Blockchain has proved its existence quite proficiently in the growing technological world of this century. Software engineers are pouring in their demands for the integration of Blockchain into their diverse operational executions. If you have at some time interacted or heard about Blockchain, then you must have come across a blockchain demo.
The concept of Blockchain is still new and mastering its capabilities requires hands-on practice. Cryptocurrency and especially Bitcoin, seemed to be the first popular usage of Blockchain. But today, the scope of Blockchain has surpassed the predicted possibility of growth. So, many individuals and enterprises are interested in learning about the applications of blockchain in real cases across different industries. The following discussion offers you a detailed impression of some notable sectors where blockchain has found practical applications.
Practical Applications of Blockchain in Different Sectors
Blockchain is today being leveraged around different sectors that include markets, IoT, Government, art, science, health, finance, and others. You can now seek billing, data monitoring, smart home networking, data management, supercomputing, and many more such implementations with the use of Blockchain.
For instance, in the year 2016, the smart Dubai office did announce the integration of Blockchain technology to allow developers and entrepreneurs to connect with top companies and investors. Hence, this is just one application of Blockchain. There are many more demos in play, while several more are in the pipeline.
Therefore, to give you a clear insight into what Blockchain is capable of, here are some of the top Blockchain demos or practical examples of this technology. Following onto them will assist you in understanding not just the core fundamentals of Blockchain but also its wide effective usability.
1. Supply Chain Management
The logistics companies are directing their thoughts towards offering location insight of certain main locations within their service area. Some of the locations they wish to cover for the purpose are city hubs, sorting facilities, and collection centres. Without the use of Blockchain, the exact location details were unknown.
Moreover, it also gave rise to the risk of losing all the data in case the system fails at any point in time. Therefore, best blockchain demos for dedicated shipment companies propose a system with the potential to collect location data. This data is collected from several systems that are internally connected to one another for the sake of delivering the exact location of shipment to customers.
- Diverse Range of Applications for Shipment Tracking
With the perfect inclusion of this idea and technology, Blockchain demo embedded with this application can be carried forward to the airline’s sector as well. With the use of Blockchain for locating the shipments or real-time tracking, the airline sector can also use it for locating lost baggage.
Apart from that, the car rental firms can also make use of it in order to locate the position of their rented cars. With the new Blockchain platforms, the logistics companies will find it pretty much easy to seek document coordination. With this inclusion, the necessity for paperwork is eradicated from the scenario.
With the use of blockchain and smart contracts, the clearance and custom approval process can be carried out more quickly. Hence, it will help in reducing the processing times. Long story short, it will help the shipment pass through the customs checkpoints faster, with immediate processing.
- Empowering Logistics Decisions with Data
The logistics companies are in need of secure & authentic data for making ideal decisions. Therefore, top blockchain demos in this fieldwork on offering trustworthy data across the logistics and transportation ecosystem. It is because the entire network works on implementing proper data validation.
Considering the demand of customers for one-hour or same-day delivery, the usual tracking technologies will not be able to meet the operational and organizational demand. Therefore, with the introduction of Blockchain technology, scalability is possible for such immediate delivery instances for tracking & authentication.
2. Ridesharing Apps
The carpooling systems of today are connecting the drivers and riders through a middleman. And, this middleman is the company itself who has initiated this business idea of offering car-pooling services. But, in case the company shuts down its services, the connection between the riders and drivers will be stalled.
Blockchain intends to fill this loophole in this service offering. The objective of this Blockchain demo is to fill this gap in the ride-sharing service sector. On completion and execution of this project, Blockchain will be able to build a network that will support safe and reliable transportation.
- Overcoming a Conventional Problem with Ridesharing Services
The usual process followed by cab service providers is integrated with a centralized strategy for carrying out the dedicated operation. Each of the service providers states some of their terms and conditions, which the rider and driver need to comply with. Moreover, third party interference in these services leads to a lack of transparency, which is the sole cause of major problems in this sector.
Best blockchain demos offer the decentralized ledger for this purpose, under which all of the information is preserved in computers across the globe. By building into the ledger, the mechanism allows the business execution amongst participants without the necessity of trusting one another. Blockchain can allow short-term or long-term leasing of vehicles between respective parties directly without the need for an intermediary.
- Exclusion of Intermediaries
Implementing top blockchain demo within the ridesharing services will eliminate the need for intermediaries. With it, direct transactions will be enabled between the driver and rider. Blockchain will also increase the potential of the ride-sharing sector to draw attention from more people. Hence, it will not just be a financial leap but will also be helpful on environmental terms. Blockchain is used for the peer-to-peer ride-sharing application, which will disrupt the market and change the way this industry works.
- Security and Integrity of Data
Apart from peer-to-peer ridesharing, the introduction of Blockchain will also serve the purpose of enabling customer identification, data security, and secure payments. The users can therefore look for their desired rental services without the necessity of interacting with any third-party company. Moreover, the users can also put their vehicles on rent by connecting with the users who are in need of it directly.
Moreover, Blockchain is also used for signing digital contracts and process the payments directly to the concerned party or driver. In this way, the riders and drivers will not have to pay any additional share to the intermediary company. To be on the safer side, the execution of this Blockchain application will also prevent the data pirates from accessing the rider’s information.
Blockchain will be going to rule in the 2021 and beyond. If you are not sure why, check out our guide on the Importance of Blockchain in The Upcoming Years.
3. Electronic Voting Systems
Elections are an important aspect of any democratic system, as they help the public in expressing their opinions as votes. In order to safeguard the significance of the election process in our society, it is important to ensure that the process should have adequate reliability and transparency.
