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World-Transforming Profitable Blockchain Applications In 2023

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Blockchain, the technology of trust and a record of transactions was originally devised for digital currency. Its popularity has grown strikingly over the last decade. Blockchain, the combination of the internet & advanced cryptography, offers a safe, reliable, and fast way to transact, intercommunicate with the government and cross-check the authenticity of goods.

Blockchain applications extend beyond cryptocurrency and Bitcoin. Blockchain development services can potentially increase openness and justice and save businesses time and money. Nowadays, technology is impacting a variety of sectors in innumerable ways. Currently, technology has an enormous influence on a wide range of industries.

Before starting, let’s list the 2023 blockchain statistics that will assist you in analyzing game-changing, pragmatic & revolutionary blockchain applications. So, without thinking about the bush, let’s dive into the latest facts and figures.

  • The blockchain sector will be valued at $163.83 billion by 2029, with a compound annual growth rate of 56.3%.

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  • By 2024, worldwide expenditure on blockchain technologies will exceed $19 billion.

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  • The worldwide market for blockchain technology in the healthcare industry is expected to reach
  • $231.0 million by 2023, with a 63% growth rate over the following six years.

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  • Blockchain will be worth $1.48 billion in food and agriculture by 2026.
  • In 2023, the commercial blockchain market will be worth $85.64 billion. The global blockchain technology sector is expected to develop at an 85.9 percent CAGR between 2022 and 2030. The global blockchain market will be valued at $67.4 billion by 2026.
  • A Deloitte poll found that 86% of individuals think Blockchain technology may improve our integration toward more touchless corporate operations.
  • Blockchain will produce more than $3.1 trillion in commercial value by 2030.
  • By 2025, the blockchain gaming business will be worth $39.7 billion.
  • PwC forecasts blockchain technology will enhance the world economy by $1.76 trillion by 2030, while Citi thinks the virtual world economy will be worth $13 trillion.

Blockchain Applications: A Way To Revolutionize All Systems

Below is a list of the top-notch blockchain applications that have been compiled and rounded up, irrespective of the industry you are working in-

Blockchain In Healthcare Management System

In the healthcare sector, patients related data remain dispersed across different departments and systems. That’s why individuals can’t access the data easily and in their hour of need. Patientory is a Blockchain solution that offers blockchain development solutions to empower people to take charge of their health. These solutions enable you-

  •  To store & manage personal healthcare solutions
  •  To connect with doctors, care providers, and consumers
  •  Get the advantage of a single, secure Blockchain platform
  •  Create a team that works together to provide the best care.

Its Real Examples are-

  •  MedicalChain

In the United Kingdom, it’s the first healthcare company in the healthcare structure. Its doctors practice blockchain technology for facilitating storage, utilizing EHRs- electronic health records, and delivering a full-fledged telemedicine experience. 

  • MedRec

It uses blockchain to offer medical providers the freedom to access patients’ records securely. It saves time and reduces the chance of duplications between providers and various facilities.

  • Nano Vision

Nano Vision has the power of blockchain and AI to sling medical innovation away from conventional data and incompatible records systems. It also enables the collection and analysis of molecular-level data on Nano Tokens.

  • Gem

Gem uses blockchain solutions to provide patients with control over their medical records and genomic data. Even more for monitoring infectious diseases, it has partnered with the Centers for Disease Control and Prevention.

  • SimplyVital Health

This platform empowers not merely providers but also patients to access, circulate and even move their healthcare information.

Blockchain In Land Registry

Blockchain in the real estate market enables you to build future-proof business models to connect potential purchasers and sellers. It eliminates the need for intermediaries, lawyers, and brokers.

For instance-

  • Ubiquity, an American technology company, joined with the real estate register office located in Brazil and developed the project to reduce cost and improve security & transparency. It enabled the company to move from paper-based records to a 100% computer-based solution.
  • Sweden’s government partners with ChromaWay to verify the possibility of a Blockchain-based land registry.
  • Deedcoin and BitProperty are other decentralized platforms that offer new ways for buyers and sellers to connect with real estate agents.

Insurance

When you think about insurance claims, the first thing that comes to mind is an increase in false claims. Current claims procedures may be complicated, time-consuming, and inconvenient, resulting in consumer friction and a trust gap between multiple parties. 

  • In the real world, Everledger has developed a game-changing Blockchain solution for businesses that place a premium on transparency, trust, and provenance.
  • Accenture forms blockchain solutions for its insurance clients to boost productivity and efficiency within the insurance industry. It has a goal of translating major insurance industry processes into blockchain-ready processes for embedding trust into the system.
  • Insurance companies worldwide are verifying a blockchain solution to provide “RiskBlock,” proof-of-insurance information.

Blockchain-Based Voting Platform

It’s not a matter to deny that general voting systems cannot completely secure data and defend the voters’ precious votes from potential attacks. As each vote greatly impacts the concerned country, taking it into major consideration, Agora offered a blockchain voting platform. It ensures every voter-verifiable and transparent election worldwide. 

The interesting thing is that Agora did the partnership with the Sierra Leone election, which was a proof-of-concept experiment.

