Blockchain applications are immeasurable, as almost all sectors demand or require systems that help keep truth and correct data of daily activities or transactions.
With its ability to create more transparency, and fairness and improve how time and money is spent in business, no wonder its usages have spread past just cryptocurrency and that’s where you as a marketing manager come in.
- NFT marketplaces / content creation
- Secure sharing of data
- Music royalty tracking
- Financial payments and cross-border payments
- IoT operating systems development
- Supply chain and logistics tracking
- Cryptocurrency exchange
- voting mechanisms / DAOs
- Personal identity security
- cloud infrastructure
- Real estate
These are the applications of blockchain we will be focusing on
Financial payment and cross-border payments:
With bitcoin being at the forefront, cryptocurrency transfer apps are exploding in popularity right now, for the money, time and security it saves financial companies of all sizes it seems to be the best bet.
By eliminating bureaucratic red tape, making the Ledger system real-time and reducing third-party fees or charges, blockchain can save big banks 8 to 12 billion dollars yearly according to Computer World.
Internet of Things:
The Internet of Things (IoT) is the next logical boom in blockchain applications. IoT has millions of applications and many safety concerns, and an increase in IoT products means better chances for hackers to steal your data on everything from an Amazon Alexa to a smart thermostat.
IoT technology built on the blockchain adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things “smart.”
Personal Identity Security:
According to identity theft expert LifeLock, more than 16 million Americans complained of identity fraud and theft in 2017 alone, with identities being stolen every two seconds. Fraud on this scale can occur via everything from forged documents to hacking into personal files.
Blockchain in healthcare, though early in its adoption, is already showing some promise.
Early blockchain solutions have shown the potential to reduce healthcare costs, improve access to information across stakeholders and streamline business processes. An advanced system for collecting and sharing private information could be just what the doctor ordered to make sure that an already bloated sector can trim down exorbitant costs.
A major complaint in the shipping industry is the lack of communication and transparency due to the large number of logistics companies crowding the space. According to a joint study by Accenture and logistics giant DHL, there are more than 500,000 shipping companies in the US alone, causing data siloing and transparency issues. The report goes on to say blockchain can solve many of the problems plaguing logistics and supply chain management.
Non-Fungible Tokens (NFTs) have been the hottest blockchain application since cryptocurrency. 2021 brought a rise in these digital items that are currently taking the world by storm. NFTs are simply digital items, like music, art, GIFs, videos, etc., that are sold on a blockchain, ensuring that a sole owner can claim full rights to it.
Thanks to blockchain technology, consumers can now claim sole ownership over some of the most desirable digital assets out there. Remember the 2011 meme Nyan Cat? That memorable GIF just sold for $600,000 in ethereum on the blockchain. Before October, the digital artist “Beeple” never sold anything over $100.
One of the most surprising applications for blockchain can be in the form of improving government. As mentioned previously, some state governments like Illinois are already using the technology to secure government documents,
but blockchain can also improve bureaucratic efficiency, and accountability and reduce massive financial burdens. Blockchain has the potential to cut through millions of hours of red tape every year, hold public officials accountable through smart contracts and provide transparency by having a public record of all activity, according to the New York Times.