blockchains out there currently in use today or even those yet to come into existence down the road – will be its inclusionary nature when discussing how all members within any given community have access not just physically but virtually too; regardless if one has resources like money available right now.
Tron Platform
Tron is known to be a software platform that uses blockchain technology. It primarily enables the development of mobile and desktop apps. TRX currencies are used to acquire certain operating software functions. This means that the token will serve primarily the Twitter platform. This project was designed to assist content producers in achieving greater compensation. It is built on several things, among them being that the information on this forum is free.
Features include:
- High-performance handling 2000 transactions per second.
- High scalability and throughput to users.
- Multi-language extension functionality.
- The advantage of eliminating counterfeit chains.
Open-chain
Using blockchain technology the company offers a free and easy-to-use platform. It combines scalable and secure technology with secure and robust software. It uses partitioned consensus. All instances are subject to valid transaction approval. The platform combines a client and server architecture which improves its efficiency as well as its reliability. No miner participation is present within the platform. The open blockchain allows quick, easy transactions.
Features include:
- A modular design that allows free transactions.
- Highly scalable.
- The gateways create 2-way pegging.
- Intelligent contracts functionality and a unified API.
Quorum
Quorum is the first platform built on Ethereum. It’s a platform that uses Ethereum to manage high-speed and rising transaction processing with a highly secure community of individuals. Quorum will evolve and improve together with ETH. The network does not use the Proof of Work consensus mechanism but rather than using votes and other techniques. Currently, Quorum handles much of Ethereum’s change swiftly as it only alters its core in a very limited way.
Features include:
- Can swiftly handle tones of Ethereum changes.
- Working is quite efficient.
Ethereum
Ethereum or ETH is one of the leading blockchain-related services on the Internet. It provides the possibility for developers to build new applications in finance, Decentralizing the market, Games, and Crypto Wallets. Basically, the goal of the site is a disclaimer on third-party data that is stored to track further financial instruments. Ethereum’s largest community includes crypto-economic researchers, crypto-cryptographers, cryptos, and mining groups.
Features include:
- The advantage of rapid deployment.
- Smart Contracts Functionality and Turing completeness.
- Provides the feature of tokenization.
- A proof-to-work-based system.
- Supports Python and c++ programming languages.
Hyperledger Fabric
Hyperledger Fabric is proposed as a foundation for building apps or solutions with a modular architecture. It allows components, including membership services and consensus, to be plug-and-play. It has a wide range of modular and versatile design that meets various industrial use cases.
One of the significant features of Hyperledger Fabric is the enablement of a network of networks. Members of the Fabric network work together, but because businesses want to keep some of their data to remain private, they usually maintain separate relationships within their networks.
For example, a buyer may interact with different sellers, selling the same product. The transactional relationship between buyers and sellers should be private and not visible to all sellers. It can be made possible via the “channels” feature in Hyperledger Fabric.
Instead of an open and permissionless system, Fabric provides a secure and scalable platform that supports confidential contracts and private transactions.
Features include:
- Highly modular
- Low latency of finality
- Support for Solidity and EVM
- Multi-language smart contract support
- Pluggable Consensus
- Queryable Data
- Multi-language smart contract support
Hyperledger Sawtooth
Hyperledger Sawtooth provides a modular and flexible architecture that separates the core system from the application domain. Therefore, smart contracts can imply the business rules for applications without understanding the underlying design of the core system. It supports different consensus algorithms, including Proof of Elapsed Time (PoET) and Practical Byzantine Fault Tolerance (PBFT).
It is an enterprise blockchain platform used for developing distributed ledger networks and applications. It aims at keeping ledgers distributed and smart contracts secure, specifically for enterprises. It streamlines blockchain app development as developers can specify business rules for their apps using their chosen language.
Features include:
- Private networks with sawtooth permissioning feature
- Parallel transaction execution
- Ethereum contract compatibility with Seth
- Pluggable consensus algorithms
- The separation between the core system and application level
Hyperledger Sawtooth is another open-source Blockchain technology project co-designed between the Linux Foundations and Hyperledger that uses a unique consensus mechanism called Proof of Elapsed Time. It can be used alongside security-based hardware technology to allow program code to run on secure holds and encrypted spots of computer memory. In a report from Shawn Amundson, he said most typical applications for the IO and Hyperledger sawtooth companies include building supply chain operations and adapting Sawtooth for technical considerations.
IBM Blockchain
IBM is the pioneer company to use blockchain for creating efficient and transparent business operations. The blockchain platform of IBM is a popular platform to use. This platform provides a managed and full-stack blockchain-as-a-service offering that allows users to deploy their blockchain components in a user choice environment. Users can create, use, and grow their blockchain network by using this IBM blockchain platform.
Features include:
- 30 days free trial for users.
- Connected to the free IBM cloud Kubernetes cluster.
- An open-source and community-based platform.
- Offers a permission network.
- This platform supports Go and Java programming languages.
Conclusion
There’s a vast selection of blockchains accessible to choose from. Depending on your purpose or business needs, knowing which platform will work in conjunction with your ultimate goal will allow you to not only scale your business but support your users.
With the increasing popularity of blockchain platforms and technology, there is no question that more options will venture forth providing even more opportunities to support this amazing technology.
