Potential Use Cases of Blockchain
Some of the potential use cases of Blockchain are:
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1. Proof of Existence
- Document timestamping: In Blockchain, timestamping is referred to as crypto notarization, which is nothing but the proof of document existence in a period of time. Any system or organization can use Blockchain to effectively recognize any unauthenticated modification. Many banking systems like SWIFT, the largest global banking ecosystem, use Blockchain technology.
- Demonstrating data ownership without revealing actual data: The documents stored on a public Blockchain provide proof of the existence of these documents on a particular date and provide proof of document ownership as well. Using unique methods like zero-knowledge proof (ZKP) algorithms, a user can access the data without giving the actual data.
- Checking for document integrity: The one straightforward solution for end-users to ensure their data integrity is CB Blockchain Seal. It is used in current business applications. This technology ensures full data audibility and helps organizations in preventing data tampering or fraud and also accelerating their business data compliance.
Record-keeping is the best advantage of Blockchain. Records are crucial in any sector, especially in healthcare where there should be a mechanism to maintain constant communication between the patient and the doctor so that the doctor can continuously analyze the medical condition of the patient. In such a case, Bitcoin Blockchain can be used to make ‘Blockchain receipts.’ BurstIQ is an application where Blockchain is being used for record-keeping.
Personal identity security can be achieved using Blockchain. Keeping sensitive information like security numbers and certificates on a decentralized Blockchain ledger helps users secure their data. This secure identity is mainly used in government sectors. Illinois has a state-funded initiative that has opted for Blockchain to store birth certificates, death certificates, voter registration cards, social security numbers, and more.
4. Forecasting – Augur
The decentralized prediction market platform named Augur is built on Ethereum Blockchain. It helps users create a prediction market for any business.
5. Cloud Storage
Blockchain-based cloud storage divides data into multiple encrypted segments and keeps them in decentralized locations. In this way, the data is less inclined to assaults that can cause data loss and damage. Ex. Storj, an internet filesystem, is a good example of how Blockchain can be used for cloud storage.
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6. Ascribe (Secure Your work)
Ascribe uses Blockchain technology to provide lock-in attribution, certification of authenticity, secure sharing of documents, and licensing of works.
7. Supply Chain Management
With Blockchain, as items change hands over a supply chain, from production to sale, these exchanges can be reported in a perpetual decentralized record—decreasing time delays, extra expenses, and human mistakes.
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8. Blockchain and IoT
Universal digital ledger, ADEPT (Autonomous Decentralized Peer-to-peer Telemetry) is a decentralized system of IoT gadgets, such as IBM Watson IoT, IOTA, Freight transportation, and log operational maintenance data.
9. Digital Media
Digital media is also a Blockchain application. To protect companies’ intellectual properties, maintain data integrity, and target the right customers, digital media companies are using Blockchain. MadHive is a media and advertising company that stores all its information in a Blockchain ledger.
The banking sector uses Blockchain for payments, KYC record-keeping, reduction of frauds, trading platforms, etc.
For online voting, registration processes, real estate activities, devising public policy, and numerous other purposes, various governments use the technology of Blockchain across the globe. Countries such as Dubai, Estonia, the USA, and Georgia use Blockchain for digital passports, identity management, e-voting, smart contracts, public archives, and land registry.
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From this tutorial, you might have got a detailed understanding of Blockchain, its workflow, its need, Bitcoins, Hyperledger, setting up Blockchain, and its various use cases.
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