Blockchain use cases have furthered beyond cryptocurrency. With its promise of transparency and fair play while cutting downtime and money, the technology is also making an entry into a variety of sectors. Furthermore, its functions range from enforcing contracts to increasing the efficiency of government works. We enlist the industries that have found solutions to their problems with numerous blockchain use cases:
Asset Management: Distribution of Digital Assets Directly to Investors
The Problem: Post issuance of digital assets, investment firms conventionally depend on brokers and other intermediaries for the distribution of products. Furthermore, this process involves middleman costs and also fosters a removed relationship with investors, thus restricting the firm from managing the investor experience
The Solution: A popular blockchain application program suite makes way for direct asset distribution on its digital asset marketplace. The connection of issuers is direct with investors and peer-to-peer markets are facilitated, thereby raising secondary market opportunities and enhancing liquidity. It is possible for investment firms to gain control over the length of the asset management value chain and remove the expenses of a transfer agent, asset servicing, and proxy administration fees in the procedure.
Capital Market: Digital Securities Issued in Minutes
The Problem: The issuance of Securities is a highly complex and also time-consuming process involving various stakeholders, namely, the issuer, investment bankers, syndicate members, regulators. All of them need to reconcile on assorted documents: engagement letters, issuer undertakings, regulatory submissions. This process lacks structure and is highly error-prone.
The Solution: An existing blockchain application suite enables the easy and quick creation of digital representations of traditional securities. This is done using the built-in token functionality of a cryptocurrency. Blockchain-based security implementation also streamlines issuance by digitizing documents. They also allow you to customize your financial instruments and create entirely new digital assets.
Content Management and Distribution: Fast and Secure Browser
The Problem: We all need a browser that enables the lowering of data charges by blocking trackers and also ads. Furthermore, it should protect users’ privacy by sharing the minimum possible information required to save both time and effort.
The Solution: A modern browser offers a secure, fast, and private browsing experience. This is possible with the support of blockchain and in-built ad-blockers. One can also maintain user’s privacy by incorporating tracker blocking. By blocking the ads and trackers, the browser automatically functions faster.
Data Management: Software Protection of Critical Data
The Problem: The need to protect data relating to critical commercial and government systems from fraud and theft is paramount. Furthermore, one also needs to establish trust and ensure fair play in all platforms to allow innovation successful operations.
The Solution: Securing the world’s system with technology that reserves the ability to protect systems. With the implementation of blockchain, systems attain transparency, integrity, and security. In short, this blockchain implementation will make it easier to build products and take decisions riding on it. The software intends to be pluggable into an existing system, and that leaves you with no reason to rebuild from scratch.
Government: Blockchain Use Cases in Voting
The Problem: The process of voting has been plagued by numerous issues including fraud. People often want to stay away from casting their vote for a plethora of reasons. One of them being absenteeism. Not many would like to spend a lump sum to travel home, only to cast their votes. Others, furthermore, want to stay away from the crowd. Some countries experience violence during the time of voting.
The Solution: Blockchain makes it possible for your vote to make it to the count. The immutable nature of blockchain establishes that. Furthermore, the vote cast will be a permanent decision and will be visible to the regulators as there is an enforcement of transparency in the blockchain. A token-based system created using blockchain will guarantee ‘one changeable vote’ per person.
Supply Chain Management
The Problem: The traditional supply chain management is ridden with such weak links as to collapse any day. The age-old system has already overstretched its potential and is incapable of handling the pressure of rising demands and the risk of counterfeiting.
The Solution: Blockchain comes with the capacity to enhance the overall efficacy of supply chain management. Allowing accurate identification of the location and removing the need for paper-based trails reduces the process and the delivery time. Blockchain traceability enables tracking of the goods on delivery and prevents counterfeiting. Thus, blockchain checks losses and monitors the quality while in production.
Government: Digital ID
The Problem: Identification poses serious problems globally, even more so with the inclusion of refugees and the threat of infiltration along with some parts of the world.
The Solution: Digital identification happens only once and your data is fed into the system which holds details. Digitization of your personal data would enable linking with the formal financial department. Blockchain aims to achieve this through its Authenticator app. The application comes with password protection and adds an extra layer of protection that utilizes a code or a token to detect a repeat user or a device. This makes for an ideal way for users to manage their digital identities.
Media and Publishing: Copyright and Royalty Protection
Industries like the music, entertainment, and media have copyrights and ownership laws protecting music, videos, blogs, and other published material. Furthermore, the laws can be effectively imposed with the use of blockchain. Downloading digital content should be a fair option as it would ensure that the author receives their rightful pay. With Blockchain, real-time and authentic royalty distribution data to content creators and musicians can also be made possible.
Asset Management: Wills or Inheritances
Digital documents will replace the paper wills or inheritance documents so that one can create and store them on a blockchain network. Furthermore, a smart contract also written for the purpose renders your document legally binding and clear as to the identity of the recipients and the proportion to be received.
Government: Weapons Tracking
The grant of gun ownership and licensing has always posed unending problems to the governance. Implementation of Blockchain technology should ensure transparency in the distribution of weapons. Furthermore, the traceability inherent in blockchain enables the authorities to track the weapon back to its legal owner.
Blockchain is a technology that impacts a myriad of situations and simplifies a lot of complexities at the same time; not forgetting the eventual reduction in cost and time. In a way, the implementation of blockchain with more real-world blockchain use cases may put an end to corruption and put the control back into the hands of the people.