Last updated on April 6th, 2024 at 11:59 am

Are you aware that blockchain is not all about digital currencies? Do you know that blockchain innovations have moved beyond providing encrypted service to digital wallets and have extended to offering real-world applications beyond cryptocurrencies?

Blockchain now offers real-world applications beyond digital monies, and many trusted Fintech companies like Swissmoney are enlightening people on how they can minimize the possibilities that blockchain is contributing.

Blockchain has emerged as the brain behind the ground-breaking achievement and significant transformation attributed to digital currencies in the financial service landscape.

It has also emerged as a disruptive concept with exciting use cases for various industries and companies in this era of sporadic technological transformation.

In this article, we will enlighten you on various ways blockchain technology is applied in real life and how its uses affect businesses and individuals.

Blockchain’s Real-world Application

Healthcare system

The first possible way blockchain technology is applied is in the healthcare system. The distribution of medical records, streamlined clinical processes and trials, enhanced data privacy and security, and ease of telemedicine are part of the numerous ways blockchain can benefit the healthcare sector.

The MediLedger Project is an initiative of some notable pharmaceutical organizations like McKesson, Pfizer, AmerisourceBergen, and Genentech corporation. They established a working prototype of a system that adequately documents and confirms medications on the blockchain. This shows how blockchain can enhance medical protection and safety and eliminate the global supply of counterfeit medications.

Real Estate

Real estate is an industry that can’t deny the real-world applications of blockchain. This industry leverages the blockchain’s immutability to make it possible to establish feature tokens that remain irreversibly connected to physical assets.

In order to address crime, this will aid in maintaining a record of ownership and smart contracts for transactions. Blockchain removes the need for middlemen, reducing paperwork, promoting fast payment, authenticating ownership, and reducing the costs and complexity of real estate transactions.

Supply chain management

As blockchain has the potential to manage data transparently and securely, its usage in the supply chain can bring tremendous impact and rich benefits. Also, by monitoring how items move from one place to another, authenticating transactions, and reducing errors and fraud, blockchain technology can enhance the efficiency, transparency, and security of the supply chain.

Many top tech companies have engaged in a host of supply chain management blockchain projects. Prominent among these companies is IBM. IBM has developed IBM Blockchain for Supply Chain, which gives participants access to exchange information and communicate using reliable data through blockchain technology.

Certification and Documentation

Blockchain technology has the ability to transform or modify the sphere of certification and registration by providing an immutable and transparent ledger. It ensures that the certificates and documents tokenized on the ledger are properly stored and easily verified, improving authenticity and minimizing fraud.

Cross-border transactions

One of the outstanding changes blockchain technology brought to the financial service landscape is the ability to make transactions across borders using its transparency and immutable nature. Such features make cross-border transactions become trusted and reliable.

The concept of universal currency may be incomplete if the power of blockchain technology is not fully utilized. However, there are numerous networks built for financial inclusion access and interoperability.

Networks like Stellar have the ability to make cross-border payments and replace the process of currency conversion and international wire in a single pathway, making transactions fast and efficient.

Government

Many agencies leverage blockchain technologies, including personal identification security and voting applications. Due to the fact that blockchains can’t usually be forged or data manipulated, they can hold digital IDs, certificates of any kind, and even passports.

Similarly, voting in a truly decentralized, secure, and transparent blockchain helps remove the middleman and questions regarding vote fraud or manipulation.

Digital Identity

Another area where blockchain technology is proving impactful is digital identity. Blockchain-based digital identity systems can offer users control over their personal data, removing the necessity for centralized identity systems that are susceptible to data breaches and cyberattacks.

With this blockchain technology digital identity system, people can gain control over their own personal data and identity without the need for middlemen.

Business

Beyond some specific applications discussed above, blockchain technology is under investigation for its potential uses in a wide range of industries, including businesses. Its ability to minimize fraud, improve transparency, and eliminate the necessity of middlemen makes it attractive to many businesses.

In practice, blockchain technology can be helpful in removing fraud and improving transparency; as such, participants in the supply chain can have access to the transaction’s details.

Blockchain technology uses smart contracts, and this system does the work of an accountant and attorney. That means having it can eliminate the need for their services. Not only that, it also saves the costs and time involved with contract administration.

More so, smart contracts can assist in reducing the level of crime rate and assure the completion of contractual commitments. With the digital identity system provided by blockchain technology, organizations can ensure that user identities are stored transparently and securely without requiring the service of middlemen.

Banking system

Experts have encouraged business-to-business enterprise clients that have contractually driven, multiparty cash flow distributions to leverage blockchain technology to automate contracted-related processing and calculations.

Although many banks have not started seeing the need, blockchain is already making a tremendous impact, particularly as it is being used in many real-world banking applications. 

Conclusion

In conclusion, blockchain technology is making a significant impact beyond securing crypto transactions. It has the potential to revolutionize the way organizations operate, particularly in areas such as smart contracts, supply chain management, digital identity management, data management, and payment systems.

Its ability to offer a transparent, secure, and tamper-proof ledger makes it an attractive possibility for a wide range of applications.

Blockchain technology is a solid technology with various leverages outside of finance, including managing healthcare, real estate, healthcare, and digital identification. It enhances accountability and openness, removing the need for intermediaries, gives users ownership over their private data, and creates real estate transactions.