Blockchain Applications: What Is Blockchain Used For? Share: Async Labs Date Published 23 February 2022 Categories Blog Reading Time 4-Minute Read To this day, blockchain has found extensive application in many areas – from finance to hospitality and medicine. Regardless of the industry or application, blockchain has the potential to transform the way most processes work. The blockchain was invented and developed to enable the emergence of digital currencies and to enable faster, more secure, efficient, and more transparent digital transactions. It’s the first time in Internet history that we can transfer digital assets without intermediaries and on a peer-to-peer basis. But let’s talk about alternative blockchain applications in different areas. What’s blockchain being used for today? The use of blockchain technology can significantly contribute to the business. Here are a few examples of how blockchain is being used in different areas: Loyalty programs and gift cards Blockchain technology can help small vendors that offer loyalty programs and gift cards by eliminating the third party and verifying the person’s identity. Financial institutions Banks and financial institutions are responsible for processing loans, mortgages, and other financial services and conducting transactions. Today, banks use blockchain technology to create their cryptocurrency based on IoT networking capabilities and smart contracts. Oil and gas industry In the oil and gas industry, many pipelines worldwide need precise and regular maintenance to avoid and prevent damage to the pipes networked in the pipeline. Most operators of gas or oil transportation systems have their systems to manage the data of their pipelines. They hire an outside company to perform a special pipeline inspection every few years. Blockchain technology easily solves these problems and benefits the oil and gas industry. It can improve management, efficiency, and data security, reduce paperwork, and shorten transaction time. Gaming Industry Today, gaming and its growing assets are becoming increasingly complex. Blockchain can improve the user experience through ownership and globalization. The decentralized, stable, and secure features of blockchain can make it a popular tool in the gaming industry. For example, with blockchain development, players can sell their games, monetize their skills, gain, trade, and buy digital assets from other players to advance in their games. Because blockchain makes transactions more efficient and transparent for players, it creates opportunities for players and developers to create a new entertainment market. Supply Chain Industry In the supply chain industry, it’s not easy to track an item from its point of origin. The blockchain successfully solves this problem by recording the delivery of goods from one location to another on the blockchain. This way, you get a seamless audit trail that shows where a good came from and tracks each stop along the journey. All the records stored in the blockchain can help verify the authenticity of products and protect them from fraud. What benefits does blockchain bring to your business? Regardless of industry, blockchain is being used to transform business models. Nowadays, it is used in financial services, supply chains, government, software development, retail, healthcare, and many other industries. Blockchain adds value and benefits by offering: Greater transparency Increased speed Improved traceability Lower costs More transparency With the introduction of the blockchain, the history of transactions has become more transparent. Since the blockchain is a distributed ledger, all network members share the same updated ledger, validated by consensus across the network. The data stored on the blockchain are: more transparent secure more accurate only available to members with access permission Increased speed Traditional business processes and practices are time-consuming, paper-based, error-prone, and involve third parties. With blockchain, you can conduct transactions securely and quickly by automating and simplifying business processes. All network members can access the same information at any time, resulting in fast processing. Improved traceability Blockchain allows you to track the entire lifecycle of food from origin to end consumer. It strengthens credibility, safety, and efficiency. Blockchain can significantly enhance supply chains by enabling faster, more cost-effective products, improving product traceability, improving coordination between partners, and facilitating access to funding. Lower costs With blockchain, you don’t need third parties or intermediaries to build trust. Through consensus, network participants validate everything on the network, and everyone has access to an immutable version. Want the best blockchain software development for your business? Stand out with your next digital solution and contact us to kickstart your blockchain development journey.