Over 1% of the entire population is directly using blockchain technology and is said to be worth over $25 billion in the next two years, according to recent statistics. For a technological advancement that started in the late 2000s as bitcoin, the progress and development has been stunning as virtually all sectors of the economy now depend wholly or partially on its features.
From finance to entertainment and sports, blockchain technology possibilities have transcended the expectations of research and have allowed for the present and future development of startups to solve real-life issues.
Technological barriers have been breached as there has been a rise in the development of digital products that help solve pre-existing problems ranging from payment, banking, healthcare, education, and even government affairs. Here are the top 10 use cases of blockchain technology heading towards 2022.
Banking
Earlier ago, cross-border payment and P2P transactions seemed almost impossible as the transfer of funds across borders was difficult. There was total reliance on the government and unfavorable regulations were the order of the day. Through the use of blockchain technology, companies can now offer faster and distance-less transactions at a lower cost without the involvement of the government.
Ripple, Cashapp, Flux, and Venmo are some of the widely used cross-border payment apps that offer seamless transfer of money across borders through blockchain technology. In 2016, Westpac collaborated with ripple to provide fast payment to their customers, paving the way to the present future of fast payment.
Healthcare and identity access, management, and verification
Security breaches and theft were the major barrier to technological development as over 200 million healthcare records were illegally accessed from 2009 to 2017 with credit card information, Social Security Numbers (SSN), and personal records whisked away.
Utilizing blockchain’s ability to keep patients’ data safe, private, immutable, and easily accessible irrespective of one’s location has been made possible.
Several big data healthcare organizations Akiri now offers the transport, accessibility, and protection of patients’ record only to be accessible by the hospitals and the patients themselves. Other companies like MEDICAL CHAIN and Coral Health offer similar data protection services.
NFT
The latest product of the blockchain is the Non-Fungible Token and has taken the digital world by storm as millions of digital arts are being sold and created weekly. Content creators, entertainment franchises, and influencers now have direct access to their earnings without the involvement of third parties. Real Estate agencies and musicians now attach properties and pieces of their music to sell.
Companies like raribles, cryptopunks, and mintables now offer digital creators a chance to sell their arts and earn directly.
Web 3.0 platforms
As the internet transcends from the regular website platform to high machine-driven and data-oriented platform built in the blockchain. Unlike the processing platforms that are regulated by several government bodies, relief on physical data centers, and use obsolete virtual networks; web 3.0 operates independently on the blockchain cloud with a faster response rate.
Facebook Metaverse is a popular web 3.0 platform that offers a wide range of real-world activities in the digital phase. Partakers get to witness a new range of the virtual world from the comfort of their homes.
IoT
Internet of Things is an integral part of every household life as they help in performing simple household tasks, provide information at the sound of our voice, capture, and create at our accord. The combination of blockchain possibilities with IoT has led to the creation of a platform for service creators and service users as technologies like Chain of Things, (CoTs), IOTA.
Although big franchises like Google’s Alexa and iPhone’s Siri are yet to catch the blockchain bug, several other recent startups like Helium, Xage security are IoT companies that now utilize the blockchain.
Supply chain management
Supply chain management has had fraud, tracking, and transparency as major barriers to its expansion. Goods and services being transferred into cross borders need to be backed with constant visibility and verifiability. A lot of supply chain management companies now use blockchain to improve their inventory tracking to help during procurement and transportation.
Insurance
Blockchain smart contracts have been used to solve insurance companies’ problems of information documentation, acceptance, and funds disbursement.
The smart contract will compute and facilitate the policy clause and ensure all necessary reports and documentation are true or set up features to collect the necessary data. This long, tasking process is done autonomously, immediately, and in seconds by the smart contract, eliminating any case of fraud.
Finance
The first of blockchain technology, Bitcoin showed money and other assets can be owned without being physical or approved and created by the government. From being used as an accepted payment for pizza to becoming the most expensive blockchain digital asset, Bitcoin is no doubt a force to reckon with.
Its basis of creation led to the development of over 10,000 altcoins, digital assets, and cryptocurrency exchange companies like Coinbase, Coinmarketcap, and Coingecko.
Also, countries like El Salvador have inducted Bitcoin as a legal value of money and is legitimately approved to be a firm of fiat money, proving the future is digital.
Education
As with other sectors, blockchain technology has impacted the education system through the creation of decentralized online learning platforms that is accessible to both local and international students.
These platforms allow for the creation of a school-like environment that is student-friendly and facilitates the learning experience.
Popular examples of decentralized online learning platforms include Studyum, ieeexplore, Steemit, and Arxiv.
Government
In respect to fraud and identity theft cases in government affairs, especially COVID19 pandemic and vaccine dispensation. Through the blockchain, the government can build an environment of trust between COVID19 patients and their personal information, to promote cooperation.
Concerning cybersecurity of files, blockchain offers protection against unforeseen threats and brushes the gap of the traditional way of storing data and information.
Although a substantial amount of leaders were once anti-blockchain, a recent study found over 50% of these leaders believe blockchain is the ultimate solution to most prevailing issues (the removal deregulation part is in motion.)
