10 Day-to-Day Uses for Blockchain

Intro

Most users have heard of blockchain in the context of cryptocurrencies, which is the most common way to use the technology. However, it's not the only one – creating an immutable track record can have countless applications in many industries.

This article will go over some of these uses that have already been found to have practical applications and that have been put to the test by the users. There are many more examples, and since the code is open-source, there will be more in the future.

Reducing Voter Fraud

The United Nations has come up with a proposal to use blockchain to prevent voter fraud. It would come up with software solutions that could be used to this effect and that are backed by blockchain records and work with the various governments to implement it.

Most voter fraud issues aren't happening on Election Day or by anyone tempering with the ballots – that would be too easy to notice and catch. Instead, voter fraud is usually about managing public ledgers of voters. If this part of the process is based on blockchain, it would allow for safe and free online voting.

Storing Public Data

Governments store a great deal of public data online, and securing that data has become one of the most important security issues for governments and citizens. There's a way to use blockchain technology to store the data and provide a tamper-proof security measure while allowing the data sample size to expand.

The government of Estonia has joined with Ericson to create a database for all the citizen data a government produces and to protect it with the use of blockchain code. It will be the first time to experiment with it on such a large user base.

Making Sure the Wagers Are Fair

Blockchain is often used in the gambling industry, as it allows gambling sites to make sure the odds are fair. For instance, baccarat games with BTC bets can use open-source code to allow the players to make sure the odds are fair.

Betting sites are writing the terms of each wager into the blockchain code itself. That way, the payouts are automated as soon as the terms of the wager are met. It allows the players to use the services of online betting sites from across the globe and be sure they'll get paid.

Gaining Insight into Customer Behavior

Customer behavior data is one of a business's most important assets. It allows them to predict future purchases and stockpile needs, lowering production and infrastructure costs in the long run. All transfers and orders are stored on the blockchain as a part of the code itself, and since they are immutable, they can be used as a basis for predictions.

Some industries are already running their operations based on blockchain and using it this way. The best example is probably the shipping industry. It features almost countless moving parts and has operations all over the world. The use of blockchain has made it less costly and more effective.

Digital Identification

Blockchain can be used in many different industries as a way to ensure digital identification. This tool can be integrated with other digital tools in online sales, such as logging into your customer account. It does this better than most other tools and provides a sense of privacy since no ID pictures or government-issued documents are required.

The record made in the blockchain code is basically impossible to change, meaning there's a clear record of every person's log-in or purchase. It prevents both fraud and accidental transfers.

Loyalty Programs

Loyalty programs are used in almost every industry, including sales and repeat business. They are a simple but effective way for companies to promote their work, reward loyal players, and keep returning to it.

The use of Blockchain allows for the process to be automated. The transactions made by the buyers are recorded in an immutable ledger, and the loyalty programs are executed automatically. Blockchain streamlines the process and makes it less expensive while ensuring the process for awarding loyalty points is fair and transparent.

Regulatory Compliance

Blockchain is also widely used to accomplish regulatory compliance. Many industries are facing a complex set of regulations that they need to comply with at any given time, and the rules tend to change based on governmental decisions and with little time for businesses to adapt.

This is especially important when it comes to food health and safety, as well as when it comes to rules regarding money laundering and transferring funds. Regardless of what the regulations are, they are written into the blockchain code and, therefore, automatized. The process is a legal obligation for businesses, making it less expensive to the companies.

Trading and eCommerce

The simplest and most common way blockchain is already in use is to make payments. In this regard, blockchain-based currencies aren't that different from fiat money. The payments made this way are less costly since no fees are involved, and they are instantaneous. It's also possible for users to make transfers without providing a personal ID or bank account number.

The eCommerce industry was among the first to adopt the use of blockchain-based cryptocurrencies as a payment method because of how competitive it is and how important it is to follow the latest trends. By providing a new payment option for its customers, the eCommerce industry has broadened its user pool and brought in new revenue.

Using NFTs for Ownership Tokens

Non-fungible tokens based on blockchain technology already have many applications and uses. One of the most interesting ones that could have huge ramifications for many industries is to use them as proof of ownership. That way, every user who has a token owns a part of the overall property or asset. An extension of this concept is the emergence of 'token-gated communities,' where access to certain communities, services, or experiences is exclusively available to token holders. These communities leverage NFTs to create exclusive, secure spaces that unite individuals with common interests or goals.

Communal ownership and, therefore, communal management of assets allow users to have a bigger impact on how their properties are handled and create a sense of community among those who share them.

Property Management

Property management was one of the first industries that found a way to use blockchain technology to simplify its processes. The industry includes the work of many professionals, governmental agencies, banks, and individual clients. Property owners and managers also need to comply with numerous regulations. All of these services can be streamlined with the use of blockchain.

There are many micro-transactions involved in managing a property. With the use of blockchain, they can be automated to streamline the process and make it more transparent and straightforward for the end users.

To Sum Up

Blockchain technology has been around for years and has found countless applications in various industries and walks of life. The most noticeable one was the introduction of cryptocurrencies, but there are many others. It's especially the case for industries that benefit from automation and fast transfers of funds.

Governments are also looking for ways to adopt the use of blockchain technology. This is already done when it comes to storing the data that the governments have collected and ensuring that the regulatory activity is monitored and automated. The potential uses are continually expanding and growing based on these successful examples.