Top Blockchain Use Cases and Applications Worth Exploring in 2022

Use of blockchain in different industries

In 2022, blockchain technology is no longer associated with cryptocurrencies exclusively but is facilitating security and workflow in lots of spheres.

Now almost all industries you can think of are adopting blockchain to make their processes more efficient. It is estimated that the global blockchain revenue will reach $39 billion by 2025.

Due to its decentralized and immutable nature the technology makes it possible to store and share important information securely. With all changes being saved on the ledger, it is extremely difficult to tamper with the data.

Also as no intermediaries take part in the transactions, be it monetary operations or paperflow, all the processes go much faster resulting in better productivity.

Thanks to these advantages, blockchain use cases sprang all over the industries from finances to art. Now let’s take a look at how exactly the technology benefits absolutely different spheres and examine the most interesting cases.

Healthcare

Blockchain in healthcare industry

Healthcare industry is readily adopting blockchain to improve and boost all kinds of processes from record keeping to making right diagnoses. According to BIS Research, the global blockchain healthcare market is going to hit $5.61 billion by 2025. What’s more, over 40% of executives consider blockchain a strategic priority.

Blockchain is just the perfect technology to make necessary improvements to two important aspects of healthcare: supply chain and patient data management.

Supply chain

Blockchain proves to be very useful in the healthcare sector since doctors and patients want to be 100% sure that the drugs and medical equipment are original and safe to be used.

Unfortunately, counterfeiting medicine is a frequent crime. In 2021 DEA agents have seized more than 9.5 million fake pills in the US alone. With the COVID-19 pandemic the volume of fake medicines and equipment increased putting even more pressure on the patients and medical establishments. But even original and approved medicines can get spoiled if the transportation conditions are violated.

To avoid these dangers, the pharmaceutical industry uses blockchain-based supply chain solutions to track drugs, equipment and ingredients from the manufacturers till the final destinations – hospitals and drug stores. With blockchain anyone can check the authenticity of the product and the conditions it was transported in as the info is fixed on the ledger.

This technology not only saves people from useless or even deadly fakes but also protects the brand names.

There are a good deal of projects choosing blockchain as a base for medicine supply chain management. Here we will turn our attention to the two of them:

Blockpharma is a blockchain-based anti-counterfeiting application which makes it possible to trace the origin of drugs. Blockpharma also uses machine learning to better detect counterfeit cases.

Tierion is another blockchain solution for traceability. It keeps track of documents and records to present a clear history of the products. The app also allows for document timestamping and accredits verifiable credentials.

Patient Data

Leakage of personal data can heavily damage the reputation of the medical institution and depress the patients.

Blockchain enables hospitals and clinics to store the patients’ history securely without the fear of it being stolen or lost. It also simplifies the transition of all related papers and prescriptions from different clinics as all the patient’s data is stored in one “block”. These documents are then available upon request in full copy at all medical facilities utilizing blockchain-based storage.

Are there already solutions for patient data management running on blockchain? Sure, there are:

Akiri Switch is a network-as-a-service for the healthcare industry ensuring that medical data is secured and accessible to the authorized parties only. Akiri doesn’t store data but transmits it through a standardized system of codes.

Medicalchain is a decentralized platform for secure medical data storage and exchange. The platform runs on Hyperledger blockchain network and is permissioned, which means that only approved members have access to it. In addition, Medicalchain has multiple layers of permission, meaning that the owner can control which parts of data are available.

The platform also uses smart contracts for processes that can be automated such as billing or insurance-related.

Want to know more about blockchain in healthcare? Don’t miss this article

Banking

Blockchain in banking industry

Banking is a sphere that involves tons of paperwork, constant need of verifications, multiple-steps transactions and many more aspects hindering the processes. Therefore, it requires technology that can make all these much easier and boost the effectiveness of banking procedures.

Well, it seems like blockchain has something to offer as its market size in the field of banking is going to reach $22.5 billion by 2026.

  • No middlemen

Blockchain transactions run on P2P basic so no middlemen are involved. It significantly reduces the time of transactions and saves on extra charge often collected by intermediaries (e.g. Western Union).

  • Fast cross-border transactions

Sending money abroad takes time with all the document revisions and anti-fraud checks. In its turn, blockchain allows to send and receive money in a matter of seconds and with all accompanying information being stored immutably on the ledger.

  • Enhanced security

Data stored on blockchain is decentralized. It means that it is open to all members with granted access while no one can change it. Any breach of security is apparent and gets immediately detected.

