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How useful is a blockchain?

20 March 2024

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Blockchain technology holds a lot of inherent potential and given the current state of adoption and the technology itself, it is easy to draw a parallel between the wider adoption of internet technologies in the 1990’s and the movement toward global blockchain integration we see now.

With the early internet, there were many sceptics, particularly when it came to things like social media, online shopping, the value of search engines, music streaming, data sharing and even the usefulness of email. Ultimately the resulting paradigm shift saw the foundation and growth of some of the worlds largest organisations, and of course the end of those that clung to outdated business models.

Blockchain promises to finally deliver the missing value layer that sits on top of the internet’s information layer allowing the seamless creation, sharing, storage and transfer of value in all its forms. This will undoubtedly create new opportunities and like the internet itself, reshape the current global landscape.

Some of the many opportunities and blockchain use cases are outlined below and with next generation technologies like DevvE we expect to see a wide range of new innovations emerge as we unlock current inhibitors such as scaling, cost, security, speed and compliance frameworks.

If you have a great idea and want to leverage the worlds most capable blockchain technology, supported by simple Restful API integration, you should check out the DevvE Innovation Grant Shard. In the meantime these are just a few of the blockchain use cases that are being developed today.

  • Cryptocurrency: The most well-known use case, cryptocurrencies like Bitcoin and Ethereum utilize blockchain for decentralized transactions and value transfer.
  • Smart Contracts: Automated self-executing contracts that run on blockchain, ensuring transparency and immutability in agreements across various industries like real estate, supply chain, and finance.
  • Supply Chain Management: Tracking the movement of goods through the supply chain, ensuring transparency, authenticity, and traceability, thus reducing fraud and improving efficiency.
  • Identity Verification: Providing secure digital identities for individuals, which can be used for various purposes such as KYC (Know Your Customer) processes, passports, driver’s licenses, and more.
  • Voting Systems: Building secure and transparent voting systems, ensuring the integrity of elections and minimizing fraud.
  • Healthcare Data Management: Securing and managing patient records, enabling interoperability among healthcare providers, and ensuring patient privacy.
  • Intellectual Property Protection: Authenticating and protecting intellectual property rights for content creators, artists, musicians, and writers by timestamping creations on the blockchain.
  • Decentralized Finance (DeFi): Offering traditional financial services like lending, borrowing, trading, and asset management in a decentralized and permissionless manner.
  • Cross-Border Payments: Facilitating faster, cheaper, and more transparent cross-border transactions by eliminating intermediaries and reducing settlement times.
  • Tokenization of Assets: Representing physical assets like real estate, artwork, or commodities as digital tokens on the blockchain, enabling fractional ownership and easier transfer of ownership.
  • Notary Services: Providing secure and tamper-proof notary services for legal documents, contracts, and certifications.
  • Supply Chain Finance: Offering financing solutions for suppliers based on the transparency and reliability of blockchain-tracked transactions and inventory.
  • Content Distribution and Copyright Protection: Enabling content creators to distribute their work directly to consumers while ensuring copyright protection and fair compensation through smart contracts.
  • IoT (Internet of Things): Securing IoT networks and devices, facilitating machine-to-machine transactions, and enabling automated processes with smart contracts.
  • Charity and Aid Distribution: Ensuring transparency and accountability in charitable donations and aid distribution by tracking funds on the blockchain.
  • Gaming and Virtual Assets: Tokenizing in-game assets, enabling players to truly own their virtual items and trade them securely on blockchain-based platforms.
  • Real-Time Settlement: Settling financial transactions in real-time, reducing counterparty risk and improving liquidity in financial markets.
  • Insurance Claims Processing: Streamlining insurance claims processing by automating verification processes and reducing the potential for fraud.
  • Personal Data Monetization: Allowing individuals to monetize their own data by giving them control over who can access and use their personal information.
  • Carbon Credits and Emissions Trading: Creating a transparent and auditable system for tracking carbon emissions and trading carbon credits to incentivize sustainability efforts.
  • Legal and Regulatory Compliance: Facilitating compliance with regulations and auditing requirements by providing an immutable record of transactions and activities.
  • Academic Credentials and Certifications: Securing academic credentials and professional certifications on the blockchain, making them easily verifiable by employers and educational institutions.
  • Music Royalties and Licensing: Automating royalty payments and licensing agreements for musicians and content creators, ensuring fair compensation and transparency in the music industry.
  • Predictive Maintenance: Using blockchain and IoT sensors to monitor equipment and machinery in real-time, enabling predictive maintenance and reducing downtime.
  • Energy Trading and Grid Management: Creating decentralized energy markets where consumers can buy and sell excess energy directly to each other, optimizing energy distribution and reducing reliance on centralized utilities.

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