The Most Comprehensive Guide To Blockchain Use Cases

In the last few months, the blockchain and crypto space has experienced many ups and downs, from Bitcoin prices skyrocketing to the instant downfall of prices. Yet blockchain presented itself as the new internet. Thus, using blockchain development services to build its use cases is still one of the top trends in 2018. Indeed, not only reputed organizations are looking forward to adopting this technology but also startups are trying to yield the benefits of DLT (Distributed Ledger Technology). Therefore, the list of Blockchain use cases is expanding amazingly.

In this article, you can learn a few innovative ways blockchain technology will be used to transform our lives in the coming years, including those Blockchain use cases as well which show that it is already in use.

Best Blockchain Use Cases 2018

Employment History

Every HR manager would agree anytime that the hiring of employees is one of the arduous processes in HRD. Moreover, verifying an applicant's information contained in the resume or CV is expensive and time-consuming. Indeed, even the pre-employment screening process may not provide an HR representative with the proper assurance that the obtained information is complete and accurate.

Similar to the advantages that DLT offers to the voting landscape can also help enhance the employment screening process. Ultimately, this will benefit from hiring employees they see fit for the job.

Sooner or later, we can see blockchain-based employment screening services. And expect them to offer fast, reliable information in the following categories:

• Educational documents
• Resume/CVs
• Employment background
• Professional license & certification verification process
• Criminal records
• Employer credit history

Not only does the advent of such services enable employees to manage who can have access to their information but also makes information available for those who want to access it. Therefore, we can count the revamping of the HR process through Blockchain as one of many Blockchain use cases.

Also, Read | Exploring Diverse Use Cases of Polygon Blockchain

Legal Agreements

Surprisingly, legal services are now looking forward to blockchain technology to serve their clients efficiently. A law firm can provide legal services that use the speed and security of blockchain technology by turning legal contracts into self-executing programs on a blockchain network.

• Real estate deeds
• Rental contracts
• TrustsPower of attorney
• Sales contracts

The potential of blockchain technology can revitalize how law enforcement stores, shares, and secures data. As this year unfolds, so will the DLT solutions providing companies for law enforcement.

Law enforcement firms at almost every level, whether local, state, or federal, make extensive use of various database platforms for collecting and managing these datasets. Subsequently, whenever a law enforcement officer takes an action, it requires to create data about it and safely store it. No other technology can help achieve such objectives as distributed ledger technology.

Hence, by transitioning from centralized and non-centralized databases to DLT, agencies can increase the efficiency, accessibility, and accuracy of the data they manage. Also, DLT enables agencies to share data with whom they want to share, across towns or globally, making it one of the potential blockchain use cases.

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 Blockchain for Police Agencies

• Simplifying chain-of-custody verification
• Decreasing the time required to place traffic stops
• Enhancing the accessibility of potential data among agencies
• Bettering the accuracy of criminal records
• Preventing tampering of evidence

Inter-Organization Data Management

DLT (Distributed Ledger Technology) not only serves various industries, it equally serves cross-organizational workflow management requirements of particular companies.

Since the majority of commercial enterprises follow set operating procedures, blockchains can better operational safety, efficiency, and cost.
By shifting procedures, processes, and policies to smart contracts on a private blockchain network, an organization can enhance its operations, and as a result, yield the benefits of DLT.

• Improved WIP management
• Improved accountability in quality control
• More-powered program administration
• Enhanced project scheduling
• Firm process control

Blockchain Solution Providers have started to tap into this market. The months further are likely going to make this competition stiffer as cloud-based workflow management services surface.

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Regulatory Adherence

For industries that are liable to stringent regulatory requirements sticking to compliance is a challenge. Blockchain lays the foundation for an innovative set of advantages that can aid industries and help their regulators work together efficiently and amiably.

By shifting those regulatory compliance verification processes onto blockchain technology, industries can provide regulators with an immutable record ledger. It will have complete audit capability incorporated into the system.

• Banking
• Investment
• Credit services
• Fuel production
• Motor vehicle manufacturing

The use of this technology to solve regulatory compliance requirements already has a name: reg-tech. You may see this term being used a lot this year as the number of more reg-tech solution providers will increase.

Also, Read | Emerging Use Cases of Blockchain in Healthcare in 2023

Distributed Cloud Storage

For those companies and individuals who need secure cloud storage, Blockchain can prove to be the apt solution for them.

By utilizing end-to-end encryption, DLT cloud storage can help you keep your data secure in transit. It means that not even the cloud storage company can have access to your data, as it will only have the key to your blockchain records.

• Drastically improved data security
• Faster download and upload speeds
• High bandwidths and low rates

Thus, we think Blockchain cloud storage to be the priority for DLT companies in 2018.

Government Records

In Government bureaucracies, there is a dire need for improvements in efficiency and accessibility. The one who has gone to a government agency would know how slowly they work and provide information. Further,  the silos created by government agencies in processing confidential information make government records an apt target for blockchain technology. Legislators are researching how the state can use blockchain technology to manage government records more efficiently.

As the number of blockchain use cases increases, government records may be on the blockchain technology, including these:

• • • Taxes
    • Voting
    • Military Records
    • Government pension records
    • Government healthcare records
    • Welfare records

Also, Read | Emerging NFT Use Cases Capable of Transforming Real Estate

Conclusion

In 2018, it has become significant that Blockchain use cases bring so many opportunities for blockchain development companies. But to achieve success in the blockchain development landscape won't be as easy as one would think of other web development services. Only those having a thorough understanding of DLT (distributed ledger technology) mobile technology, and complete regulatory compliance will win over the market, or create new ones.

So, if using blockchain technology is part of your plan for 2018, Oodles welcomes you for a free-of-cost assessment of your blockchain-related projects. Choosing us for blockchain development services can be the right decision as we are proficient in developing robust blockchain apps, as well as, mobile app development and cloud technology.