  • Improved document management

Collecting and verifying documents for banking operations (e.g. loan or mortgage) is very tiring and time-consuming. Not to mention chances of document forgery or document loss. There is also a lack of standardization when it comes to the way certain papers look which can cause additional fuss between the parties involved.

Storing papers on a blockchain platform makes them available at any time, with no way they can be faked or lost. You also don’t have to go through numerous document certifications and verifications – once the paper is approved, it is registered on the ledger and has no expiry date.

Lygon and SETL are among the companies that already use blockchain possibilities to optimize banking processes.

Lygon is a platform that streamlines acquisition and management of bank guarantees. Handling such documents on blockchain is much more comfortable as everything is in one place and easily accessible on request. Each party can check the authenticity of any document and not be afraid of fraud. Digital format makes it easy to make amendments but all the changes are saved in the documents’ history.

SETL is a decentralized platform for multi-asset, multi-currency institutional payments and settlements. The platform stores databases on a single multi-ledger platform which allows to process translations much faster, simplifies data structures and reduces operational complexity. Now SETL cooperates with banks, custodians, and e-money companies to test the possibilities of the platform. In case everything goes smoothly SETL will become an important part of the international financial infrastructure.

Ever heard about DeFi? Take a look at this blockchain technology revolutionizing the financial world

Logistics and supply chain

There are quite a few pain points of logistics and supply chain such as counterfeit, high cost of transportation, and lack of transparency. Blockchain targets these issues and provides real solutions:

  • Origin verification 

With blockchain it is possible to track the history of a specific item from the very beginning to the final destination with all the intermediate stops it had on its way. It is very convenient as all the parties can trace the route of cargo 24/7 and be sure that no forgery is done.

RFID tags and built-in sensors also play an important role in anti-counterfeit activities. These technologies help to maintain clear records and protect the authenticity of goods.

  • Сost-effectiveness

Dealing with complex logistics there is often a necessity to reach out to middlemen so that they take responsibility for cargo on particular route parts. It obviously generates additional expenses. In its turn, utilizing blockchain for supply chain management eliminates such need as all data about goods is stored immutably and any party involved in the shipment can go through it anytime.

  • Reinforced trust

Since blockchain makes it impossible to alter the information on the ledger all the parties can feel safe and don’t be afraid of any nasty tricks.

Among the companies making use of these blockchain solutions for supply chain and logistics are:

Guardtime SCM is a distributed zero-trust platform for supply chain management. Guardtime can integrate with existing systems as well as connect new parties and smart devices across supply chains. It targets such issues as products’ authentication and counterfeit detection, import-export compliance, and tax automation.

Fr8 Network offers blockchain-based solutions for shippers and carriers for better operational efficiency, compliance monitoring and fast payment settlement. Fr8 has launched a carrier search tool  and a marketplace to improve shipment coordination and management in line with real-time shipping information. Fr8 Protocol runs on a permissioned basis and shares information with selected parties only.

Looking for more info about blockchain in logistics and supply chain? Read this article to dive deeper into the case

Media and Entertainment

Blockchain in media and entertainment industry

It is now obvious that blockchain has firmly established itself in the media and entertainment industry with a CAGR of 71.4% and prospects to reach $4371 million in market value by 2026.

But what changes and advantages does blockchain bring to the sphere? Let’s find out.

Gaming

Gaming industry is developing at an enormous speed. It is a far cry from the days when gaming was viewed as a hobby of outsiders with more and more people joining the community. But what does blockchain offer to make gaming experience even more engaging?

  • P2E

It is undoubtedly thrilling to gain special game assets via winning the battles or completing quests, but it would have been much more interesting to be able to convert these valuables into real money.

Play-to-Earn games tackle this issue by using blockchain technology which makes it possible to use cryptocurrency as a reward.

Alien Worlds is the most popular P2E game with 1,160,000 active users built over three blockchains – Ethereum, Wax, and Binance. The setting of the game is a sci-fi universe where people left the Earth after a severe pandemic to inhabit remote exoPlanets.

The goal of players is to mine Trilium (TLM) which is a precious material in the game’s universe and its native token in real life. Trillium defines voting influence of players in the elections and planetary council.

Besides, all  game assets (land, tools, weapons, avatars etc) are NFTs. Players can accidentally find NFTs during mining.

  • Metaverse

Metaverses are a burning topic thrilling both gamers and blockchain enthusiasts. In 2021, the total market capitalization of metaverse companies reached $14.8 trillion.

