Most Promising Blockchain Use Cases in the Real World of 2020

Let us take a look at some of the real-time blockchain use cases in 2020.

Supply chain management 

In the real world, supply chain management is more essential for the business people and customers. Without the supply chain, we cannot receive any products such as clothes, food, mobile, oil, gas.  The main problem faced here is lack of transparency as the product moves in the supply chain. When we adopt the blockchain technology in the supply chain, we can track the product information, location, time with secured blockchain. It simplifies the process of transporting the product. 

Consumers can verify the products with the blockchain-enabled supply chain. Products can be accurately tracked across different locations. For example, in the textile industry, the cloth materials are stitched and made into a final product. Then the deployment network delivers the materials to the customers.

Not only the textile industry, other industries also follow the same supply chain process. By adopting blockchain technology, it makes the process faster and easier. Some of the real-time advantages of using blockchain technology in the supply chain are

• transparency,
• minimizing human errors,
• reliability,
• cutting cost,
• automated purchasing and shopping,
• easy shipping data. 

Healthcare

The major drawback in the healthcare industry is storing information. Such as patient health details and the existence of fake medicines in the supply chain. By using the blockchain technology, you can store patient health details in a secured way, so no one can access the health details without the permission of a patient.

Fake medicine drugs can be avoided in the supply chain by using blockchain. Blockchain provides more security to hospital data and avoids threats from hackers. It is more useful for medical practitioners to check patient medical history. The health records are securely stored in the blockchain. so when the patient visits another doctor they can show the medical reports. To make the data more secure in the healthcare industry, blockchain provides the following:

• traceability of pharmaceuticals
• secured transaction,
• figuring out fake drugs and eliminating them,
• improved medical record access,
• enhancing digital payment options.

Digital Identity

Digital identity becomes problematic, due to centralized entities increasing across the world. Whenever there is a third party existence, our digital information may be stolen by hackers. This sector provides security to our digital information to keep our data and information more secure.

In this management, a sovereign id is used for verifying identity without any individuals. Also, there is no need for producing documents or paperwork. It automatically identifies the user with the sovereign id. Digital id also collects the online information of the other user’s id, such as medical records, social security information, and social credentials. It also collects the company's information. So by using blockchain technology, we can secure our id information and keep it more secure. Individuals can control access and revoke access. Users can control their private digital data by using the blockchain in digital identity.

Fundraising (Security Token Offering)

STO is the security token offering built by blockchain. It is one of the best use cases of blockchain. Where ICO launched first in the blockchain industry, but there were problems for investors when it comes to fundraising. ICOs demonstrated the possibility of scammed tokens, so many investors lost their funds.                                   To overcome the problems of ICO, the security token offering entered the stage. For creating the security token, it should satisfy certain conditions. STO is a blockchain development service provided only in the blockchain development companies, it is one of the best strategies for fundraising. Developing a security token using blockchain technology is cost-effective. STO comes under the category of blockchain development services.

Some of the benefits of using blockchain-based security tokens are   

• cost is low for the investment process,
• instant trade and transfer,
• liquidity is higher,
• almost no possibility of scam tokens.

Advertising & Real estate

In the digital world, whenever we reach a website or any other media there will be a digital advertisement. Currently, companies like Google are controlling digital advertisements — in order to exclude these advertisements, we can use blockchain. The technology will avoid middlemen and directly connect producers and consumers in the decentralized system.

The real estate industry is the same as the advertising industry. Here, the broker is the middleman, who gets fees from the buyers and sellers. So by using blockchain, we can eliminate them and connect directly to the buyers and sellers without any middlemen. Benefits of using blockchain in advertisement & real estate industry are

• buyers and sellers can be directly connected through the decentralized system,
• avoiding middlemen,
• reducing cost for both buyers and sellers,
• saving time consumption,
• eliminating unwanted advertisements.

Food safety

Nowadays, there is no transparency regarding the transportation of food. So it leads to contaminated goods. Due to the delay, some of the food is getting damaged and decayed when it reaches the destination. To avoid such cases we can use blockchain technology. It allows verifying and tracking the location of a particular food product. It also provides detailed information on farm organization, batch numbers, transportation details, expiry details, and storage temperature. Such data is digitally stored via blockchain technology. End-to-end traceability of the food products will improve the food supply chain. 

About the Author

Robert Kroos is a writer at a leading blockchain development company. He loves to share ideas & thoughts on blockchain & cryptocurrencies in a simple and readable manner.