The cryptographic foundations of blockchain technology are the foremost reasons for considering the application of a blockchain demo in voting systems. Electronic voting has been an area of constant focus of research for many years. The use of computing machines and equipment have been considered for better quality and precision of results with them.
- Value of Distributed Ledger Technology for Voting Systems
Distributed ledger technologies have found noticeable propositions for designing e-voting systems due to value benefits of end-to-end verifiability. The properties of privacy protection, non-repudiation and anonymity in blockchain make it an eligible candidate for electronic voting systems.
The digital ledger technology draws on the power of peers or the individual nodes on the network for verification, processing and documentation of all transactions throughout the system. After blockchain came out from the shadows of doubt and apprehensions, people started finding potential for top blockchain demos in voting.
- Trustless Environment
The factor of trust in blockchain technology is also another potential reason for its applications in voting systems. Blockchain aims at redefining the concept of trust by eliminating the role of intermediaries such as corporations and governments. The decentralization helps in offering transparency.
The trustless environment with blockchain technology basically relies on the smart code rather than middlemen for safeguarding security and privacy. So, blockchain can offer all the essential requirements for an electronic voting system, such as immutability and transparency.
- Levelling the Power of Participants
Blockchain technology basically serves as a P2P network, where each peer has an association with a distributed database. All the nodes would be capable of maintaining a similar ‘level’ in the network. The blockchain demo in voting could capitalize on cryptographic properties for privacy of voters. The assignment of a voter hash serves as the unique digital identifier for a voter in the blockchain. The properties of the cryptographic hash prevent unauthorized use of the digital identifier.
- Verification of Voter Eligibility
The digital identifier representing government-issued documents can also serve the important functionality of verifying eligibility of voters. In addition, the support of biometrics and stronger authentication mechanisms with blockchain can prevent concerns of double voting.
Blockchain and cryptography are interrelated as the growing applications of blockchain demand better security. Check out this guide to learn more about blockchain cryptography!
- Convenience of Voters
The best blockchain demos in voting must be tailored to the convenience of voters through a simple and user-friendly web interface. In this case, the voting process would become a cakewalk for the voter. For example, the use of fingerprinting could serve as an effective authentication mechanism while avoiding the need for remembering passwords or usernames. In addition, the integration of the overall authentication process in the electronic voting solutions based on blockchain gives the opportunity for voters to interact with the solution seamlessly.
- Flexibility of Receipt
The flexibility of the receipt is also another important factor for application of blockchain in electronic voting systems. The term you are looking for here is ‘receipt freeness’. It implies that voters should not have the ability to prove the way in which they voted. Voters could present their vote as per choice, with the system generating a cryptographic hash for the event. On the other hand, the hash does not provide any information about the way in which the voter voted.
- Verifiability of Vote
The unique cryptographic hash is essential for verifiability, another important example in blockchain demo for voting applications. The hash helps a voter in finding out whether their vote was in the tallying process.
Read More: Are Blockchain And AI A Perfect Combination?
Another notable area of applications of blockchain refers to healthcare. The US is all slated to invest around 20% of its GDP in healthcare over the course of the future. However, the industry has been affected by many issues throughout the world. Inefficient practices and constantly escalating healthcare costs are the two most threatening issues for the modern blockchain landscape.
In addition, the concerns of frequent data breaches also inflict heavier burdens on the healthcare industry. However, the best blockchain demos in healthcare could offer functionalities of deflating the existing spending bubble, improvement in overall experience and safeguards for patient data.
Blockchain technology has already found various applications in healthcare for various functionalities. It can help in secure encryption of patient data for managing the outbreak of harmful diseases. The primary applications of blockchain in the healthcare sector would include,
- Data management
- Personal development contracts
- Universal EMR Health databanks
- Big health data stream
- QS Data Commons
- Health Token
- Digital health wallet smart property
Also Check: How Could Blockchain Disrupt Healthcare?
Now, let us take a look at the top blockchain demos applied in the domain of healthcare presently.
It is the first healthcare provider utilizing the power of blockchain for ensuring storage and use of electronic health records. The primary objective of the healthcare company for leveraging blockchain is the facility of better telemedicine experiences. The interesting factor is that the platform has real practising doctors in the UK healthcare system, hopeful of introducing positive changes in the system.
Another promising entry among the best blockchain demos in healthcare refers to MedRec. It uses the capability of blockchain technology for offering secure access to records of a patient. MedRec has used blockchain technology for ensuring savings of time, money and redundancy in different procedures between providers and facilities. Patients could also have the privilege of granting access to their anonymous medical records for use as research.
Blockchain technology has been gaining mainstream recognition, read our previous discussion to take a look at how blockchain is the future of technology.
5. Financial Sector
The final addition in the list of blockchain demos would point out the field of the financial sector. Financial applications of blockchain have always been a promising highlight for driving their growth. Therefore, it is important to note some of the notable examples of blockchain applications in the financial sector.
Ripple is also another notable entry among blockchain projects for the financial services sector. It focuses on serving as a global payment solution provider through the connection of payment providers, digital asset exchanges, banks and corporations. The notable objectives of Ripple basically round up on ensuring instant, on-demand global settlements.
The next important example of a blockchain demo in the financial services sector is the UK-based platform Circle. The platform helps in sending money through text without any transaction fees.
Getting Started with Blockchain in Finance Masterclass!
It is clearly evident that the best blockchain demos in various sectors have the potential for transforming various sectors. Blockchain has found applications in tracking shipments and logistics as well as carpooling services. In addition, it has also established some prominent applications in the field of healthcare and financial services. Furthermore, the proposed designs for applying blockchain in voting systems also present promising indications for the future of blockchain.
An in-depth reflection of the applications of blockchain in different use cases throughout various sectors can help in finding the true value of blockchain. Start learning more about blockchain and its real-life use cases right now!