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Top 10 Use Cases of Blockchain Technology in Various Industries
Global trade and commerce
Today, blockchain is being explored to digitize business documents and streamline typically laborious processes such as letters of credit, while providing a tamper-proof environment for secure commercial financial transactions. Issuing letters of credit can now be done using smart contracts based on meeting pre-determined conditions, all thanks to the power of blockchain.
When it comes to supply chains, blockchain technology can transparently produce a record of a product’s origin, ownership history, and its movement through the supply chain. Examples include IBM’s Food Trust and Walmart’s blockchain solution allows products to be immutably tracked from farm to store, ensuring ethical sourcing and food safety standards are met.
Sustainability
When it comes to sustainability, blockchain technology helps organizations take huge steps in this area, particularly in the energy sector. It enables peer-to-peer trading of renewable energy, allowing both individuals and businesses to buy and sell energy without utility intermediaries or grid operators, resulting in a more efficient and cost-effective energy market that uses better renewable energy sources. Projects like Brooklyn Microgrid can help enable distributed energy resources to meet up to 45% of global electricity demand by 2050.
Elsewhere, smart grid management can be managed safely and securely through the power of blockchain, facilitating transparent monitoring of energy demand, supply and data flows in smart grids. Carbon tracking capabilities are also made possible by those organizations that leverage blockchain technology.
Health care
The reach of blockchain has spread rapidly and today supports healthcare providers who can leverage decentralized electronic health records (EHRs). By creating a permanent audit trail, blockchain technology ensures data integrity for all changes made to a patient’s medical history.
For healthcare providers, blockchain can also store credentials, certifications and licenses on a distributed ledger, supporting verification processes and mitigating any potential counterfeiting.
Government and public sector
Of course, it is not only the private sector where blockchain has extended its reach, but it is also being explored in the public sector and within central governments. Blockchain-based identity management and citizen registries help prevent fraud, data tampering and unauthorized access. In the United States, examples include the Illinois Blockchain Initiative and Delaware’s public records storage initiative.
Elsewhere, blockchain is helping to serve land and property registration, supporting voting and elections, and aiding in the provision of public services.