Metaverse is a digital parallel reality incorporating a mix of cutting-edge technologies (e. g. AR/VR, NFT) to create an unprecedented experience. Once materialized in full force and effect, metaverses have the potential to completely change how we perceive the Internet and what place it occupies in our lives.

Decentraland is the most popular metaverse with 300,000 active users. It is a completely decentralized virtual world with users voting for or against updates, changes etc.

Players create a fully-customizable avatar and engage in a range of activities from just wandering around the lands to creating mass events and building real estate.

Decentraland has two tokens – LAND and MANA. LAND is an NFT defining the ownership of land parcels while MANA is a cryptocurrency used for buying in-game assets and services.

The metaverse runs on Ethereum to enable LAND and MANA transactions.

Stay up to date with this article exploring the concept of metaverses in detail

Art

Is there a person who hasn’t heard of NFTs yet? With this blockchain technology artists of any genre can present their works to the public without the need to turn to middlemen like art galleries of music labels and still monetize the pieces with full ownership saved.

There are a lot of NFT marketplaces out there: OpenSea, Larva Labs, NBA Top Shot, Rarible, Nifty Gateway etc. Some of them accommodate all kinds of NFTs – images, music, videos etc, while others are focused on a specific type.

Non-fungible tokens have been such a success that a number of celebrities joined the hype and issued their own collections. Among the familiar faces are Grimes, Paris Hilton, Snoop Dog and many others.

Still the most mind-blowing NFT sales belong to previously not widely recognized artists:

The artwork titled “The Merge” is the most expensive NFT ever sold bringing its creator, an anonymous digital artist Pak, $91.8 million in revenue with 28,000 collectors investing in the piece.

Another notorious case is Beeple’s “Everydays – The First 5000 Days”, a collage of 5000 digital images, sold for $69 million. Until that life-changing auction the highest price Beeple’s art has ever been sold was $100.

Censorship

Many governments and businesses have been repeatedly caught censoring news and other content on the Internet. Sometimes even VPN can’t save the situation.

But what if the “unwanted” platforms were decentralized? In that case no one can censor any content once it enters the ledger. Blockchain-based platforms also can’t be shut down as they are not governed by any centralized authority.

UnstoppableDomains is a company which offers blockchain domain names such as .crypto, .coin, .wallet and more to build decentralized platforms. These domains are traded in the form of NFTs and once you buy one it is yours completely. UnstoppableDomains is built on the Ethereum blockchain which uses “nodes” to store data.

Marketing

Companies and businesses are now opting for blockchain to make their advertisement campaigns more innovative and appealing. But it is not only about raising interest in the brand. Blockchain also targets a few burning issues in the marketing field:

  • Customers’ private data leakage
  • No real-time cross-platform statistics collection
  • Lack of innovative means for marketing campaigns
  • Concerns about brand genuineness
  • Ad fraud

Data management

With a distributed ledger technology marketers can be confident that the gathered data will be securely stored with no danger of it being tampered or stolen hovering over. Besides, blockchain makes it possible to track and collect relevant information about customers’ interaction with the marketing materials: clicking through links, sharing, saving etc.

There are already companies and agencies which use blockchain technology to strengthen the brands’ recognition and streamline data operation processes:

Lucidity is a blockchain-based platform that helps marketers take full control of the campaigns by providing transparent data and analytics.The platform pinpoints the channels that don’t generate customer engagement so that you can shift resources on those that score better.

Lucidity is compatible with other marketing tools such as demand-side platforms and viewability vendors.This way, you don’t need to choose what instruments to omit but can utilize all possible ones to boost marketing opportunities.

IBM has partnered with Mediaocean to establish trust and clarity in the advertising domain with the help of blockchain. The solution aggregates valid data and helps to identify the weak spots in the marketing campaigns. This helps to distribute the resources much more efficiently and better understand the customers behavior and wishes. Among the companies that joined the initiative are such giants as Kellogg, Pfizer, and Unilever.

NFTs

In 2022 it is hard to browse the net without bumping into someone mentioning NFT. As we remember from the previous section, non-fungible tokens have become a big deal in the worlds of art and gaming. But what can it offer to marketers?

