Blockchain Use Cases and Applications by Industry
Blockchain Use Cases and Applications by Industry
Major sectors are presently deploying Ethereum blockchain solutions to address recurrent industry problems. ConsenSys has built industry solutions for capital markets, asset management, payments, global trade, and more.
The management of tangible, intangible, and complex assets is rapidly becoming more efficient with the integration of blockchain technology.
Assets such as real estate - often constricted by liquidity and investment size - can be tokenized, divided, and distributed with minimal operational friction, management cost, and security concerns. Asset managers and novel investors alike can unlock opportunities with emerging liquidity and transfer dynamics.
Blockchain technology has fundamentally changed the way capital markets approach the exchange of value and will usher in an era of increased operational efficiency.
In recent decades, capital market infrastructure has been subjected to complicated layers of rules, red tape, and liability. The associated risk incurs high operational costs, and hinders companies by hurting the bottom line and potential customers by raising the bar of entry. Blockchain technology can optimize the backend cost of operations through a secure, permissioned, immutable, and single shared source of truth among capital market stakeholders.
Decentralized finance (DeFi) unlocks untold amounts of economic opportunity for global citizens, enabling a more profitable, equitable, and secure global economy. DeFi leverages key principles of the Ethereum blockchain to unlock liquidity and growth opportunities, increase financial security and transparency, and support an integrated and standardized economic system.
Global Trade and Commerce
The impact of blockchain technology on international trade finance has spurred many companies and consortiums to update their outdated technology. Major trading companies around the world are recognizing the transformative impact of Ethereum blockchain technology in operating global supply chains, managing trade finance, and unlocking new business models. Beyond ushering in the era of digitization, blockchain enables the tokenization of existing documents, letters of credit, and more.
Payments and Money
Blockchain technology enables entirely new ways of managing money and facilitating payments with ease. From remittances to microloans and more, blockchain technology is ushering in a more efficient and secure global payment infrastructure. Trillions of dollars in untapped value is waiting to be unlocked through financial empowerment and operational efficiency.
Leverage blockchain to unlock the opportunities created by real estate digital assets. Work with ConsenSys to forge new business models, enhance the underlying operations of real estate, reduce costs, minimize data silos and increase transparency.
Real-World Blockchain Case Studies
Now that you've explored the most important use cases and industry applications of Ethereum blockchain technology, read our real-world case studies.
How Does Blockchain Benefit Enterprises Across Industries?
Leading financial institutions, governments, and conglomerates are already seeing the benefits of blockchain-based solutions for use cases as wide-ranging as digital asset creation and post-trade settlement. The Ethereum blockchain’s battle-tested architecture and unrivaled programmability enables enterprises to build secure and customizable business networks and applications at scale.
- Automatic execution. Streamline business processes through programmable transactions and real-time clearing and settlement.
- Advanced security. Mitigate risk with tamper-proof data coordination and granular security controls.
- Trusted business networks. Quickly deploy permissioned networks with shared business logic and customizable governance.
- Digital asset management. Rapidly create and manage digital assets and instruments.
- Production grade. Manage a compliant blockchain platform at scale with zero downtime.
What are the Use Cases and Applications of Blockchain Technology?
Blockchain technology’s innovative characteristics include decentralization, transparency, immutability, and automation. These elements can be applied to various industries, creating a multitude of use cases. Here are some of the most pertinent blockchain use cases:
Central Bank Digital Currencies CBDC
CBDCs offer central banks unique advantages at the retail and wholesale levels, including increased financial access for individual customers and a more efficient infrastructure for interbank settlements.
A blockchain-based digital identity system provides a unified, interoperable, and tamper-proof infrastructure with key benefits to enterprises, users, and IoT management systems. The solution ensures protection against theft, assures companies storing customer information, and provides individuals greater sovereignty over their data.
Energy and Sustainability
Oil and gas companies suffer from siloed infrastructures and several issues concerning transparency, efficiency, and optimization. Enterprise-grade blockchain solutions can significantly increase process efficiencies and reduce costs associated with oil and gas operations and distribution.
Financial services struggle with archaic operational processes, slow payment settlements, limited transparency, and security vulnerabilities. Blockchain enhances the efficient digitization of financial instruments, which increases liquidity, lowers cost of capital, and reduces counterparty risk.
Government and the Public Sector
Ethereum’s encrypted ledger and smart contracts allow governments to build trust, improve accountability and responsiveness, increase efficiency, reduce costs, and create high-performing government functions with more secure, agile, and cost-effective structures.
Healthcare and the Life Sciences
Blockchain-based healthcare solutions will enable faster, more efficient, and more secure medical data management and medical supply tracking. This could significantly improve patient care, facilitate the advancement to medical discoveries, and ensure the authenticity of drugs circulating global markets.
An enterprise-grade blockchain solution can alleviate the heavily-manual processes of today’s legal system. Enterprise Ethereum will help address the estimated 9.8% loss in total productivity that manual operations costs a law firm every year by providing accessibility, transparency, cost savings, speed, efficiency, and data integrity.
Media and Entertainment
Piracy, fraud, and intellectual property theft of digital items cost the entertainment industry an estimated $71 billion annually. Blockchain technology can create a distributed ledger to track the life cycle of any content, which has the potential to drastically reduce piracy of intellectual property, protect digital content, and facilitate the distribution of authentic digital collectibles.
Enterprise Ethereum enables the digitization of assets and financial instruments. This enables fractionalization of ownership, expanded access to global markets, increased liquidity, and democratized access to real estate investment opportunities.
Retail Fashion and Luxury
The pace of the retail fashion and luxury industry is rapidly accelerating with the ever-changing demands of consumers. Blockchain technology stands to address long-standing industry challenges by improving data management tools, enhancing supply chain operations, and reducing the risk of counterfeit and grey markets.
Blockchains lend themselves to re-establishing fairness in a modern economy of continual exploitation. An estimated 20-25% of funds globally are lost to corruption at the government level, intermediaries take up to 7% of global remittances, and modern fintech solutions fail to include the 1.7 billion global unbanked adults.
Sports and Esports
Ethereum enabled smart contracts can streamline existing esports operations, provide new revenue models, and enhance fan engagement with enhanced loyalty programs and incentives.
Supply Chain Management
Distributed ledger infrastructure stands to address the challenges of existing global supply chains that are inefficient, poorly tracked, and oftentimes exploitative. Blockchain facilitates accurate asset tracking, enables enhanced licensing of services, products, and software, and ultimately improves transparency into the provenance of consumer goods, from sourcing all the way to the point of consumption.
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