Visualize being in the stone, before the invention of search engines like Google, no access to internet services and social media platforms. Imagine sending postcards and handwritten paper letters across borders, with the hopes of receiving replies several weeks later. Sounds almost tragic, right?

The invention of the internet changed the world entirely. Right now, the world is undergoing a paradigm shift yet again, following the invention of blockchain technology. As a result of the increasing popularity of blockchain in this era of technological advancement, it is safe to say that blockchain is the next big thing!

Image source: Pinterest

Top 10 Applications of Blockchain in the Real World

Blockchain Application goes way beyond just the use/adoption of cryptocurrency and bitcoin. This technology has impacted lots of different sectors in more ways than can be mentioned. From modifying transparency of smart contracts to ensuring efficient and secure transactions amongst individuals and government, blockchain has become a powerful tool for ethical business tactics.

We've compiled 10 examples of real world applications of this efficient technology. Albeit this is by no means an extensive list, they are already transforming how businesses operate. These include:

1. Banking and Finance

Blockchain is one of the most widely used technologies in fintech. Blockchain-based technologies facilitate secure networks, cost savings, and efficient operations in banking and financial services. With blockchain adopting and normalizing the use of cryptocurrencies, financial trading and transactions have become more secure and faster than ever.

By eliminating the long complicated processes of carrying out cross border transactions with traditional banking networks, digital currencies are fast becoming the standard futurist exchange. Also, Smart contracts built on blockchain platforms automate and digitize the execution of agreements, thereby eliminating the need for intermediaries.

2. Blockchain Security/ Personal Identity Security

It's impossible to complete any financial transactions without personal identity verification in the banking industry. However, blockchain can centralize the online identity verification process so that users only need to verify their identity using blockchain, then they can share this info with whichever service provider they want. Users also have the option to choose their identity verification methods such as password authentication, facial recognition and biometrics, etc.

According to the American Association of Retired persons (AARP), Americans lost up to $8.8 billion from internet fraud and investment scams in 2022. However, the adoption of blockchain technology ensures the privacy and secure storage of sensitive files (like residential addresses, and social security numbers) on a decentralized ledger, away from identity thieves & hackers.

3. Voting and Governance

One of the most surprising applications for blockchain can be in the form of improving government. Some state governments like Illinois are already using the technology to secure government documents, and hold public officials accountable through smart contracts, also improving accountability and reducing embezzlement of public funds. Therefore, there's the potential to improve transparency in government.

Furthermore, blockchain has the potential to completely transform our electoral systems by making every vote easily verifiable and tamper-proof. Blockchain-based voting can improve public participation and bureaucratic efficiency by offering a level of security and incorruptibility which permit voting to be done electronically without fear of hijack.

To cap it all, the application of blockchain helps rid the system of voter fraud and any kind of data manipulation.

4. Healthcare

Blockchain in healthcare solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders, streamline business processes and improve patient care. An advanced system for collecting and sharing private information could be just what the doctor needed to make sure that an already bloated sector can cut down exorbitant costs.

The decentralized system stores and manages Electronic Health Records (EHRs) securely and provides a single view of a patient’s record. It also gives patients exclusive access to make changes to their EHRs, authorize who can view them, and control how they are shared by healthcare providers.

5. Internet of Things (IoT)

The Internet of things (IoT) is a network of linked devices that can interact with others and collect data that can be analyzed to provide useful details. Connectivity is a feature of the Internet of Things (IoT), since every system of "things" becomes an IoT once it is linked to a network. The most popular example of IoT is perhaps the Smart Home- where all the home appliances such as lights, thermostat, air conditioner, smoke alarm, etc. are connected together on a single platform.

IoT has millions of uses, but there are also a lot of safety issues. With the use of blockchain-infused IoT technologies, customers may buy and sell energy straight from the grid rather than through retailers. This is known as energy trading. Additionally, it offers an unalterable record of data usage, generated energy, and meter readings.

The combination of blockchain and IoT technology adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology.

6. Assets Management and Tokenisation e.g Non-fungible Tokens (NFTs)

There are many ways through which blockchain solutions make asset management more advanced. For easier transfer, increased market accessibility, and liquidity, the portfolio and current holdings are digitized.

Due to its configurable built-in privacy settings, blockchain also promotes stakeholder and investor governance. Consequently,you can create a digital token of ownership for real-world liquid assets using asset tokenization platforms that are built on blockchain. Investors can conduct worldwide trade without borders by simply using a trading app once assets have been tokenized.

7. Supply chain and Logistics

The ability of blockchain to amplify the tracking and digitization of transactions has been beneficial to the retail industry, especially during the pandemic.

Blockchain serves as a tool in the retail industry to build confidence amongst retailers, customers, suppliers, and payment platforms. It monitors every step of the product's journey, resolving concerns like inconsistent supply chains and non-traceability.

By providing end-to-end visibility in the supply chain, blockchain offers exclusive access to all network participants at any given time.

Also, blockchain allows for better management of a company's sales inventory by keeping track of stocks and their expiry dates whilst also identifying product shortage or surplus as regards customer's needs.

8. Media and Advertisement

While the media and entertainment industry is yet to fully utilize the potential of blockchain, the technology assists content creators and artists get their dues, both in terms of copyrights and royalties. It also provides support for tackling piracy and fraud.

9. Education

Educational institutions can validate candidate credentials and certifications through blockchain application. Giving them complete control, they may safely access and share this data with authorized personnel.

Also, blockchain can develop decentralized e-learning content software for educational content (like music, art, books, film etc) ultimately securing them from plagiarism. This ensures that due credit is given to the original artists or authors, as the case may be.

10. Insurance and Real Estate Investment

Real estate corporations and tech-savvy individuals are becoming increasingly aware of blockchain applications in the real estate sector. Blockchain solves several challenges that are common with paper documentation for loans and mortgages.

Therefore, the digitization of such documents provides access to critical information that supports future decisions like ownership rights and loan payment history.

It has the potential to improve payments, boost investment opportunities, and change real estate sales and management.

Conclusion

One block at a time, blockchain will continue to develop and change the digital world. Artificial intelligence, machine learning, and big data are examples of technologies that will become more efficient in the years to come. When these technologies combine with human creativity, the possibilities are seemingly endless.