Applications of Blockchain Technology

The present chapter aims to explore various business areas where blockchain technology (BCT) is applicable. The chapter aims to discuss existing real-time applications across the globe by various organizations and also covers various future use cases which are under implementation. The chapter puts emphasis on the benefits this technology provides to various industries, organizations, and society at large, and how this technology can transform the lives. It also aims to explore various concerns and challenges for the implementation of BCT. The chapter also put these business applications into separate categories in order to help the developers and practitioners for their future research, development, and application. Blockchain is the technology behind the birth of bitcoin and cryptocurrency. Just a few years ago, majority of the people in the world used to know that it is the only application of BCT. However, today the world knows the disruption this technology has brought everywhere. This technology is revolutionizing almost every industry. A study conducted by IBM, in which they have surveyed more than three thousand executives worldwide, shows that around 80% of them are actively implementing or planning to implement one or the other aspect of BCT in their day-to-day business. There may be the possibility that the transformation through this technology is not immediately realised, but in the coming course of time, it will prove to be a necessity to adapt to this technology for the business sectors. This technology helps businesses improve efficiency, provides security to data and information, reduces costs by eliminating unnecessary middlemen. Blockchain is a public ledger which maintains records of all the transactions held on a blockchain network while working in distributed manner. This blockchain network is a peer-to-peer network which does not need any central authority to authenticate/settle/control the transactions in the underlying network and thereby removes middlemen and brings transparency and improved security. In the era of digitalization, hacking and data breaching are the common problems all businesses are facing. The development of this technology has changed the way business transactions were done in the past. It has not only given birth to the digital currency but also transforming the businesses and societies. There are plenty of applications and use cases where BCT can be implemented, and businesses can be benefited through distributed ledger technology (DLT). This technology has been implemented in various business areas such as Financial Services Sector, Healthcare, Insurance, Real Estate, Music, Logistics and Supply Chain, and so on. This technology with the help of smart contacts able to provide financial services without intermediary and can manage securities, claims, and settlement in an efficient manner. This technology is redefining healthcare sector by not only improving direct healthcare systems but also healthcare insurance systems. Transformation in insurance sector is also visible through this technology by bringing transparency and security for all the parties involved. Real estate sector reshaping has been started, as this technology is managing property title, ownership records, and other important data and records in a secured and immutable manner. By restructuring the musicians ownership rights and providing fair payments has brought transformation in music industry. This technology is not only redesigning the supply chain management but also logistics industry, trucking, shipping, freights, and all other modes of transports for transporting the goods. Not only all these areas are getting it implemented, but also it has reached to Government and public sector for various services such as better delivery of services, Government to Public payments, elimination of bureaucracy, prevention of frauds, and many more. Due to digitalization, identity management has always been a matter of concern for all public as well as private organizations. The BCT application is providing solutions to all such problems as well.