Blockchain technology is the basis of Bitcoin and other cryptocurrencies. But this is far from its only purpose. After all, it can enhance fairness and transparency to a level that few frameworks can match. So it is no wonder that there is no shortage of blockchain-based apps today.
Top Blockchain-Based Use Cases and Apps
Many companies worldwide use blockchain apps in their operations. They come from a wide range of industries, from Visa and HSBC in finance to FDA and Pfizer in healthcare. Several government agencies have also adopted the technology. Here are some of the most pertinent blockchain use cases for businesses, organizations, and governments:
Decentralised finance (DeFi) is a secure system that allows people to transact with each other directly. No one has full control over it and everyone can track deals and records in real-time. In short, it lets people manage their finances without the hassles that come with banking. Digital asset blockchain experts predict that it can transform traditional banking.
These are contracts that enforce themselves once the people involved meet the terms of an agreement. They contain encrypted records and function without mediators. As a result, smart contracts do not just ensure on-the-dot executions. They also foster trust and ensure transparency among those involved. Any organization that relies on a contract can benefit from this innovative application.
Food safety is critical, even before the pandemic. A single batch of poorly prepared food can put a restaurant out of business. But nowadays, those in the food industry must ensure their products are not only cooked well but also safe in transit. There are blockchain apps that can ensure this. Some allow customers to track their food from the farm to their table. Others help restaurant owners ensure the quality of their ingredients.
Many blockchain companies joined forces with healthcare facilities to enhance healthcare. The technology allowed doctors to access records, supervise drug intake, and monitor patients in real-time. Some apps even let frontliners check how their patients are doing after they were discharged.
There are many blockchain apps that let people sell products with no middleman. Some allow retailers to save money from membership costs and other fees, while others let them create payment systems. Consumers also have their fair share of apps for retail to choose from. For instance, there is an app that lets customers trade and combine loyalty rewards.
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