Blockchain-Powered Ridesharing Service

Sharing a ride is quite prevalent these days. Passengers generally pay drivers in two ways, either in cash or credit. What will happen if they use digital currency for it? It seems quite alluring!  

La`Zooz is a decentralized transportation platform that uses cryptocurrency and blockchain technologies to offer a plethora of blockchain development services to individuals. And the interesting thing is that real-time ridesharing services are one of them. This blockchain-based ridesharing service allows individuals to synchronize vacant seats with other passengers traveling the same route in real-time. In addition, La`Zooz follows a cryptocurrency technology and works based on a “Fair Share” rewarding mechanism for drivers and passengers.

The Integrity of Blockchain Technology With Food

Nobody bothers about the purity of the food items that they eat, from where it comes, and with which procedure it’s made. But blockchain technology offers you the provenance to track the entire journey of the produced items from raw material. It’s the way that can assist you in knowing if the chicken chop is infected or not.

  • IBM Blockchain system furnishes physical items with a specific ID that can assist you in tracking every product. That ID lets you verify the digital history, the company’s identified claims, and more. Overall, blockchain technology offers security and confidentiality that enable you to reduce the overhead costs of acquiring administrative compliance.
  • OriginTrail is a platform in the food industry that is already in use. It lets consumers know where their purchases came from and how they were produced.

Track Pharmaceuticals Throughout The Supply Chain

You can’t say if the medicine is genuine until you have it. But, Blockverify offers anti-counterfeit blockchain solutions to trace drugs and ensure patients receive an authentic product. It provides a transparent environment to track duplicate products and fraudulent transactions throughout the system. The system creates immutable records and uses smart contracts to ensure data integrity and automate significant processes.

  • De Beers Diamond Consortium, the world’s leading diamond company and the greatest supplier of diamonds is planning to use a blockchain ledger to trace diamonds from the mine to the customer purchase. This way, this kind of transparency will assist the industries and everybody who desires to cross-check and confirm diamonds are free from conflict.
  • Fura Gems, Canada based natural resource company, is also making plans to utilize blockchain technology in its supply procedure of emeralds, rubies, and other precious stones.

Blockchain Applications: What Are Its Critical Features?

After having a fundamental and complete understanding of blockchain applications that have a global impact, let’s have an outlook on its primary characteristics:-

Increases The Capacity Of The Whole Network

One of blockchain’s most remarkable & significant features is that it escalates the capacity of the computers working together to offer great power. Its well-prominent illustration is-a project that Stanford University initiated to create a supercomputer and simulate protein folding for medical research.

Offers Better Security

Blockchain technology has no single point of failure and is considered more protected than its contemporaries. It’s so because it operates on multiple nodes that are well-distributed. It ensures that not even a single node will be hacked, and there will not be any compromise of the integrity of the original information.

Creation Of Immutable Ledgers

One of the major values of blockchain is creating ledgers that are not only unalterable but also permanent & indelible. It is concerned with a decentralized database free from hacks and fraud and the requirement of any intermediary to keep the information secure.

Settle Money Transfer Faster Than The Traditional Banking Systems

Using blockchain technology, it has become more convenient to manage money transfers that require too much time for settlement & proceed. This system is a highly upgraded system that saves your valuable time & hard-earned money and also provides consumers with other conveniences too.

An Effective Tool To Decentralize The Web

Blockchain technology is a decentralized technology that is advantageous for the owners of organizations to acquire direct control over their accounts. It offers them the power to transfer their assets to anyone they want. It has innumerable uses, include-less probability of failures or errors, control over properties, no single point of failure, does not let you to rely on third-party companies, zero Scams, allows a transparent profile of every participant, and authenticity.

Consensus Algorithm: An Integral Feature Of Blockchain

It’s a decision-making procedure for the nodes active on the network that makes 

Blockchain technology is highly effective. It’s essential to run the whole system smoothly. This way, you need not worry about the complex mechanism and hackers being hazardous to your digital assets.

Ensure A Better Outcome With Distributed Computational Power Based Ledgers

It includes blockchain-technology-based ledgers that allow you to require access to have an overview of the ledger and makes the whole procedure transparent & credible. This way, no outsider can get even an estimation related to the transactions or involved participants, as it has the authority to maintain the ledger on the network. To be very precise, DLTs have unimaginable significance because they are-Tamper-Resistant, identifiable, manageable, highly responding, and more.

Incorruptible

What prompts transparency and makes every node corruption-proof is blockchain. Every node has a copy of the digital ledger, which is beneficial in performing transactions and verifying their validity.

Upon Consideration.

Blockchain, a phrase on every investor’s lips worldwide, has numerous blockchain technology applications. Present-day, this technology is creating a well-distinguished name for itself. If you are willing to build your career in Blockchain technologies, glance at the blockchain applications mentioned above once. After doing so, you will come to know that blockchain technology is not limited to merely those sectors but also has a crucial role to play in the lending industry, finance ecosystem, cross-border transactions, money transfer, smart contracts, IoT, logistics, NFTs, government, media, and more.

 

I'm a passionate full-time blogger. I love writing about startups, how they can access key resources, avoid legal mistakes, respond to questions from angel investors as well as the reality check for startups. Continue reading my articles for more insight.

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