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Blockchain use cases industry wise
Introduction
The spread of blockchain across sectors has gained traction, as seen by recent Gartner estimates. The worldwide blockchain technology industry is expected to reach $3.1 trillion by 2030. Predictions suggest that 5% to 15% of the global economic infrastructure will embrace blockchain-based technologies to keep ahead of the competition.
Blockchain uses extend beyond currencies and bitcoin. Its capacity to provide openness and justice while saving businesses time and money is having an impact across different industries. From contract enforcement to making the government run more effectively, we've compiled a list of real-world blockchain use cases in the following areas −
Blockchain Use Cases in Specific Industries
Fintech − In the United States and Europe, around 90% of banks have used blockchain in some form or another. Blockchain characteristics like security, decentralization, transaction transparency and others are pushing this adoption so much that the worldwide FinTech blockchain industry might reach $36.04 billion by 2028. Top blockchain use cases in the industry might aid in a better understanding of the sector's progress.
- RTP Frameworks − As US financial institutions focus more on real-time payments, blockchain use is expected to rise.
- KYC − The transparency of blockchain permits identity verification without revealing the true identity, which might improve the KYC procedure.
- Trading − Blockchain manages and enhances the trading environment by using a general ledger with a swift flow of information that is refreshed in real-time.
- Digital identity − Blockchain enables you to establish your own digital identity rather than relying on one created by banks. Users may use digital avatars to transfer cash, communicate data, and execute other bank-related tasks.
Healthcare − Treatment within the golden hour is a notion that is appreciated globally in the emergency care industry, which asks for the acceleration of several procedures, such as early illness identification, gaining access to medical information, and others. Investors have begun to believe that blockchain may be a viable solution and could help the worldwide blockchain in the healthcare industry surpass $1.18 billion by 2028.
- Patient-centric electronic health records − In a blockchain-based system, medical records can be connected to current electronic medical record software, with only the person with patient consent having access.
- Medical staff credential verification − A blockchain-based platform can enable speedier access to the credentials of medical and healthcare professionals while also accelerating and increasing transparency in the recruiting process.
- IoT security for remote monitoring − Blockchain's cryptography has the potential to safeguard healthcare IoTs and prevent data leakage.
- Supply chain transparency − Using a blockchain-based system to monitor products from the manufacturing point and at every level of the supply chain provides clients with total visibility and transparency of the goods.
Real Estate − With blockchain smart contracts, real estate may now be tokenized. Commercial companies and experts have begun to see the potential influence of blockchain technology on retail and commercial property sales, payment processing, and access to cash and investment possibilities.
- Property Management − Blockchain allows for safe data exchange, simplifies rental collections and payments to property owners, and provides superior due diligence throughout the portfolio, resulting in increased operational efficiency.
- Platform Marketplaces − Blockchain and marketplaces enable real estate transactions by allowing interested parties to trade tokenized properties.
- Fraud Protection − Blockchain can assure the elimination of third parties that are likely to participate in fraudulent activities, deceive real purchasers, and expedite the purchasing and selling of properties.
- Affordability − By implementing blockchain, real estate companies may streamline the listing and selling process while lowering expenses.
Supply Chain − The supply chain is the foundation of the macroeconomy and global markets, yet to make it flawless, firms spend millions identifying inefficient places. With its transparent processes, blockchain might enhance the scenario, and the worldwide blockchain in the supply chain market could reach $14.88 billion by 2028.
- Supply chain finance − Blockchain might aid in the generation of invoices by boosting system efficiency, transparency, and security, as well as assuring prompt payment.
- Supply chain planning − By eliminating middlemen, facilitating the transaction and record verification, and assisting in autonomous coordination, blockchain can improve supply chain efficiency.
- Food safety − Blockchain technology can improve food safety by making tracking and isolating food contamination easier.
- Management of finances: − The use of blockchain technology simplifies financial management. Users can view financial data but not remove or modify them.
EdTech − During the COVID-19 epidemic, investors significantly boosted the EdTech business. Since then, the sector has been plagued by problems like latency, fraud, personal data leaks, and others. Blockchain can alleviate these problems, so companies have begun incorporating it into mainframes.
- Student Records − A blockchain is an ideal option for storing, recording, and utilizing students' credentials, which students and learners may use to share with potential employers.
- E-Transcripts − Using blockchain's distributed ledger technology, the transcript workflow might be streamlined and false claims reduced.
- Automated learning platforms − Smart contracts and IPFS might aid in the storage and access of course-related material and simplify the process of automating courses.
- Combating resume and diploma fraud: − Blockchain may be used as a forgery-proof record for the credentials listing of students with credible background information. Educational institutions may save time on credential verification while also reducing fraud.
Agriculture − IoT and AI in agriculture might benefit from blockchain's security, speed, transparency, and trust. Furthermore, with the traceability of the food chain supply, this technology might aid in improving food safety. By 2025, the worldwide blockchain market in the agricultural and food supply chain may reach $0.94 billion.
- Product activity control − The capacity of blockchain to track storage and transit may be used to reduce fruit and vegetable waste.
- Fair pricing − Farmers may organize an international trade union and raise their profit margins by using integrated platforms with no intermediaries and greater transparency.
- Small farm insurance − Blockchain has the potential to localize the insurance business for farmers, establishing a centralized insurance market for crowdfunding and mitigating adverse situations.
- Transparency − Blockchain in agriculture can help increase openness about subsidies. Government officials may use a public blockchain to transfer subsidies to legitimate farmers, and citizens can track where the money is going.
Conclusion
With blockchain touching and rapidly revolutionizing different sectors, these are some of the top blockchain use cases across several industries that have been thoroughly detailed here.
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