Where Are Blockchains Used Outside of Cryptocurrency?

 

Blockchain is being used for the development of cryptocurrency, no doubt. But so far, as of December 2021, no other country except El Salvador has recognized any cryptocurrency as legal tender. This leads to the question of whether blockchains are being used in any other applications – those that actually have practical value today?

 

The short answer? Yes, there are many uses of blockchain outside of cryptocurrency that bring in a great amount of value addition. 

 

The longer version? Many of these use cases are still in their nascent stages, primarily because of the legal ambiguity surrounding blockchains and cryptography in many countries. Nevertheless, there are enough examples of blockchain uses outside of cryptocurrency to prove that this is one technology that holds great potential.

 

Let’s take a closer look at where blockchains are used outside of cryptocurrency.

What is blockchain used for today?

The uses of blockchain – aside from cryptocurrency – range from entertainment and retail purposes to improving insurance and healthcare services. Here are some examples of the use of blockchain outside of cryptocurrency. 

 

 

• Real estate

As Ethereum showed us, blockchain technology can be used to create and execute smart contracts. In addition to this, blockchains also allow people to maintain large volumes of data in a decentralized manner. Many players in the real estate sector are making use of these features of blockchains to make the real estate business more efficient. 

 

For example, Propy, a global real estate marketplace, makes use of blockchain technology to issue titles instantly and maintains a decentralized registry system. It even has some property listings that can be purchased using cryptocurrency, but the legality of those transactions may fall in a gray area. 

 

 

• Healthcare

Medical records are very crucial sources of information in the healthcare industry. And needless to say, the volume of such data is massive. Where earlier we stored such data physically, the advent of cloud technology enabled all this data to go digital. Now, blockchain tech is taking things one step further, thanks to decentralized storage. 

 

This reduces the costs associated with information and data storage, and simultaneously makes it easier for healthcare professionals to access the necessary information without any hassle. All in all, blockchain tech is all set to streamline the medical and healthcare industry.

 

 

• Financial services

Blockchains are also well poised to revolutionize the financial services industry. This includes banking, insurance and a wide range of other financial processes. One of the key areas where this new-age tech is changing things is in the intermediary and additional costs involved in the financial services we use today.

 

Using blockchains reduces transaction costs, and this is already being used in Bitcoin Atom, which can be traded without any trading fees. Blockchains also help make financial services more scalable. Aeternity is a blockchain platform that makes use of this technology for this very purpose. It also supports apps that need high transaction speeds and smart contracts. 

 

 

• Retail services

There are many companies and apps that are employing blockchain technology to improve the retail services they offer. Warranteer, for example, is an app that uses this tech to enable customers to access information about the products they have purchased. Loyyal is another platform that uses blockchains to create customized rewards and loyalty programs for users.

 

With apps and services like these being offered, customers of the retail sector will not only find it easier to shop and access information about their purchases, but will also be able to experience greater levels of satisfaction, thanks to more personalized solutions. 

 

 

• Entertainment

If you listen to music on Spotify, you are perhaps already benefiting from the blockchain tech available today. Spotify acquired Mediachain, a blockchain startup, and this made it easier for the music aggregator to connect artists and licensing agreements with the tracks available on the platform.

 

B2Expand is another company that is using blockchains to revolutionize the gaming industry. They are using the Ethereum chain to develop cross-gaming video games. And KickCity – a platform for event managers and organizers – helps match them with influencers. All in all, blockchain tech is changing things up in different areas of entertainment, be it music, gaming, or event marketplaces.

Summing up

In the coming years, we may be seeing an increasing number of use cases for blockchain-based solutions. If the growth is as rapid as experts believe it would be, blockchains may soon help transform the way you bank, make your purchases, access entertainment and other services and even contribute to charity.

A quick recap

• There are many uses of blockchain outside of cryptocurrency that bring in a great amount of value addition. 
• The uses of blockchain – aside from cryptocurrency – range from entertainment and retail purposes to improving insurance and healthcare services. 
• In the coming years, we may be seeing an increasing number of use cases for blockchain-based solutions.