Blockchain is a relatively new technology, but its application in various industries is already being felt. As this tech continues to develop, more companies are starting to understand how useful it can be, and they’re integrating it into their business models.
What is Blockchain?
Blockchain technology is a growing list of records that are called blocks. They are linked together using cryptography. Each block has in it a cryptographic hash of the previous block, transactional data, and a timestamp. Blockchain is resistant to modification of the data in each one. This is by design, for security purposes.
Why Does Blockchain Technology Matter?
According to a report in prnewswire.com, in 2025, the global blockchain technology market size is expected to reach USD 57,641.3. That’s a CAGR of 69.4% from 2019. To say that forecasters suggest massive growth in this area over the next 5-10 years would be an understatement.
When you’re talking about blockchain development for companies, that means security, protection, transparency, and data encryption. You can feel secure about your sensitive data like never before when you use this technology. You don’t have to worry about your company’s information or that of your clients being hacked or stolen. With blockchain, that is almost impossible.
Now, let’s talk about some specific industries and ways in which blockchain is leading the way.
What are the Top Blockchain Use Cases for Different Industries?
The financial sector is a natural fit for blockchain applications. That is because financial information must be protected when it is stored on computers for banks and other trusted institutions.
Blockchain can be used as a form of ledger distribution technology or LDT. Well-established financial institutions are utilizing LDT to bring about lower costs. It also means more transparency and easier auditability of operations. Banks can use it to operate in the open and show that they have nothing to hide.
Though it is in the early going with this tech, people are coming to understand that blockchain is trustworthy. Because of that, institutions of all varieties that use blockchain for payment are going to be seen as more reputable in the years to come.
Those who work online can be paid using blockchain technology. Businesses can issue paychecks using blockchain without having to worry about their employees’ money ending up somewhere it was not supposed to be.
The security industry is one where blockchain can have nearly limitless uses. It can protect devices and systems from attack. More importantly, the advent of it means that there no longer must be a centralized authority that controls a network. That is also true of the data going through it.
Staging an attack, even by expert hackers, would be difficult or impossible. Blockchain was devised to be impervious to tampering.
Blockchain in healthcare today can be used for patient data management. That data can be more thoroughly analyzed and transferred faster than ever before.
The high-security standards of data encryption mean that there won’t be any more data breaches. Secure payment management and reduced costs are good news for patients, as well. Blockchain applications in medicine can allow both doctors and patients to feel more secure about data and provide better protection.
The application of blockchain in online stores will make them seem more trustworthy. eCommerce entities that can exhibit the blockchain logo are demonstrating to their customers that they will take good care of their credit and debit card information.
From a legal standpoint, how blockchain is used for the creation of smart contracts is a stroke of genius. Financial transactions and chain of custody would be other areas where it could apply. Then there’s land registry and intellectual property rights. Blockchain opportunities in legal areas are generating a lot of the excitement that surrounds this tech.
Blockchain applications can be used in real estate to speed up operations and increase transparency. A purchase-and-sale transaction could be dependent on loan approvals and title clearances. Those companies that create a blockchain app are sure to thrive in this area.
The benefits of blockchain for real estate entities are readily apparent. They can check on whether those transactions have gone forward, and then they can proceed. A great deal of time will be saved this way.
Energy and Sustainability
Energy grids can also be linked to the blockchain. This will allow consumers to have complete control over where they source their energy. They will also have all the information behind the production itself. This will drive competition and promote responsible, sustainable energy practices. Blockchain application cases having to do with environmental conservation are certainly an area of growing interest.
Media and Entertainment
Some forms of media and entertainment are only meant to be viewed by those who purchase a license for them. Blockchain would allow a permanent record to exist for those who buy that license. Based on that, only authorized users could do things like watch PPVs and exclusive content. A blockchain application case study in this area reveals that the public is eager to engage with it in this way.
Sports and eSports
Gaming and eSports are multi-billion-dollar industries, and they can certainly benefit from the blockchain. Games that are blockchain-based can be programmed with tokenized forms of digital assets. These can then be traded externally in a public market or internally as part of the game. Blockchain solutions for gaming can introduce this tech to a completely new sector with deep pockets.
These are far from the only areas where this tech is being used. Blockchain application agriculture possibilities exist, as do blockchain application banking ideas.
The inherent challenges of blockchain are nowhere near as concerning as its potential benefits. When it comes to software and mobile development for different industries, this is a form of technology whose star is on the rise. It will be thrilling to see the many advantages of blockchain as different entities come up with applications for this new tech in the year 2020 and beyond.