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[DDK Blogs]BLOCKCHAIN FOR BEGINNERS: FAQS (Series 3) Blockchain Use Cases

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Hi, blockchain enthusiasts! Previously in Series 2, we touched on Blockchain’s Transaction and  Consensus. Today, we are going to see a few examples of where you can see blockchain is  utilized and how it benefited industries and businesses.  

As usual, to recap, blockchain provides significant perks, it guarantees secure transactions, it  advocates in managing and securing digital relationships. It is very important to note that  blockchain is also eliminating intermediaries, removing unnecessary third party interventions or costs. Tamper free and transparency in data storing provides excellent traceability of every  alteration made to transactions is also why industries and businesses are adapting and  utilizing blockchain. 

Lets see some of the best blockchain use cases. 

Real Estate – Propy 

Propy’s platform uses blockchain technology by simplifying the home-purchasing experience  and eliminating fraudulent transactions. The idea is to close a traditional real estate deal entirely  online. Propy automates the closing process for all participants to make closing faster, easier  and more secure. It helps brokers, agents and title companies migrate to a paperless remote  closing.  

Logistic – DHL 

DHL starts to leverages blockchain-powered logistics to track and record information related  to shipments while maintaining the integrity of transactions. DHL has opted for blockchain as  it is a safer, more accessible method of payment that can open up a vast, untapped audience. Blockchain also has the potential to increase demand for goods and services by making  transaction costs cheaper. And because it records every point in the supply chain, it makes  items easier to track and could help to defeat counterfeiting. 

Healthcare – phrOS 

The Taipei Medical University Hospital and Digital Treasury Corporation (DTCO) have recently  released phrOS. It aims to increase transparency between medical institutions by putting all  of a patient’s medical information on a blockchain. 

It includes images, as well as various information concerning a patient’s condition. The  information can be accessed by doctors and the patients themselves through a mobile app. It  also increases the security of medical information through the Decentralized Ledger  Technology (DLT). 

Digital Identity Verification – Tradle 

Online financial transactions are impossible without identity verification, however, blockchain makes it possible to securely re-use identity verification for other services. 

Tradle uses blockchain to store proofs of data verifications and give total ownership and  control of data to the owner. This means the customer manages the sharing with banks  directly, thus the customer becomes the utility. Tradle’s approach enables the owner to share  their data across lines of business, with any institution and across any border without  breaching any data locality laws, or regulations.

We hope that you are as amazed as us on how with an initial purpose of a mechanism behind  cryptocurrencies, today the blockchain technology has stepped far beyond just powering the  cryptocurrencies transactions. We hope that we are able to give you insights on just how  powerful blockchain technology is and what it has to offer to the world! 

Do you have any topics that you want us to discuss on? Leave your comment below! See you  in Series 4, till then, mask up and stay safe. 

References: 

1. https://www.upgrad.com/blog/blockchain-technology-use-cases/

2. https://builtin.com/blockchain/blockchain-applications 

3. https://consensys.net/blockchain-use-cases/ 

4. https://innovecs.com/blog/blockchain-use-cases/

The post BLOCKCHAIN FOR BEGINNERS: FAQS (Series 3) Blockchain Use Cases appeared first on DDK BLOGS.

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