Blockchain solutions development can transform record-keeping and trusted cross-company interactions, ultimately transforming everyone’s experience with its use cases. The possibilities for new business models are limitless. But how can you figure out which blockchain use cases are best for your company? What’s the best place to start when it comes to delivering blockchain to your customers?
So, let’s learn how blockchain use cases could help enhance business models across industries. Here’s what we discovered.
Know Your Customer (KYC) is a time-consuming, manual process with room for error. Multiple reviewers are involved in the process to ensure that the customer has the necessary background to handle significant sums of money.
You can finish the KYC process faster with greater transparency, less verifying of sources of information, and, most importantly, provide a much better experience for the consumer by putting the entire KYC process on blockchain and adding everyone who is involved.
Information required: Data about customers
Participants: Account managers, third-party researchers, auditors, financial reviewers, and customer service representatives are all examples of third-party researchers.
Value creation: A better client experience with process efficiency.
One of the most difficult aspects of bank reporting is that the information regulators require is scattered across numerous roles, including front-office staff in local branches and back-end systems engineers at the bank’s headquarters. You may accomplish data integrity on a single chain by combining smart contracts with the immutability of the blockchain.
You can also provide regulators access to that chain without having to manually generate reports.
Information: History of audits
Participants: Governing bodies (from multiple agencies)
Value creation: Lowered reporting costs
Also, Read | Blockchain in the Financial Services Industry
Multiple intermediaries, as well as extensive form filling and processing costs, are involved when sending money to another country. Your bank sends a message to a bank in another country that acts as an intermediate and sends a verification message to the receiving bank. After that, the information is sent back for confirmation, and the funds are transferred. What if you could transfer money with a single mouse click? Blockchain for cross-border payments can eliminate intermediaries and make transfers instantaneous by using network-verified transactions.
Information: Transfer of funds
Participants: Money senders, receivers, and banks in a variety of nations
Value creation: Improved customer satisfaction and reduced transaction costs.
Have you ever wondered how your favorite musicians get compensated when you listen to their music on the internet? There are a lot of managers and media firms participating. The music industry could be transformed by blockchain-enabled smart contracts that automatically pay musicians. They cut out the middlemen by connecting their music streaming app to the blockchain. They get reimbursed instantly and openly when their song is streamed.
Information: Media records on the internet
Participants: Services, providers, artists, and consumers
Value creation: Artists will have more opportunities thanks to a new business paradigm.
If you’ve ever bought concert tickets from a third-party vendor, you know how aggravating it can be when ticket prices for popular performances soar or, in the worst-case situation, you become a victim of ticket fraud.
When it comes to third-party suppliers, show organizers are equally frustrated. When they don’t have access to the customer’s data, it’s tough to give an exceptional client experience.
With smart contracts and total transaction visibility, blockchain for ticketing can lock in ticket prices for consumers and provide concert organizers with a 360-degree perspective of the concert goer, allowing them to create personalized and relevant experiences.
Information: Purchasing of tickets
Participants: Organizers of trade shows and third-party resellers
Value creation: Customer costs are cheaper, and the ability to run business campaigns is better.
Today’s loyalty programs are compartmentalized. Users become a member of several programs that they are not even able to use. Things would be different if they can have one comprehensive or interoperable system, accumulate loyalty rewards using it, and use the points anywhere they want
The network-driven architecture of blockchain, as well as its transparent transactions, make it simple to include several businesses in a single awards program. Integrations are less expensive, and companies from many industries — hotels, airlines, coffee shops, and even food trucks — can join forces to service a single client through a single blockchain-powered loyalty program.
Information: Currency rates, loyalty points
Participants: A variety of enterprises from various industries
Value creation: Lower cost of cross-company integration; better customer experience
Labeling of pharmaceuticals
The procedure of maintaining prescription medicine labeling is complicated. The criteria differ depending on the region where the medicine is sold. To document various components of the label, several specialists must be consulted, leading in long evaluations and numerous revisions to get the label approved.
Creating a blockchain-based healthcare network where all parties involved may share information and give an immutable view of the label enables updating and maintaining the labels faster, easier, and less expensive.
Information: Labels for drugs
Participants: Pharma companies, regulators, and creative agencies
Value creation: Label updates are faster, costs are lower, and compliance is higher.
You must fill out the same papers every time you change doctors. Furthermore, getting all of the information you need to complete the application in one location might be difficult.
The blockchain development for an EHR system allows a patient’s electronic health records to be shared across a distributed network of providers. This eliminates incompatibility between multiple Electronic Health Record systems, enables patients access, and allows any other practitioner to safely and securely access their health records.
Information: Electronic medical records (EMR) (or related transaction data)
Participants: patients, and service providers
Value creation: Patient satisfaction is improved, and providers are more efficient.
Retailers and their suppliers must guarantee that the products they create and sell are safe and meet all regulatory requirements. Furthermore, as consumers, we want to know that the things we buy are ethically sourced.
Manual methods and non-digitized forms are used to maintain this information between parties, which raises the expense of doing business. A blockchain-based traceability system allows retailers, suppliers, and third-party labs to share a shared record of a product as it goes through the supply chain in real-time. Both authorities and consumers have comprehensive visibility into the confirmed source of goods.
Information: Movement of goods
Participants: Retailers, suppliers, third-party labs, and logistical firms are all involved in the supply chain.
Value creation: Customer trust, ethical sourcing, and tracking costs
Insurance claims processes can be complex and lengthy, involving multiple parties to assess damage, process, and settle a claim. A poor claims experience is a common driver for customer attrition and a significant source of expense for the insurer.
Insurers can use blockchain for claims management to construct a network where all parties engaged in analyzing, processing, and adjudicating a claim may access a single source of information. Smart contracts can also be used to automate payouts when predefined conditions are met. Consider how much faster your claim would be processed if it were processed ten times faster. That is the possibility.
Information: Products/consumer goods
Participants: Insurance company, claims processor, and auto repair shop
Value creation: Speedier service, lower claim processing costs
For detailed in-depth insights on how you can implement blockchain use cases and applications in your business, connect with our blockchain development experts.