Overview

As blockchain technology continues to evolve, its adoption is expected to bring further advancements and benefits for businesses worldwide.

And as such, the number of use cases for blockchain constantly grows and providing an exhaustive list would be challenging. But to give you ideas and spark your imagination, here are some of the most talked-about applications of blockchain:

Supply chain

Automated compliance and payments: Smart contracts can automatically verify if goods and services meet regulatory and contractual standards, triggering payments only when compliance is confirmed. This reduces delays and disputes in supply chain transactions.

Carbon credits: Blockchain can introduce unrivalled transparency and trust for tracking carbon emissions, credits and certificates and enables the buying, selling and trading of such assets.

Provenance Tracking: Blockchain enables companies to verify the authenticity and origin of products, reducing counterfeits and improving consumer trust.

Recalls: In case of a product recall, blockchain can swiftly identify and trace the affected products, minimising financial loss and protecting consumer safety.

Web3

Decentralised finance (DeFi): DeFi uses blockchain to remove intermediaries in financial transactions. This includes everything from lending and borrowing platforms to decentralised exchanges.

Gaming and VR: Ownership of game assets, interoperable profiles, and payments.

Identity management: Blockchain enables secure and decentralised identity verification, allowing people to control their personal information and how it is shared and utilised.

NFTs: These blockchain-based tokens represent ownership or proof of authenticity of unique items, whether digital or physical. Examples are collectables, art, and media.

Finance

Tokenisation is the process of converting an asset (or the rights to it) into a digital token on a blockchain. This can include real estate, art, or even company equity. Blockchain facilitates easier buying, selling, and management of these assets, potentially opening up new investment opportunities and markets.

Streamlined cross-border payments: Blockchain can enable near-instantaneous transactions across borders at a fraction of the cost, all while maintaining high levels of security and transparency.

Programmable payments: By using smart contracts on a blockchain to automate transactions.

Fund tokenisation: Converting fund shares into digital tokens often enables the fragmentation of large funds and lowers the barrier to entry, as the initial invested capital requirement is lower.

Securities settlements: Blockchain can drastically reduce the settlement time for securities transactions. By enabling peer-to-peer transactions, it removes the need for intermediaries, allowing for same-day settlement and reducing counterparty risks.

Fraud reduction in trade finance: Blockchain’s immutable ledger can provide a transparent and unchangeable record of each transaction, significantly reducing the potential for fraud.

Healthcare

Patient data management: Blockchain provides a secure and interoperable platform for sharing patient data among providers, ensuring privacy and improving care coordination.

Real estate

Property and land registry: Blockchain simplifies property transactions and land registration processes, making them more transparent, efficient, and secure.

Smart contracts for renting and selling: Automating lease agreements and property sales through smart contracts reduces paperwork and expedites transactions.

Manufacturing

Product lifecycle management: From production to delivery, blockchain offers real-time tracking of products, enhancing quality control and optimizing inventory management.

Machine-to-machine transactions: In IoT-driven manufacturing environments, blockchain enables secure and autonomous machine-to-machine transactions, facilitating a new level of efficiency and innovation.

Education and credentials

Secure credential issuance and verification: Blockchain can store educational credentials securely, making it easier for employers to verify qualifications without intermediary institutions.

Lifetime learning records: Individuals can have a lifelong, portable record of their CPD learning achievements across institutions, enhancing mobility and career development opportunities.

Intellectual property and royalties

Automated royalty distribution: For enterprises involved in content creation, smart contracts can automatically calculate and distribute royalties to artists, authors, and creators based on predefined rules, ensuring accuracy and timeliness.

These potential use cases illustrate how blockchain can help revolutionise many parts of our economy.

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In the following sections of this guide, we will display some of the use cases we have recently tested at Quant.