10 Blockchain Applications In 2024
Blockchain applications can be observed from small use cases like decentralized web applications to complex issues including decentralized voting systems, financial services, end-to-end encrypted messaging services, etc. We will deep dive into Blockchain applications in detail in this article. We will also discuss the applications from the present society to the other fields where Blockchain technology is applicable and their applications.
What is Blockchain?
Blockchain Technology has numerous applications in our everyday life. Cryptocurrency is one such example of the applications of Blockchain. Blockchain led to a massive outbreak of Blockchain technology applications like decentralized applications, defies, independent Blockchain network developments, etc.
Top 10 Blockchain Applications List
There are many Blockchain Technology applications present in our modern world. These are some examples of the most popular applications in our day-to-day life.
1. Cryptocurrencies
Cryptocurrency is one of the most popular applications of blockchain technology. It has become an alternative to traditional financial transaction systems. Cryptocurrency has gained a huge market evaluation of $1.21 trillion. It clearly shows the impact of crypto and Blockchain technology. One such popular example of cryptocurrency is Bitcoin.
2. Blockchain-Based Voting System
Another key application is a decentralized Blockchain-based voting system. Blockchain technology provides two features called immutability and distributed ledger systems. Blockchain technology-based voting systems offer more transparency and accountability. Corruption is nearly impossible as they are encrypted and secured.
Also Read: Blockchain Projects Ideas
3. Decentralized financial institutions (Defi)
Another major application is the establishment of decentralized financial institutions. These are decentralized firms that function under a single superpower. These institutions automate the financial aspects without a major institution. The transactions under these are completely secure and flexible. These institutions do not require authentication and permission from any powers to control their functioning.
They don’t require any approval & middle mentorship of any centralized institution like banks or the government to control it. An example of one such popular financial institution is an alliance block.
4. Blockchain Technology in IoT
The Internet of Things is simply defined as a connection among a system of networked circuits. IoT is the automation of everyday applications by connecting them to exchange data and share insights between them. Blockchain technology provides enhanced security to IoT systems by verification of data shared among the circuits.
In IoT systems, the security of the system is equal to the security of the least protected safe system. Hence, it is very important to make sure that data shared through this system is secured and verified. Blockchain technology is used to complete this secure verification of data process and helps in better performance of IoT applications.
5. Digital Assets & NFT
Non-fungible tokens (NFT) are another great example of modern Blockchain applications. These are digitally generated and verified tokens that are usually used in transactions among users in the form of digital currencies. The NFTs were first introduced in the year 2014 by the Ethereum Blockchain.
NFTs are digital arts created on the fundamentals of cryptocurrencies. But in non-fungible tokens, the transactions are more flexible and easier when compared with a cryptocurrency exchange. Recently, the Indian government also launched a digital currency named the digital rupee in the financial year 2022-23.
6. Copyright & Royalty Regulations
In the digital world, it is very important to protect the rights and privacy of every user by granting complete control over their data & assets. Blockchain-based copyright systems can provide a secure and decentralized way to manage and protect copyright ownership and licensing. Essentially, Blockchain technology creates a tamper-proof digital ledger that records transactions in a transparent and immutable way, making it very difficult for anyone to alter or manipulate the information stored on it.
This means that if a copyright owner registers their work on a Blockchain-based copyright system, it will be very difficult for anyone to use or distribute that work without permission since the system will be able to verify whether they have the necessary rights or not.
Blockchain technology provides accurate usage and analysis of creators’ licenses and their usage across the internet by maintaining constant tracking of them. It ensures the fair use of the licenses by regulating complex copyright systems.
7. Pharmaceutical Industries
Blockchain Technology can be used in multiple use cases in the healthcare industry. It stores and maintains confidential health information and tracks patients’ progress and treatment details.
Blockchain technology applications are also used in tracking the medicines & antibiotics’ expiry dates and can help in preventing the use of outdated medicines. The use of Blockchain can do wonders and help the healthcare industry to be more effective and transparent.
Also Read: Blockchain in Healthcare
8. Smart Contracts
Blockchain Technology has seen massive growth from the addition of smart contract features. Smart contracts are computer codes and are executed by checking some predefined conditions. After the Smart contracts have evolved, many applications of Blockchain technology also evolved like decentralized web applications, Android, and PC applications.
Smart contracts added more functionality and flexibility to Blockchain technology. Decentralized financial institutions that extensively use smart contracts to function efficiently are some major examples that have been discussed.
9. Supply Chain Management
In supply chain management, commodities/goods are changed multiple times from one hand to another. Hence, it is very crucial to keep a track of this system in the logistics.
The transactions between multiple parties can be stored in a Blockchain network. It helps in ensuring the record of the project securely.
Blockchain applies to the data stored in a distributed ledger system and this makes the data nearly impossible to corrupt and manipulate. The application of blockage in supply chain management systems increases greater, secure maintenance of the logistics and supply chain.
10. Data & Information Storage
Blockchain technology can be used in storing important data of individuals like health certificates, government-issued identity cards, etc. Blockchain technology prevents misuse and alteration issues of these certificates by its immutable secure feature.
Issuance of these certificates can be regulated and automated with the help of Blockchain networks by enhancing the user’s security confidentially. It helps in reducing large-scale data breaches and prevents cyber threats.
Blockchain Technology Applications in the Future
Applications of Blockchain can be used in numerous ways to provide safe and secure functioning. The technology has been recently discovered, but it holds great potential for multiple applications in the future. If you want to learn more about Blockchain or understand its applications better, you can opt for a course on Blockchain to enhance your knowledge in the field of Blockchain. Some more fields and applications where Blockchain technology is applicable are:
1. In Cloud Computing
Cloud computing is another massively evolving domain of Computer Science. In cloud computing, billions of data are stored in servers by cloud providers. Using Blockchain technology with cloud computing will greatly enhance the capabilities and security of the cloud.
2. In Artificial Intelligence
Artificial intelligence is another widespread innovation in modern technology. Artificial intelligence is used to train large language models, and neural networks, enhance computer vision, etc. Blockchain technology can be used to verify the data which are used to train these AI models which will ensure safer and human-friendly developments in artificial intelligence.
3. In Stock Trading
In financial services like stock markets, it takes at least 2-3 business days to buy and sell stocks and convert the money to receive as liquid cash. However, the process is a little time-consuming, but it greatly decreases the exchange rates in that settlement time. So, Blockchain technology can be applied to these stock trading systems to quickly withdraw and liquefy the stocks as soon as possible.
4. Crowdfunding Campaigns
Crowdfunding campaigns are a great way to help needy families with a trusted agency. But the problem with these campaigns is they charge an amount of 5% to 10% from the collected resources. This results in the diversion of total funds to the receiver. Along with these commissions, the organizing bodies also charge a merchant fee of 3%.
Instead, these funds can be wired on a Blockchain network in a fully encrypted manner. As the amounts received from the donors are stored in a distributed ledger format, this will reduce the extra charges and commissions due to the campaigning organizations.
Conclusion
Blockchain technology has the potential to revolutionize various industries by offering advanced features such as safety, security, immutability, and incorruptibility. Blockchain applications are crucial in protecting and leading our modern world toward a more ethical and moral society. We must continue to explore and invest in the potential of Blockchain technology, as it has the power to transform the way we conduct business and interact with each other in the digital age.
