To explore the practical applications of blockchain technology beyond cryptocurrencies, we sought insights from four industry leaders, including directors and founders. Their favorite use cases range from Blockchain’s elevation of supply chain management to how it can safeguard intellectual property rights. Dive into this article to discover these real-world applications and how they tackle practical challenges.
Want to know what real-world applications of blockchain exist outside of cryptocurrency? Industry experts have the answers.
- Elevating Supply Chain Management
- Streamlining Real Estate Transactions
- Enhancing Energy Trading
- Safeguarding Intellectual Property Rights
Elevating Supply Chain Management
Supply chain management is one of the most captivating applications of blockchain technology. Using blockchain’s transparent and permanent record, businesses can carefully track product journeys, ensuring authenticity, preventing fraud, and upholding purchasing standards.
There have been situations where this technology deftly addresses obstacles such as opaqueness, data gaps, and inefficiencies found in traditional supply chains. For instance, when a team implemented blockchain alongside industry titans such as Walmart and IBM to monitor mango origins, the source-tracing time was reduced from seven days to just two seconds.
This useful application not only increases consumer confidence but also optimizes operations, leading to durable and sustainable supply chains.Salim Benadel
Director, Storm Internet
Streamlining Real Estate Transactions
Blockchain applications are increasingly prevalent in the real estate industry, altering the sector’s landscape. The complexity of buying a house, with its slow deals, trust issues, fraud concerns, and numerous middlemen, is a familiar hassle.
Blockchain has the potential to smooth out these wrinkles in the real estate field. It offers buyers a streamlined way to keep tabs on a property’s history. Sellers can enjoy quicker transactions and eliminate middlemen. Additionally, the trustworthy and verified data of blockchain can significantly reduce paperwork.Samantha Hawrylack
Founder, How To FIRE
Enhancing Energy Trading
Implementing blockchain technology in energy trading provides a decentralized platform for peer-to-peer transactions, promotes renewable energy adoption, and enhances efficiency. It addresses challenges related to centralized control, lack of trust among participants, and inefficient energy distribution.
By using smart contracts and distributed ledgers, energy trading can be streamlined, reducing dependency on intermediaries and enabling real-time tracking of energy generation, consumption, and transactions.
For example, companies like Power Ledger and WePower are leveraging blockchain to enable individuals and businesses to trade excess renewable energy directly, promoting sustainability and minimizing energy waste.Roy Lau
Co-Founder, 28 Mortgage
Safeguarding Intellectual Property Rights
Implementing blockchain technology to protect intellectual property rights addresses challenges like copyright infringement, piracy, and royalty disputes. By registering and time-stamping creative works on the blockchain, artists, musicians, and inventors can establish ownership, prove authorship, and simplify the licensing process.
For example, a photographer can upload their photo to a blockchain-based platform, generating an immutable record of ownership. In case of infringement, the time-stamped blockchain entry serves as an indisputable proof of original creation, facilitating legal actions and ensuring fair compensation.Jason Cheung
Operations Manager, Credit KO