While Bitcoin and other cryptocurrencies were created to revolutionize the financial system, blockchain technologies have expanded across many other industries. So, it is about time to pay some attention to blockchain and its popular and important use cases around the world.
The evolution of the blockchain
Bitcoin was introduced in 2009, as a brand new monetary system, run by computers all over the world. The main purpose of the first digital currency was to create money, less dependent on central authorities. The mentioned network of computers handles a type of database, which we call blockchain. It uses ledger technology to add data in a permanent manner and allows verified record of transactions protected by cryptography and consensus.
The main function of the blockchain is to facilitate the transfer of digital currencies in a way that the transaction can not be modified or deleted. After the creation of the Bitcoin blockchain, developers added more different functions and use cases to the technology.
With the creation of Ethereum in 2015, smart contracts were introduced, and people were able to program agreements that went beyond payments. After that, more and more use cases were launched, and the possibilities went across different people and organizations, in different industries.
Anyway, if we look from the finance perspective, cryptocurrencies came to life, to give us more freedom on how we use our money. Furthermore, blockchain enabled the creation of more avenues, providing financial services to people, anywhere around the world.
5 Important blockchain use cases
Let’s have a look at five of the most important and popular blockchain use cases.
Gaming
Right after cryptocurrencies became popular in the financial world, developers launched different blockchain games, introducing many of the solutions that the technology brought to gaming problems, including economic manipulation by gaming companies, shutdowns, imbalance gameplay, etc.
The open-source and transparent network, blockchain, introduced innovations such as decentralized marketplaces, streamlined tokens, real ownership of assets and many others.
Art
Another interesting topic in the world are Non-fungible tokens, or NFTs. This is a work of art, created using the technology, and some art pieces have been sold for millions of dollars. The use of NFTs can go from digital art to proof of authentication documents for real assets.
Real estate
Blockchain found its use case in the real estate industry, bringing better service. It managed to solve problems such as slow transactions, distrust between buyers and sellers and administrative disputes.
The implementation of the blockchain in the real estate industry allowed for automation of routine tasks, transparent listing and reduced costs.
Not only this, but blockchain brought an innovative business model for the real estate industry.
Insurance
Insurance industry is data-intensive and can benefit a lot from blockchain technology with use cases such as fraud protection, record keeping, reinsurance, etc. Another innovation blockchain brought to the insurance industry was making it possible for insurers to offer sophisticated versions of on-demand insurance.
Security
Blockchain technology came out with a solution for every level of security problems.
On the individual level, blockchain security offers sovereign identity, so that users can control their personal data. This is useful for protecting data transmission, private messaging, and even security layers of IoT devices.
On the organizational level, blockchain is used for distributed record-keeping, preventing DoS attacks, etc. Blockchain technology is used for security purposes from governments of countries such as Australia, Malta and China.
Organizations, as well as individuals, can benefit from blockchain technology. You can increase your wealth through crypto trading and other services. Not only this, but blockchain provides many solutions to different problems in many industries.