There’s no denying the fact that the term ‘blockchain’ has seeped into the consciousness of the masses in recent times. This is because the technology, over the last many years, has shown the potential to completely revamp the way in which many key industrial sectors work. Not only that, as education regarding the subject has continued to grow, it seems as though blockchain tech will continue to be used for an increasing number of novel real-world applications. However, before we proceed any further, it would be useful to have a brief recap of what the technology actually entails.

In its most basic sense, blockchain can be thought of as an open, distributed database that does not feature a central point of failure, much in the way most centralized institutions (such as government agencies, multinational companies, etc) are susceptible to. As a result of such a unique operational setup, platforms employing such an infrastructure are able to introduce an unparalleled level of data transparency and decentralization into their existing frameworks.

That said, even though blockchain’s initial scope of utility was largely confined to the realm of Bitcoin, its use-cases have continued to expand way beyond the realm of digital currencies.

Why blockchain? 

Straight off the bat, it should be mentioned that blockchain tech, by its very nature, is designed to help cut out any middlemen. For example, while aggregation platforms such as Uber, Airbnb utilize a centralized setup, requiring users to go through their respective portals (in the process charging a handsome cut of the transaction), blockchain based systems work in exactly the opposite manner by creating secure, decentralised channels for service providers to interact with their customers directly.

In terms of the various domains that blockchain is already starting to disrupt, one can see that a growing number of supply chain operators have started to use the technology since it not only streamlines their operations to a large degree but thanks to the use of smart contracts, helps minimize the scope of any human error. Similarly, it is worth noting that the use of blockchain is also gaining a lot of traction in other industries such as healthcare, banking, remittance, amongst others, in recent times as well.

Companies utilizing blockchain for real-world use cases

Jelurida

Simply put, Jelurida can be thought of as a suite of proof-of-stake blockchain platforms, including Ardor as well as its side-chain Ignis. In this regard, it should be highlighted that since its inception, Jelurida has been turning a lot of heads, with the Austrian government engaging the platform to help facilitate the creation of a pilot referred to as “Hot City,”, which as the name seems to suggest is designed to help pinpoint micro-sources of waste heat for recycling.

Another example of a future-ready initiative built using Jelurida’s framework is Treecycle, a platform that seeks to incentivize users for participating in a wide range of sustainability-oriented actions (such as planting trees, conserving timber, etc).

Centrifuge

Centrifuge is best described as a decentralized asset financing protocol that can allow users to tokenize a wide range of real world assets, which can then subsequently be used as collateral on the platform’s associated lending dApp called Tinlake.

In terms of its design and general outlay, Centrifuge seeks to help bridge the gap that currently exists between physical assets such as invoices, real estate, etc and the world of decentralized finance (DeFi). Not only that, it also helps bring down the cost of accruing capital for small and medium-sized enterprises (SMEs) as well as provides DeFi investors with a stable yield.

Winding Tree 

Though not as popular as some of the other names listed in this article, Winding Tree is a travel firm that has established a decentralized travel booking system that completely cuts out the need for any intermediaries, thereby allowing users to greatly minimize their overall booking fees as well as other peripheral costs that most traditional travel companies levy on their clients.

SimplyVital Health 

Over the years, SimplyVital Health has established two unique blockchain offerings that are designed to help improve the healthcare infrastructure that is widely in place across the globe today. For example, the company’s first product — i.e. ConnectingCare — is designed to track the progress of patients after they leave hospital while the second — Health Nexus — is geared towards the storage and dissemination of patient records in a safe and secure manner, allowing them to remain in control of their personal data at all times.

In closing

As blockchain innovation continues to grow at a rapid pace globally, with an increasing number of mainstream entities — ranging from JP Morgan, to Microsoft, to Facebook — fast adopting this technology, it stands to reason that in the future the number of use cases associated with blockchain will only rise further. Therefore, it will be interesting to see how the future of this space plays out from here on end.