It happens that NFT is great in attracting lots of attention to the brand. Isn’t it exciting to own one of a kind merch from a company you like? More and more brands issue their NFTs with global giants taking the lead:

TacoBell launched 25 non-fungible tokens to mark the return of potato options to the menu. Each token cost $1 and all were sold out in 30 minutes. Later, some of the pieces were resold for $3,000. TacoBell stated that all the revenue would be donated to the Live Más Scholarship program.

Celebrating International Friendship day, Coca-Cola auctioned 4 animated NFTs with unlocked items. It means that the buyer gets not only the tokens but some additional perks. In that case these were a digital Coca-Cola jacket which can be worn in Decentraland and a real-life refrigerator fully stocked with Coca-Cola. The winning bid was $575,883 and all the money was given to the Special Olympics foundation.

After the success of the first collection, Coca-Cola proceeded and launched 34,550 NFTs in the form of snow globes at a price of $29 each. This time the drop is blind, meaning buyers don’t know what NFT they are getting.

By joining the NFT wave, brands receive multiple benefits. First, their names are in the news as non-fungible tokens are a hot topic, thus resulting in scaling up the coverage of potential customers. Second, NFTs bring additional profit if not from the original sale but from the royalties. And, choosing to donate the earnings to charity, the social image of the company becomes much more appealing.

Brand confidence

Usually it is impossible to check whether the labels “organic”, “vegan”, “bio” we see on the packaging are true. However, brands and companies can utilize blockchain to present a proof of origin and authenticity of their products. The customer can trace the whole supply chain path of a definite item and be 100% sure in what they buy.

Walmart was the first chain store to adopt the blockchain technology to take control of the supply chain operations. This helped to tackle the problem of foodborne diseases, and various frauds like counterfeit and concealment. Subsequently, it enhanced the overall customer trust.

Ad fraud

Marketing professionals suffer a lot due to activities like click fraud. With blockchain, advertisers can verify the identities of people interacting with the marketing content and detect bots right off.

One of the companies working in the domain of ad security is Rebel AI. This blockchain-based solution fights ad fraud with the help of a cryptographic verification system. Rebel AI prevents unverified ad networks and suspicious websites tamper with marketing traffic data.

Based on the listed use cases, we can surely conclude that blockchain has the power to improve not only the image of brands but also contribute to better security and efficiency of advertising processes. And it looks like advertisers are satisfied with blockchain’s contribution, with its value in the marketing field going towards $4371 million by 2026.

Wondering what are other trends in digital marketing? Find out how AI changes advertising techniques

Government

Voting as an example of using blockchain in the government sector

Governmental procedures seem to be somewhat unshakable with voting, budgeting, and policy introductions being traditionally led by people in power. This state of affairs puts common people in a position of witnesses rather than members actively influencing the societies we live in.

But here comes the alternative.

With the current system of helding elections, whether it’s in-person or online voting, the possibility to be 100% sure that your voice has not been stolen is zero. All that remains for voters is to trust people responsible for calculating the results. Unfortunately, ballot-rigging is not uncommon.

Blockchain offers a solution to this – a voting platform that runs on the distributed ledger. Once you make your choice, your supporting vote is recorded and can’t be changed. Thus, it is impossible to take votes in favor of one candidate or policy and give them to another. Any fraudulent attempt is vivid.

There are already a few examples of blockchain being involved in voting:

Sierra Leone’s 2018 presidential elections had Agora, a Swiss-based blockchain startup, as an international observer on 280 polling stations. Agora was given permission to record the votes on blockchain while the authorities used traditional paper-based ballots. Then the results were compared.

In 2020, LayerX, a Japanese blockchain startup, collaborated with Tsukuba City Council to create a blockchain-based electronic voting protocol. The developers took into consideration the possibility of double voting, and incorporated the “My Number” system to confirm registration. The solution has already been tested for voting in social projects.

Conclusion

Blockchain offers a great deal of opportunities when it comes to upgrading the vital processes in almost every sphere. This innovative technology promises to streamline all processes from document management and financial transactions to taking full control of all stages of the supply chain. The most crucial point here is that common procedures become efficient, transparent, and a way more secure.

Besides, blockchain offers new means of marketing and artist-fan interaction with the concept of NFT being grasped by more and more people.

Finally, we may soon see a whole new domain with the development of metaverses as a new way of socialization and interaction with each other.

Looking for options to bring blockchain to our business? Reach out to PixelPlex professionals with 9 years of experience in blockchain development. Don’t leave your transformation for later but gain the lead in this global blockchain obsession as we know exactly what way to guide you.

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author

Valeria Serebryantseva

Copywriter

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