Blockchain Use Cases and Applications by Industry
Blockchain Use Cases and Applications by Industry
Blockchain technology unleashed a wave of “what ifs” for both local communities and global enterprises. ConsenSys was inspired by those “what ifs” to develop blockchain use cases and implement enterprise blockchain solutions, and has now become an incredibly active hub of blockchain development. ConsenSys Solutions began as a small enterprise consulting team in 2016. Today, ConsenSys Solutions is our global enterprise arm that has helped financial institutions, governments, nonprofits and startups build, test, and deploy private blockchain solutions or utilize the public Ethereum blockchain.
Distributed ledger technology holds immense potential for improving efficiency, providing real time information, and reducing costs. Ethereum enables four key solutions for enterprise.
Enterprise Ethereum can:
- Reduce costs of trust and coordination with external parties.
- Unlock new business models through multi-sided markets and digital assets.
- Improve business network accountability and operational efficiency.
- Future-proof businesses against antiquated process models.
The applications of blockchain technology are vast. Here are what we believe to be the most pertinent blockchain use cases for enterprises and governments.
Banking and Finance
Banks and financial services struggle with compliance, payment settlements are often slow, and cybersecurity attacks are growing more prevalent.
Blockchain enables banks to transact directly, reducing friction and decreasing the chance of double-spend and fraud. The nature of blockchain’s distributed and immutable ledger also simplifies regulatory reporting for firms and regulators.
International Trade and Commodities
Trade Financing and commodities exchange mandates unique regulations, shipping specifications, and various other certification requirements. The antiquated system relies heavily on paper records which are prone to fraud and leave stakeholders waiting for payment.
Enterprise Ethereum provides a secure, streamlined, and paperless solution. With enterprise blockchain only authorized parties can exchange data, obtain transaction data, or access records thereby enhancing the KYC process.
Global supply chains are inefficient, poorly tracked, and oftentimes exploitative. Paperwork can account for half the cost of container transport and products are often mislabeled.
Enterprise blockchain networks create a shared IT infrastructure which streamlines workflows for stakeholders along the supply chain. The transparency and traceability of blockchains provides accountability of goods and commodities from provenance to point of consumption.
Oil and gas companies suffer from siloed infrastructures and countless issues of transparency, efficiency, and optimization. Moreover, production from solar and wind have proven abundant which has become a problem to store and redistribute.
Enterprise Ethereum has the potential to significantly reduce costs associated with the oil and gas commodity marketplace. Combined with IoT devices, a blockchain-enabled power grid would automate billing and settlement, clear payments in real time, and reduce utility costs.
Breaches. Data hacks. Digital identity theft runs rampant in our society and negatively impacts hundreds of millions of individuals.
A blockchain-based digital identity management system would also give documentless citizens publicly registered and portable identification.
Real estate is inaccessible to many individuals, offers poor liquidity for investors, and contains multiple intermediaries resulting in higher transaction costs.
Enterprise Ethereum enables smart contracts which can be used to remove middlemen, automate rental payments, or transfer title deeds. Furthermore, the Ethereum blockchain provides built in tokenization which can be used to fractionalize properties. This unlocks capital and provides more people access to real estate assets.
National and local governments are often some of the most inefficient organizations making them perfect candidates for private and public blockchain applications. They rely heavily on outdated processes yet simultaneously require high level security.
Ethereum’s encrypted ledger and smart contracts could enable government agencies to reduce paper load, document processing time, and duplication errors.
Misinformation, data silos, and the lack of communication between patients, providers, hospitals, and doctors plague the healthcare world.
Blockchain-based data sovereignty and permissioned exchange scenarios will lead to better, faster, and cost-effective medical discoveries. Simultaneously, advancements in medical data management will result in more competent patient care.
Media and Entertainment
Digital piracy and duplication of digital items plagues the entertainment industry, as frauds, knockoffs, and studio intellectual property are pirated frequently.
Enterprise Ethereum will reduce piracy of intellectual property, protect digital content, and enable the distribution of authentic digital collectibles.
There are many blockchain use cases for sports organizations, teams, and fans. Ethereum enabled smart contracts could make sponsorships agreements cheaper and more automated. Tokenization provides exciting opportunities for fractional team ownership, enhance loyalty programs, and new revenues streams.
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