By incorporating relevant changes in technology, blockchain networks have completely changed our way of life. In many aspects, Blockchain fundamentally alters the way we live life for a good cause. Due to the infinite possibilities provided by high-level use cases promised by Blockchain, Blockchain has been named "Magic Beans" by many eminent personalities from different industries. Blockchain technology is definitely a breakthrough in recording systems that has taken place. Entrepreneurs have recognized the relevance and utility of the implications of Blockchain technology in various industries worldwide, right from its invention. In this paper, we will discuss how Blockchain learning will make business easier and also the most exciting Blockchain use cases across many industries that have changed the way we do business:
SMART CONTRACTS Usage CASES: With the exception of the real-time application of the Blockchain Contract Rules, they are similar to traditional contracts with a view to removing intermediaries and ensuring high-level transparency for all parties, which seems impossible in conventional contracts. It helps to save time and resources for organizations and ensures that everyone involved complies. Blockchain smart contracts are becoming increasingly popular in diverse industries, such as government, real estate and healthcare. Some famous examples of Blockchain's smart contracts are BURSTIQ in the healthcare sector, MEDIA CHAIN in the music industry, and PROPY in real estate.
MONEY TRANSFER USE CASE: The popularity, starting with Bitcoin, of crypto-currency transfer apps is currently increasing. Blockchain has gained an exclusive reputation in the finance industry for saving time and money for companies of almost all sizes. By ending the position of bureaucratic red tape, Blockchain has made the ledger system real-time and eliminated third-party costs. Just a few examples of companies that use Blockchain technology to transfer money are OPSKINS in the gaming industry, CIRCLE in Fintech and Cryptocurrency, CHAINALYSIS in the cybersecurity industry, and CHAIN in Cloud Computing.
INTERNET OF THINGS Use CASES: The Internet of Things is the coming trend in Blockchain applications. The IoT has numerous applications and essential security problems. A rise in the usage of IoT devices such as Amazon Alexa or a smart thermostat raises the possibility of data security being compromised by hackers. Here, Blockchain-based IoT promises a higher level of data security by preventing breaches, as Blockchain keeps things smart with code transparency and virtual incorruption. Just a few examples of companies making IoT smarter and safer with Blockchain are FILAMENT operating in IoT, hardware and software; HYPR in IoT and cybersecurity; and XAGE Defense in the IoT and cybersecurity industry.
PERSONAL IDENTITY Security Usage CASES: Millions of people in the USA worry about identity fraud and theft every year. Therefore, the security issue can be with everything from forged documents to personal files. With Blockchain, the government can eradicate identity fraud by storing all sensitive information, like social security numbers, birth certificates, date of birth, etc., in decentralized Blockchain ledger networks. ILLINOIS BLOCKCHAIN INITIATIVE focuses on technology, CIVIC on protection of identity and Fintech, OCULAR in the cyber security market, are just a few examples of Blockchain-based companies that use Blockchain for security of identity.
GOVERNMENT USE CASES: It is necessary not just for the private sector to use blockchain technology, but also to improve governance. In protecting government information, improving organizational efficiency and accountability, and reducing enormous financial pressures, some US state governments, such as Illinois, are benefiting from Blockchain. Just a few examples of government initiatives using Blockchain technology are VOATZ, interested in cybersecurity and politics, Obey MY VOTE, participating in the software industry, and STATE OF DELAWARE.
Some other critical use cases of Blockchain contribute significantly to various sectors such as LOGISTICS including DHL and Block-Array, MEDIA including Madhive, Steem and Civil etc. The list does not stop here, as many more exciting and creative Blockchain Use Cases, including Access Control and Management Solutions, are anticipated in the future. Blockchain web applications play a key role in many respects. Industries consider using Blockchain technology. The high demand for Blockchain professionals is thus observed, which has opened up the space for Blockchain education to meet the demand. Blockchain can be used to expand the advantages of technology to all industries around the world.