Blockchain Technology Use Cases And Its Impact On Different Sectors

The introduction of crypto and blockchain technology has been creating a huge impact on businesses across various verticals. The blockchain market is expected to reach US $39.7 billion by the year 2025. 

Blockchain is an innovative technology that offers secured storage, transparent and private networks, low-cost transactions, high-speed processing, and many other benefits. These benefits can be applied to many industries leading to various use cases. 

In this blog, we will look at the blockchain technology use cases and their impact across different verticals and also how you can make money from blockchain platforms:

Blockchain Use Cases

In the coming years, we will most likely see more and more businesses adopting blockchain technology. It can potentially revolutionize how businesses operate, with far-reaching implications for the global economy. Here are some of the blockchain development use cases across various industries:

Healthcare

Currently, hospitals and medical professionals are facing a lot of issues when it comes to handling patients’ medical histories. Also, counterfeit or fake drugs are a serious problem. Blockchain in healthcare solutions can make tracking medical supplies easier and manage the database more securely and efficiently. This will enhance patient care, ensure drugs are authenticated to global markets, and enable secure medical discoveries. 

Patients can also get the required control over their sensitive medical information stored on the market. Blockchain allows them to view the information when they want, and medical professionals can also have access if only the patient allows it. 

Finance

The finance sector is facing many issues, such as slow payment settlements, inefficient operational processes, security vulnerabilities, and limited transparency. Blockchain in Finance facilitates systematic digitalization, which helps in increasing liquidity and lowering capital costs and counterparty risks. Banks and other financial services have now started using blockchain-distributed ledgers to transfer funds between countries. 

Public Sector And Government

Due to the fragile IT infrastructure used by government agencies, the hacking of government agencies has increased in the last decade. Blockchain technology can help in fixing such security issues. Government agencies can store and share data transparently and securely using a distributed ledger. It can help make auditing transparent, reduce leakage, and prevent the misappropriation of funds. 

Supply Chain Management

Today, global supply chain management is not efficient, not well-tracked, and often exploitative. The blockchain tracking software system can be used to track the movement of goods between various locations. This will bring transparency, and each and every stakeholder can see exactly where the goods are at any time and movement. 

Moreover, blockchain technology in supply chain management reduces delays, provides security for cash transactions, reduces employee failures, and cuts additional expenses. 

Sports

It might be interesting to know that blockchain technology also greatly impacts the sports industry. Smart contracts that are Ethereum-enabled can streamline the existing esports operations and generate higher revenue. Moreover, it increases fan engagement through enhanced incentives, loyalty programs, and many other benefits. 

Global Trade And Commerce

Currently, trade finance systems are not efficient and have vulnerable points. Blockchain can digitize trade finance to reduce the complexity and number of intermediaries, faster processing, reduce the risk of fraud, transparent governance, and lower capital requirements. 

Many trading companies utilize blockchain technology to manage global supply chains, trade finance and explore new business models. As blockchain enables credit, tokenization, and existing documents to be secured. 

Profitable Blockchain Platforms: Ways To Make Money

Many blockchain business models can help organizations to make money and generate higher revenue. Let’s have a look at some of them:

Crypto Exchange Platform

A crypto exchange platform is considered the topmost profitable business idea in the cryptocurrency sector. It is the only platform to sell and buy cryptocurrency, so it will be beneficial for startups and entrepreneurs to start a cryptocurrency exchange business. Crypto exchange platforms can be based on centralized, decentralized, and hybrid models. 

As an owner, you can earn money by charging fees for activities such as depositing, withdrawing, trading, and more from the users. Moreover, businesses can collect fees for providing an escrow system, posting buy ads, etc.

NFT Marketplace Platform

You must’ve heard a lot about NFT and how it is gaining a lot of popularity in the business world. NFTs are ways of selling digital images and digital arts to interested buyers. The only place where the artists can list their work as NFTs. It runs with the support of blockchain networks such as Tron, Ethereum, BNB Chain, Polygon, and more. Owners can charge fees from users on the listing, bidding, minting, trading, and stalking of NFTs. 

Crypto Wallet

A cryptocurrency wallet is the next best thing to a crypto exchange platform. Also, building this platform does not require a big investment. Every user needs to have a crypto wallet to store their digital assets. So, as an owner, you can charge fees from users for traditional activities such as withdrawals, deposits, transactions, etc. Additionally, you can earn money through affiliations, listing new coins, and advertising products. 

Crypto Payment Gateway

Users need crypto conversion platforms for their fiat currency and different payment methods. For this, there is a need for a third party to offer such options. This is where crypto payment gateways fill the space. It enables multi-currency payments and conversions for users by bringing the different payment methods together offered by the third party. Business owners can generate income from such platforms by collecting account registration fees, transactional fees, subscription fees, etc., from the users. 

Crypto Token

Another business blockchain platform is crypto tokens. The development of crypto tokens is meant for multiple purposes, such as raising funds, payments, trading, and investing to earn huge profits. Crypto tokens development can be done with the use of token standards of various blockchain networks such as Tron, Binance Smartchain, Ethereum, and more. For instance, the token standards of Ethereum include ERC721, ERC20, ERC1155, and many more. 

Conclusion

It’s amazing to see how blockchain development is revolutionizing industries and evolving to innovate with the time and changing trends. Blockchain technology is becoming integral to every industry, from healthcare government to healthcare, supply-chain management, and finance. 

Business operations can be quick and transparent thanks to blockchain technology. Startups and big enterprises now focus on launching scalable solutions on the basis of the blockchain environment. Businesses can start any crypto business of their choice, earn a lot of revenue, and build brand value. 

So, we can say that the futuristic success of business lies in blockchain technology.