Research Note: Blockchain’s Emerging Uses
Based on a thorough review by a number of large consulting firms, a clear majority of executives are now bought into blockchain's potential to deliver major improvements across a range of industries and use cases. This vote of confidence from decision-makers suggests that blockchain is poised to make significant inroads into areas like financial transactions and web infrastructure where its core attributes directly address key pain points. While the precise adoption timeline remains to be seen, the directionality of the technology appears clear, with payments and privacy-centric solutions as natural near-term proving grounds. As technical barriers continue to fall and the benefits come into clearer focus, expect to see blockchain move from the fringes to the center of the digital landscape.
Key Blockchain Use Cases
Payments and Financial Transactions: Blockchain's ability to enable secure, efficient, and low-cost transactions makes it a natural fit for revolutionizing payments. Key benefits could include:
Faster and cheaper cross-border payments
Reduced fraud and chargebacks
Increased financial inclusion
Programmable money via smart contracts
Supply Chain Management: Blockchain can bring unprecedented transparency and traceability to complex supply chains. Potential applications include:
Tracking goods from raw materials to finished products
Ensuring authenticity and preventing counterfeits
Streamlining paperwork and administrative costs
Enabling real-time auditing and compliance
Identity Management: Blockchain's decentralized and immutable nature is ideal for creating secure digital identities. This could enable:
Self-sovereign identity under user control
Simplified KYC/AML processes
Seamless and secure data sharing
Preventing data breaches and identity theft
Healthcare: Blockchain has multiple potential applications in healthcare, such as:
Securing and sharing patient health records
Managing consent for data sharing and research
Tracking pharmaceuticals to prevent counterfeiting
Enabling interoperability between healthcare systems
Government and Public Records: Governments are increasingly exploring blockchain for applications such as:
Securing and digitalizing public records like land titles
Enabling online voting with auditable results
Reducing bureaucracy and administrative costs
Preventing fraud and corruption via increased transparency
Decentralized Web Infrastructure: Blockchain could underpin a new decentralized web paradigm, enabling:
Decentralized domain name systems
Censorship-resistant publishing and content distribution
Decentralized cloud storage and computing
User-controlled social networks and online communities