Blockchain Use cases - extrimian/documentation GitHub Wiki

  1. Blockchain use cases
  2. Blockchain Use Cases in Specialized Practices

Blockchain offers broad and fundamental opportunities for change in virtually every industry. A new form of distributed ledger technology holds incredible promise in terms of streamlining the transaction process, offering real-time information, and lowering costs in some cases by removing middlemen.

For a business to make money, they must turn their attention to previously undervalued and uncatchable markets, enhance the ability to be held accountable, and adapt/hack slow systems that are troublesome and prone to fraud.

Blockchain use cases

  1. Public Records Management Generally, most government agencies are responsible for holding citizen data and many types of classified information indefinitely, and the sensitive nature of this information poses a huge privacy and security risk. Blockchain technology will enhance the security of these public data repositories through digital encoding to prevent any type of data manipulation or hacking.

  2. Hiring Records Any hiring organization requires trustworthy and authentic information regarding an applicant’s credentials to judge the applicant’s fitness for a job opening. Blockchain technology offers a Central Ledger, which is designed to keep applicant records permanently, and these records are not available for manipulation to suit the needs of particular job openings.

  3. Healthcare Records Blockchain will help provide enhanced security and better, authorized access to electronic patient records. The most important change that this technology will bring to healthcare information is complete transparency across hospitals, testing labs, and doctor’s offices.

  4. Cloud Storage As businesses of all types and sizes continue to outsource their storage services to cloud storage providers, blockchain will help reduce the security and data loss concerns associated with a typical public storage solution. Blockchain will also help reduce downtime on the cloud. Users with excess storage will have the option of renting out their spaces for a fee.

Blockchain Use Cases in Specialized Practices

  1. Contract law Blockchain technology has tremendous potential to plug existing loopholes in contract law. Blockchain-enabled Smart Contracts offer a range of services that enable the involved parties to preserve permanent records of all transactions between them, including “exchange of values.”. In cross-border payments systems, Smart Contracts can help to ease the process of cross-currency payments.

  2. Identity Management Blockchain technology allows individuals to select the identification criteria. Thus, users get a great deal of flexibility over their ID management process.

  3. Mitigation of Cyber Attack This unique technology ensures that a hacker would have to destroy stored data on every network machine in order to destroy a blockchain network. Moreover, this destruction process would have to happen simultaneously. 6 Use Cases for Blockchain in Security reviews how highly advanced technologies in blockchain make hacking nearly impossible.