- Apart from Bitcoin and cryptocurrencies, there are several use cases for blockchain technology.
- The supply chain industry, Cybersecurity, and AI are some of the industries massively impacted by blockchain
Blockchain technology is fast-paced and paving its way in several other industries. Bitcoin served as a gateway, but now blockchain has other use cases. This technology may change the way many businesses operate in the future. Even today, blockchain is already being massively implemented in industries like supply chain and cyber security.
Let’s understand the blockchain and its real-life use cases!
Blockchain: A Ledger
In simple words, a blockchain is a shared database or ledger. Just like ledgers, blockchain also serves as a platform that can store, share, and distribute data. The blockchain stores the information in the form of a block and it is connected to the next blockchain. The interconnectivity of the blockchain makes it nearly impossible to alert the blockchain.
But what makes a ledger system so unique? Here are the features that make blockchain unique:
- safely stores and distributes massive data across the platform
- Blockchain is decentralized and operates on its own
- Ensures the safety and security of data
A shared ledger can be used in multiple industries.
Use case of Blockchain beyond crypto trading
Here are some of the popular use cases of blockchain technology:
Using blockchain as a ledger system to store and authenticate internet users will create cells to control cybercrime. Blockchain provides a platform to create digital identities (DIDs) that are hard to manipulate. These IDs are specific to a particular person and identified by the first name, last name, DOB and device IPs.
Furthermore, to identify what is going to be linked with the operating system, MAC addresses, etc. DIDs will play a crucial role in controlling cybercrime in the upcoming years.
- Supply Chain Management
Blockchain is already revolutionizing supply chain management. DeBeers is using blockchain’s tracking feature to keep a hawk’s eye on the processing of diamonds. In the same course of events, Walmart is utilizing blockchain to improve the visibility and traceability of supply chain management.
Blockchain improves the network infrastructure for existing supply chain management. This increases reliability, efficacy, traceability and transparency in the system. Furthermore, the integration of IoT and RFID tags will strengthen the supply management system.
- AI And Blockchain
Fetch.ai is a blockchain-based platform that utilizes AI technology to automate everyday tasks, such as booking flights, finding relevant car parking, etc. Similar tools are in the developmental stage that integrate both futuristic technologies.
Another significant use case of AI and blockchain is that AI can analyze the huge data stored in the blockchain. For instance, AI algorithms can help us find inefficiencies and streamline producers in a particular system (for example, the supply chain).
Moreover, the integration of blockchain and AI can be used in industries like supply chain management to automate and secure supply chain payments. AI and blockchain have the potential to revolutionize several industries.
Blockchain has already been implemented in several industries. A distributed ledger system serves as the safest method to store data that is free of any type of alteration. Supply chain management, cybersecurity and AI industries are some of the leading examples.