Business Use Cases for Blockchain

Dynamic registry

Blockchain can be utilized as a constantly evolving distributed database, which records cryptocurrency transactions as they occur. Examples of this include peer-to-peer payments across borders, insurance claims processing, cross-bank transfers, and direct payments from fans to artists.

Smart contracts

Smart Contracts are a form of agreement or deal, but they are superior to others because they are written and stored as code on a blockchain rather than on paper in an accountant's office. Once the conditions of the contract are set, the Smart Contract will automatically execute those conditions when they are met, with no manual intervention required. Examples of this could include insurance claim payouts, cash-equity trading, or the release of new music.

Static registry

Blockchain technology can be used as a decentralized database to store static reference data. These kinds of blockchains require less processing power, since the records stored on them are not constantly updated. Examples of this kind of data include land titles, patents, food safety records, and electronic health records.

Proof of identity

By leveraging blockchain technology to encrypt IDs and granting access to this data, record-keeping can be made more reliable. People can have greater control over their digital data and how it is used by third parties, such as for identity fraud prevention, civil registry, identity records, and voting.