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Blockchain Use Cases for 2022 & Beyond

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Blockchain is a rock-solid use case. However, still an unfathomable adobe for many. Its potential applications are still unknown. Blockchain experts believe many new possibilities will emerge as 2022 will unfold

"It's not just about Bitcoin anymore"

Blockchain, the prestigious open-source technology is gaining more prominence than ever.

According to IBM Blockchain Vice President Jeanna Magi, blockchain applications will likely become more influential ten years from now. She believes that this era may even witness many new use cases for it beyond current financial industry practices. This much anticipated rise in Blockchain scope is driven by growing need for transaction security and transparency over time since its inception in 2009 (Bitcoin). As she puts it:

"I think we really are looking at how banks can begin to apply these types of technologies … I would believe by 2022 there's no doubt that there will be use cases [for blockchain] that we can't even think of, much like when the web browser was invented."

With this in mind, Magi's prediction is not the only one. Many people in the industry believe that widespread Blockchain applications are to come — and they're expecting it very soon.

Yet, Magi agrees there is still a long way to go before Blockchain technology becomes mainstream: "We've got a long horizon before we actually see these things become common," she said in an interview with CoinDesk . She added:

"People need to get more comfortable with trusting technology… It's more about understanding what it does for you rather than how it works under the hood."

The attributes of blockchain have made many industries see potential in the technology. The likes of supply chain, healthcare, government to name a few are already looking into its possibilities.

For the supply chains sector, blockchain enables companies to track their products in an open and transparent way while inventories become more streamlined further expediting product delivery. This will help increase trust between all trading partners along the supply chain leading to greater efficiencies across sectors.

Aside from this, experts have also come up with other compelling use cases for blockchain in years to come. Here are some examples:

"The need for transparency is one of the biggest benefits of Blockchain data logging," said Simon Langthon, founder of blockchain firm Nivaura that specializes in wholesale investment banking. It's possible that audits could be performed by the public at large rather than just by trusted parties," he added.

This makes it possible to check once if all transactions are recorded accurately on Blockchain allowing full transparency of business deals. As a result, this blockchain application is expected to disrupt auditing processes .

Another report from Greenwich Associates said financial institutions are increasingly investing in blockchain as they consider the technology as integral for digital transformation. This was revealed in an April 2017 survey conducted with 200 sell-side and buy-side firms. The study showed that 20 percent of those surveyed had already adopted blockchain as part of their organization's workflow while another 56% were "actively involved". It further noted that 80% believed that the integration cost savings would be passed onto customers.

The third example is in the land registry space where blockchain can be used to keep a ledger of all the transactions. This is expected to bring transparency and simplicity in property ownership by making fresh titles for each transfer. At present, this process usually takes longer due to reconciliations between government offices.

Finally, there are many more examples that are likely to increase as time goes by especially with new trends coming up every now and then.

What's clear is that many companies are still unsure about how to implement blockchain in their system specifically in the finance industry. But Magi believes it will only be a matter of time before they start seeing its benefits: "It's still early days, there's no question we feel we're at the stage of figuring out what all these technologies can do and how they can apply them and how we use them more effectively… As people get more comfortable with it and as the technology becomes more mature, I think you'll see more widespread adoption."

Blockchain is a rock-solid use case. However, still an unfathomable adobe for many. Its potential applications are still unknown. Blockchain experts believe many new Blockchain possibilities will emerge as 2022 will unfold

"It's not just about Bitcoin anymore"

Blockchain, the prestigious open-source technology that was formerly known only as the enabling technology behind Bitcoin is gaining more prominence than ever.

According to IBM Blockchain Vice President Jeanna Magi, blockchain applications will likely become more influential ten years from now. She believes that this era may even witness many new use cases for it beyond current financial industry practices. This much anticipated rise in Blockchain scope is driven by growing need for transaction security and transparency over time since its inception in 2009 (Bitcoin). As she puts it:

"I think we really are looking at how banks can begin to apply these types of technologies … I would believe by 2022 there's no doubt that there will be use cases [for blockchain] that we can't even think of, much like when the web browser was invented."

With this in mind, Magi's prediction is not the only one. Many people in the industry believe that widespread Blockchain applications are to come — and they're expecting it very soon.

Yet, Magi agrees there is still a long way to go before Blockchain technology becomes mainstream: "We've got a long horizon before we actually see these things become common," she said in an interview with CoinDesk . She added:

"People need to get more comfortable with trusting technology … It's more about understanding what it does for you rather than how it works under the hood." [*]

The attributes of blockchain have made many industries see potential in the technology. The likes of supply chain, healthcare, government to name a few are already looking into its possibilities.

For the supply chains sector, blockchain enables companies to track their products in an open and transparent way while inventories become more streamlined further expediting product delivery. This will help increase trust between all trading partners along the supply chain leading to greater efficiencies across sectors.

