After taking the world by storm with the possibilities of crypto transactions, Blockchain technology continues to be the center stage of innovation for many different possibilities. An exciting development with the potential to revolutionize many industries in the future, the FinTech realm continues to be the latest venture for Blockchain as a technology.
As an underpinning technology that initiates crypto transactions, some people are still unsure about what is blockchain or how it works and most people confuse Blockchain with being limited to crypto and finance. However, what if we told you that it’s not an end to the many possible applications of Blockchain technology?
Besides, it’s possible to use Blockchain in your everyday life!
Keep reading as we explore multiple use cases of Blockchain technology in our everyday lives.
Everyday Uses Of Blockchain In Our Life
Eliminating Middlemen In Business Models!
Aggregators such as Expedia, Uber, and OYO operate as a centralized platform that links service providers with clients who want that service. Such business models operate over the centralized aggregator who is in charge of depicting the terms, and conditions, & of course, charges a fee on each transaction.
This is where Blockchain steps in to eliminate the dominance of such aggregators! The technology is now being utilized to cut out the middleman and establish a safe, decentralized platform for customers and service providers to connect and carry out transactions.
Scope For Better Banking & Transactions
Blockchain has been an integral part of reforming the ways transactions are carried out! A breakthrough in the finance sector, the technology is currently the underpinning of many reforms that were slow and sloppy in traditional banking methods.
Currently, Barclay’s enjoys a seamless financial reform via several Blockchain initiatives that it has launched over the past few years. Besides, in collaboration with Microsoft, Bank Hapoalim is working to develop a Blockchain for maintaining bank guarantees. Another example is Aeternity’s Blockchain which allows automated payments based on particular circumstances between two participants.
Smarter Supply Chains
Knowing the status, quality, and origin of every product in their supply chain is critical for businesses. Besides, provenance continues to be an increasingly crucial concern for customers. This is where Blockchain technology comes to the rescue for many businesses. DeBeers, for instance, has implemented Blockchain to track diamonds from mine to end-users, increasing transparency and allowing clients to certify that their diamonds are conflict-free.
Besides, Walmart is also utilizing Blockchains to ensure agricultural food safety, which may come as pleasant news to customers after batches of infected lettuce made scores of people sick in the United States in 2018, prompting the company to remove lettuce from shops as a precaution. In addition, farmers will be required to enter precise records of their products into a blockchain beginning in 2019. As a result, Walmart will be able to locate possibly tainted batches far more readily in the case of a future contamination issue.
New Possibilities In The eCommerce Industry
Who ever thought we could use cryptos to purchase everyday items from our famous eCommerce stores? Yes, many stores have now started accepting crypto payment methods to ensure proper conversion and sales in the newly developing fields.
Thanks to the underlying Blockchain technology, you can now buy any products listed on eCommerce sites with a few clicks. You can even convert your crypto earnings into gift cards and initiate purchases. For example, many find it reliable to buy Flipkart gift cards from Coingate and then use them over the platform to buy the products they desire. This is an excellent option for businesses that are yet to accept cryptos as a mainstream payment method.
Renovating The Hospitality Industry
Long queues and misplaced bags are among some of the most common travel difficulties faced by travelers. While we have witnessed several startups trying to minimize the booking mistakes, ensure seamless travel accommodations, and make the trip affordable, such systems have their own flaws. Particularly in the name of a data breach! Yes, most people are wary about entrusting such intermediaries with their personal information.
This is where Blockchain technologies step in to substantially minimize booking mistakes, securely store frequent traveler information, and more are already revolutionizing the travel and hotel business. Besides, all of these steps help account for overall reduced travel cost and increased security of the overall travel. Interestingly, it won’t be long before we witness major changes in the hospitality sector with increased security, significantly reduced stress, and increased travel enjoyment globally.
Reforming Insurance Like Never Before!
Blockchain-powered smart contracts have the potential to transform insurance claims by guaranteeing that only genuine claims are paid out. For instance, Blockchain would quickly recognize whether several claims for the same accident have been lodged. When the prerequisites for a satisfactory claim are satisfied, the payment might be initiated automatically without human participation, dramatically speeding up claim processing.
Interestingly, such practice is already being shaped into reality with RiskBlock. The Blockchain technology that delivers proof-of-insurance information, is being tested by the national insurance company. The idea is to make the claims process quicker and more efficient by assisting insurers and law enforcement in verifying insurance coverage in real-time.
How Do You Use The Blockchain Technology?
Clearly, Blockchain technology is being shaped in its early stages and needs to go a long way before it can be deemed mainstream. However, these instances demonstrate how sectors are beginning to see the benefits of blockchain technology. As technology evolves, we can see many more organizations invest in it.