Do you have a favorite shop from where you make the purchases? How about a network created by the shop with each user as a node, he could access all his receipts, the order history, etc. Imagine all that data at one place, accessed JUST BY YOU, and you could use it for your analysis as which time of the year you got significant discounts. The data labeled with your name and could never be misused/copied.
Sounds like a dream? Not really… welcome to the world of Blockchain or distributed ledger Technology [DLT]. Blockchain technology does not need an introduction, with every passing day firms and enterprises are trying to utilize its potential to offer reliable solutions. While some use cases are now live, many industry verticals are still exploring the proof of concepts.
The primary reason for the quick adoption of Blockchain technology is the six key features that make it a compelling technology, they are –
While financial service industry were the early adopters of the technology, other verticals like retail,entertainment, manufacturing, Shipping, Government services are keeping up with the pace. Let’s take a quick look at some of the use cases explored across verticals at the global level –
BOOSTING SUPPLY CHAIN SYSTEM
With digitization and ERP system the logistics have improved, but your pack/courier is not more than an ID. No one could track if the stuff inside it is altered or the packaging is changed. The tracking id provides the information like a particular hub location and the person who received it. With Blockchain supply chain could be a universal chain with each pack as a digital asset that is tracked, recorded, linked, assigned and shared on a blockchain network.
RESHAPING FINANCIAL SERVICES
While cryptocurrencies, one of the use cases of Blockchain are in trend, the technology could also help financial services in providing more secured networks. The distributed network could offer solutions that are low at a price due to the removal of the middlemen; the smart contracts could assist in redefining the accounts and insurance payouts. Blockchain technology identifies each living/non-living thing as an asset, hence with digital identity in place every individual could access banking resulting in Financial Inclusion. People could convert land, gold, and other stuff into digital assets and mortgage them in case of financial crisis.
REHAULING OF TRAVEL SECTOR
How often have you struggled with airline crew to track your baggage? Or have you not been exploring the best deals for your upcoming vacation plan? All of this could be streamlined with Blockchain technology. With smart contracts, the airline staff, user, and crew members would have information about your luggage and could track it on a real-time basis. Even blockchain, the distributed network could help in removing the middlemen offering transparent pricing and best deal to its customers.
GET HEALTH WITH BLOCKCHAIN
Do you have a record of the vaccination you have taken till date? You might have a file folder kept under wraps at someplace safe, but how about a digital distributed ledger that contains all the treatment, medicines, allergies and doctor visit at one place? Accessible from anywhere anytime.
Blockchain could also help Heath industry by offering low-cost treatment and medicines.
CUSTOMIZE INSURANCE SECTOR
While Insurance is a necessity, at times due to lack of proofs the claim could be rejected. Building a distributed network that is integrated with IoTs [ Internet of Things] and telematics could help insurer in tracking/processing of real-time information. Just for example while driving a car, if you met with an accident the sensors/camera could help in recording the scenario and help insurance firm to release the claim asap.
The blockchain is a disruptive force that could change the face of many industries. It comes with the power of democracy and mutual trust, hence gaining acceptance. However some of the use cases and POC are still worked upon, we are sure to witness a drastic change in services in the near future. Thanks to Blockchain.