Aside from this, experts have also come up with other compelling use cases for blockchain in years to come. Here are some examples:

"The need for transparency is one of the biggest benefits of Blockchain data logging," said Simon Langthon , founder of blockchain firm Nivaura that specializes in wholesale investment banking . "It's possible that audits could be performed by the public at large rather than just by trusted parties" he added.

This makes it possible to check once if all transactions are recorded accurately on Blockchain allowing full transparency of business deals. As a result, this blockchain application is expected to disrupt auditing processes .

Another report from Greenwich Associates said financial institutions are increasingly investing in blockchain as they consider the technology as integral for digital transformation. This was revealed in an April 2017 survey conducted with 200 sell-side and buy-side firms. The study showed that 20 percent of those surveyed had already adopted blockchain as part of their organization's workflow while another 56% were "actively involved". It further noted that 80% believed that the integration cost savings would be passed onto customers.

The third example is in the land registry space where blockchain can be used to keep a ledger of all the transactions. This is expected to bring transparency and simplicity in property ownership by making fresh titles for each transfer. At present, this process usually takes longer due to reconciliations between government offices.

Finally, there are many more examples that are likely to increase as time goes by especially with new trends coming up every now and then.

What's clear is that many companies are still unsure about how to implement blockchain in their system specifically in the finance industry. But Magi believes it will only be a matter of time before they start seeing its benefits:

"It's still early days, there's no question we feel we're at the stage of figuring out what all these technologies can do and how they can apply them and how we use them more effectively … As people get more comfortable with it and as the technology becomes more mature, I think you'll see more widespread adoption."

Blockchain in Energy Sector

The energy sector is another space that will benefit from blockchain especially to enable peer-to-peer trading. With the technology, homeowners can manage their own power supplies using renewables at lower costs.

Blockchain technology also offers great benefits including fair pricing and transparency in transactions. This increases security for both buyers and sellers as every transaction is secure, transparent, verifiable and permanent.

This makes it possible for users to control who they buy or sell power to while monitoring consumption 24/7 giving them greater visibility of their energy expenditure across portfolios. The other advantage is that this type of contract automatically closes once the term expires without any intervention making it easier for everyone involved where everything happens on autopilot without third parties.

Another attractive feature of this model is that people can trade in micro-credits using cryptocurrencies like Bitcoin, Ether or others. This makes it easier to buy and sell energy across communities without intermediaries which results in lower costs for both users and suppliers.

A recent report by Accenture shows there are huge savings to be made with blockchain technology. It revealed that the electricity industry could save $15 billion annually if 20% of customers switch suppliers through peer-to-peer trading.

Blockchain technology also offers great benefits including fair pricing and transparency in transactions. This increases security for both buyers and sellers as every transaction is secure, transparent, verifiable and permanent.

This can be done through smart meters that automatically transact with peers on the network while ensuring there's no wastage of power. Although this is still in its fledgling stage, it's expected to take off soon especially with blockchain-based solutions that will drive these peer-to-peer activities with the use of smart contracts and cryptocurrencies.

The energy sector has already started adopting blockchain technology as we can see with projects like Brooklyn Microgrid and LO3 Energy at present .

Blockchain in Cybersecurity

Cyber security is another area where blockchain was first implemented and it became a huge success. The technology offers strong encryption capabilities together with distributed ledgers to provide greater protection against cybercrime .

In fact, it's now possible to store data on the Blockchain with decentralized applications (DApps) which make it impossible for hackers to attack since they lack a central point of access.

This is a big leap forward because the technology offers strong encryption capabilities together with distributed ledgers to provide greater protection against cybercrime .

It also allows businesses to store their digital fingerprints on the blockchain and secure them with high-level cryptographic functions such as hashing which makes it more difficult for hackers to crack. This guarantees data integrity and helps authenticate all transactions on the network for users.

Once data is stored on the Blockchain, it becomes immutable which means that any attempts at tampering or removing it are easily detectable by everyone else in the ecosystem making hacking virtually impossible. This way banks can ensure their documents are authentic without having to worry about security breaches.

Blockchain in Health Care Sector

There's no doubt that some of the biggest advantages of blockchain technology are its peer-to-peer capabilities. This means that transactions can be executed between individuals without any third party involvement, reducing delays and associated costs .

For this reason, healthcare is another sector where blockchain technology will make a remarkable difference in the near future. A new study by IBM shows that blockchain has the potential to save nearly $300 million per year for the U.S healthcare system through improved efficiencies and reduced fraud .

This is mainly due to the fact that it allows patients to maintain their own data on an unassailable ledger while sharing access with only those they want to which enables them to manage their entire medical history on their mobile device using secure cloud storage facilities .

