Blockchain technology uses and applications
The following are examples of industries and sectors that currently utilize blockchain technology:
Fund transfers – sending funds from one party to another anywhere in the world without the use of a third-party intermediary
Insurance Claim Assessment – Error checking and approval, and insurance payout calculation based on policy and type of claim
Micro-Insurance – Calculate micropayments based on usage data received from IoT devices. Ex: Pay-as-you-drive auto insurance.
Securities Trading and Settlement – Record and transmit payments to the respective parties involved, automating a manual process and making it faster.
Royalty Distribution – Artists and creators can put their works on the blockchain, allowing transparency of how their work is being used, enabling them to receive royalties.
Drug Verification – Track and verify product information, solving problems of counterfeit drugs being mixed into the supply chain.
Clinical Trials and Research – Secure and provide access to sensitive data that should not be modified fraudulently
Collaboration – Patients, researchers, and providers can collaborate to provide individualized healthcare
Health Records – Improvement of authentication and sharing of health records securely
Voting – Automates and secures the voting process, validating votes according to smart contracts, eliminating the need for human intervention and error.
Cold Chain Logistics – Temperature levels can be monitored during transportation for temperature sensitive goods through the use of IoT enabled devices, and shared to all parties involved via the blockchain.
Brand Protection – Brands can verify authenticity by creating a history on the blockchain
Vehicle Registration – Auto manufacturers in some areas have begun working to put new cars on the blockchain, allowing the entire history of that vehicle to be tracked and transparent
Charging Stations for Electric Vehicles – Charging stations have begun using the blockchain to charge transactions and initiate payments with customers.