19 Jun 2020
Real-World Use Cases Of Blockchain Technology
Blockchain technology has brought a revolution in the app development field, and apparently, its popularity has garnered attention from different industries.
The blockchain technology market size stood at the US $1.64 billion in 2017, and it is expected to reach US $21.07 billion by the end of 2025.
This portrays how great this technology is, and how well it is helping different industries. However, to help you comprehend the great impact of this very technology, we’ve brought you this post today.
Let’s read it ahead to know the secret ingredients further…
Banking & Blockchain
Eventually, one specific industry that has taken the maximum benefits out of blockchain is the banking industry. The banking institutions can make the transaction with digital currencies. Also, the integration of bitcoin digital currency based on blockchain technology lets the easy transfer of money without any involvement of a third party.
The banking sector witnesses a glut of transactions daily, and this can easily be maintained with the blockchain technology. Further, it reduces the risk of enabling faster and cheaper transfer by the decentralization offered by blockchain.
Legal industry & Blockchain
The legal industry has experienced a pool of benefits with Blockchain technology. And further helps in storing and verifying multiple documents and data. It becomes easier for the legal professionals to secure legal data, record data which can be verified and secured effortlessly.
Also, any changes made in the legal documents will be authenticated to be stored further. Another advantage that comes along with blockchain app integration is a safer way to keep the documents, utilizing smart contracts, intellectual property rights, land registry, financial transactions, etc.
Healthcare & Blockchain
COVID-19 has brought another side of blockchain technology used within the healthcare industry. Blockchain makes it an easy task for the users to store and share the medical data and record, without wasting time and efforts. The medical supplies and equipment coming from different vendors can be assessed further for any fake product. Also, it evades the fraud or medical data misuse.
With the help of blockchain technology, it turns out to be an efficient journey for healthcare institutions to build trust.
Real Estate & Blockchain
The real estate industry is full of paperwork, and that lead to some hectic conditions for the buyers. Property purchase or sell is a process that combines different documentation to take place.
The integration of blockchain technology modifies the traditional approach and brings ease to buyers and sellers. Users can store and share documents and proceed transaction records safely with lesser efforts and costs involved. Also, the smart contracts can further release funding in the event of sell or buy, when there are fully satisfied conditions met.
The unnecessary inclusion of middlemen or any third party which takes a commission to get the work done is no more a task to take interest in. As cryptocurrency-enabled platform provides the distributed architecture, allowing a sheer platform for any activity related to real-estate.
Transportation & Blockchain
The world of transportation is huge and its functioning is beyond your imagination as well. With the help of a blockchain-based platform, it helps in easy coordination of documents on a shared distributed ledger. This eliminates the need for unnecessary paperwork. The service providers can take the help of smart contracts, customs clearance at multiple checkpoints. It allows the process to be done more quickly & efficiently. Further, the sensors of street & traffic signals get to connect with the IoT. This lets the traffic authority to reroute traffic for maximum efficiency.
The blockchain technology has the potential to manage traffic without any hurdle. Also, the truck industry can promote faster delivery without bringing over-reliance on paper transactions.
Restaurant & Blockchain
It might sound absurd to know that blockchain technology can help the restaurant industry as well. However, the fact is, that this technology helps in storing and sharing information across a network of users.
And this all is done in an open virtual space, letting users keep a strong check on their transactions in real-time. Further, it helps in preventing fraud and triggers faster and transparent payments.
Gaming industry & Blockchain
Games are witnessing the immense popularity, and are creating an engaging platform amid pandemic. It enables users to stay glued and this opens a floodgate of opportunities for the gaming entrepreneur and developers. With the blockchain technology, it allows gaming developers to prevent fraud activities and further offer a secure environment to develop, and monetize games.
Also, with the blockchain, developers get a secured platform to buy and sell in-game assets efficiently with the help of cryptocurrencies in a safe way.
The in-game currency accounts also can be managed with the bitcoin transactional technology. This chucks away the chances of any third-party integration to process the currency transactions.
In a nutshell…
Many new technologies are emerging in the tech world, however, the industries must keep a pace with these ongoing set of technologies. This helps in getting an edge over the existing and upcoming competition.
Indeed, Blockchain technology is the newest technology, and if you are planning to incorporate it into your business model, get in touch with our team of enthusiastic blockchain developers.
We are here to help you amid COVID-19! And we’re working round-the-clock to transform your business with the latest technology integration.
To get a no-obligation quote for your blockchain mobile app concept reach us today!