Voting System

The voting system is one of the most complex applications on blockchain because it deals with very important issues such as democracy, transparency and security. However, many countries around the world are already implementing this technology into their voting process to ensure that every vote counts .

It starts by identifying voters through biometrics while allowing them to vote using smartphones which are linked to iris scanners on laptops , thus making verification quick and accurate. All of these records are securely stored on an immutable ledger for easy auditing.

Blockchain in Agriculture

The agricultural industry has always been subject to fraud mostly because it's hard to monitor its origination point along with the growing conditions . This makes it difficult for traders to verify produce authenticity before they buy or sell goods which in turn causes losses in the billions of dollars every year .

Blockchain technology provides a way to overcome this issue because it allows all stakeholders involved in the supply chain including growers, distributors and retailers to share real-time information on harvesting conditions, storage temperatures, transportation logistics etc. This creates an environment which will enable every participant to access every detail about one's produce at any point along the route . This makes it easy for buyers to verify produce authenticity before they buy or sell goods thus reducing risks associated with buying low quality items. What's most important is that blockchain eliminates chances of food contamination by allowing everybody involved in the supply chain to monitor their products constantly without compromising transparency.

It has become clear that Blockchain possesses immense potential, which goes way beyond fintech. However, this is just the beginning. Blockchain experts believe that there are many technological possibilities that will be unveiled. There are several use cases for which Blockchain technology has already proved to be a very reliable method of storing data. However, there are still many more possibilities that are yet to be explored

The energy sector is another space that will benefit from blockchain especially to enable peer-to-peer trading. With the technology, homeowners can manage their own power supplies using renewables at lower costs.

Blockchain technology also offers great benefits including fair pricing and transparency in transactions. This increases security for both buyers and sellers as every transaction is secure, transparent, verifiable and permanent.

This makes it possible for users to control who they buy or sell power to while monitoring consumption 24/7 giving them greater visibility of their energy expenditure across portfolios . The other advantage is that this type of contract automatically closes once the term expires without any intervention making it easier for everyone involved where everything happens on autopilot without third parties .

Another attractive feature of this model is that people can trade in micro-credits using cryptocurrencies like Bitcoin, Ether or others. This makes it easier to buy and sell energy across communities without intermediaries which results in lower costs for both users and suppliers .

A recent report by Accenture shows there are huge savings to be made with blockchain technology. It revealed that the electricity industry could save $15 billion annually if 20% of customers switch suppliers through peer-to-peer trading.

Blockchain technology also offers great benefits including fair pricing and transparency in transactions. This increases security for both buyers and sellers as every transaction is secure, transparent, verifiable and permanent.

This can be done through smart meters that automatically transact with peers on the network while ensuring there's no wastage of power. Although this is still in its fledgling stage, it's expected to take off soon especially with blockchain-based solutions that will drive these peer-to-peer activities with the use of smart contracts and cryptocurrencies.

The energy sector has already started adopting blockchain technology as we can see with projects like Brooklyn Microgrid and LO3 Energy at present .

Blockchain in Cybersecurity

Cyber security is another area where blockchain was first implemented and it became a huge success. The technology offers strong encryption capabilities together with distributed ledgers to provide greater protection against cybercrime .

In fact, it's now possible to store data on the Blockchain with decentralized applications (DApps) which make it impossible for hackers to attack since they lack a central point of access.

This is a big leap forward because the technology offers strong encryption capabilities together with distributed ledgers to provide greater protection against cybercrime .

It also allows businesses to store their digital fingerprints on the blockchain and secure them with high-level cryptographic functions such as hashing which makes it more difficult for hackers to crack . This guarantees data integrity and helps authenticate all transactions on the network for users .

Once data is stored on the Blockchain, it becomes immutable which means that any attempts at tampering or removing it are easily detectable by everyone else in the ecosystem making hacking virtually impossible. This way banks can ensure their documents are authentic without having to worry about security breaches.

Blockchain in Health Care Sector

There's no doubt that some of the biggest advantages of blockchain technology are its peer-to-peer capabilities. This means that transactions can be executed between individuals without any third party involvement, reducing delays and associated costs .

For this reason, healthcare is another sector where blockchain technology will make a remarkable difference in the near future. A new study by IBM shows that blockchain has the potential to save nearly $300 million per year for the U.S healthcare system through improved efficiencies and reduced fraud .

This is mainly due to the fact that it allows patients to maintain their own data on an unassailable ledger while sharing access with only those they want to which enables them to manage their entire medical history on their mobile device using secure cloud storage facilities .

It has become clear that Blockchain possesses immense potential, which goes way beyond fintech. However, this is just the beginning. Blockchain experts believe that there are many technological possibilities that will be unveiled. There are several use cases for which Blockchain technology has already proved to be a very reliable method of storing data. However, there are still many more possibilities that are yet to be explored

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