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Blockchain in Use Cases

In the future, the entire supply chain management infrastructure will likely be done on a blockchain, which will improve traceability and authenticity of assets as they’re distributed to the consumer.

Download now for an inside look into the Supply Chain Industry Applications of Blockchain.

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If you go back to the birth of Bitcoin, in 2009, the only application for blockchain seemed to be to propulsion of the nascent cryptocurrency. One decade later, blockchain has thousands of use cases for its technology, spanning every industry. 

Government administrative processes, for example, are getting disrupted by blockchain technology. One of the most promising use cases as well is the gaming industry. From non-fungible tokens to decentralized in-game economies, the possibilities are near-endless. Blockchain and gaming have a lot of similarities, including various ways they can help each other, not least by increasing awareness.

For instance, blockchain can benefit by leveraging the ‘gamer audience’, which is now the most popular and profitable form of entertainment (Gamecrate). Meanwhile, decentralized digital ledgers can streamline the virtual currency systems that videogames have used for 20 years or so, by skirting financial institutions, while increasing speed, transparency and efficiency, as well as lowering payment fees. 

Another strong use case for blockchain is the retail industry, to address current challenges, such as long transaction settlement times, high processing fees for merchants, chargeback exploits, and slow speeds. Funds often take three to five days to settle for debit payments, whereas for credit cards it can take up to 60 days.

Similarly, environmental causes and NGOs can definitely benefit from incorporating blockchain into their processes. For example, the Ecobrick project is focused on lowering tens of thousands of plastic pollution by leveraging decentralized ledger technology. With growing concerns about privacy, as well as identity and data theft, decentralized technologies can return ownership of personal data to the individuals. 

You can check out our 2019 interview on the subject, which also delves into other use cases for blockchain. Similarly, decentralized digital ledgers have effective use cases in multiple other industries. This range from blockchain opportunities in the media industry, assisting with waste-management, addressing voting concerns (by ensuring voting is safe, secure and secret), and even helping with climate change.