K
Kathleen Martin
Guest
The most common use cases of blockchain are in the banking, finance and insurance, retail, and transport industries. The potential of blockchain is still being explored in sectors such as healthcare through initiatives such as Covid-19 vaccine supply chain management.
Listed below are the key use case trends impacting the blockchain theme, as identified by GlobalData.
Payments
Blockchain is being used to speed up payments, improve transparency, eliminate intermediaries, and reduce costs. Cross-border payments through traditional payment methods are complex, expensive, and slow. The World Bank estimates the average transaction cost for remittances to be around 6.5%, and even payment disruptors such as PayPal and TransferWise take days to settle cross-border payments. Smart contracts can be used for consumption-based payments, dispute resolution, and facilitating chargebacks apart from enabling faster and cheaper payments.
Supply chain
Blockchain has a role to play in supporting the digitisation of supply chains and increasing transparency and efficiency. Businesses are looking to blockchain to reduce the time and costs of moving products. Integration with other technologies, particularly internet of things (IoT), will be crucial for getting the most out of blockchain in the supply chain. Freight and logistics account for more than $1.5tn in expenditure in the US alone, with more than $30bn lost due to theft in transit.
Many of the leading players in the logistics sector, including FedEx and UPS, are making investments in blockchain. Companies can trace products through supply chains with blockchain to flag potentially damaging in-transit events such as signs of tampering, extreme environmental conditions, or careless handling. Blockchain can help vendors expedite recalls by quickly determining the location of any inventory across the supply chain that needs to be kept out of circulation if a manufacturer identifies a quality issue with a product.
Data sharing
Central to the digital capabilities of every company is the ability to unlock the value of data by creating actionable insights. Much of this depends on meeting stringent security and privacy requirements over data use. The ineffective data sharing process in most industries is due to the lack of trust between parties and the lack of interoperability between information technology (IT) systems and applications. This is a problem that the security and reliability of blockchain can solve. Secure and scalable data sharing is fundamental to providing effective collaboration.
Continue reading: https://www.verdict.co.uk/blockchain-use-case-trends/
Listed below are the key use case trends impacting the blockchain theme, as identified by GlobalData.
Payments
Blockchain is being used to speed up payments, improve transparency, eliminate intermediaries, and reduce costs. Cross-border payments through traditional payment methods are complex, expensive, and slow. The World Bank estimates the average transaction cost for remittances to be around 6.5%, and even payment disruptors such as PayPal and TransferWise take days to settle cross-border payments. Smart contracts can be used for consumption-based payments, dispute resolution, and facilitating chargebacks apart from enabling faster and cheaper payments.
Supply chain
Blockchain has a role to play in supporting the digitisation of supply chains and increasing transparency and efficiency. Businesses are looking to blockchain to reduce the time and costs of moving products. Integration with other technologies, particularly internet of things (IoT), will be crucial for getting the most out of blockchain in the supply chain. Freight and logistics account for more than $1.5tn in expenditure in the US alone, with more than $30bn lost due to theft in transit.
Many of the leading players in the logistics sector, including FedEx and UPS, are making investments in blockchain. Companies can trace products through supply chains with blockchain to flag potentially damaging in-transit events such as signs of tampering, extreme environmental conditions, or careless handling. Blockchain can help vendors expedite recalls by quickly determining the location of any inventory across the supply chain that needs to be kept out of circulation if a manufacturer identifies a quality issue with a product.
Data sharing
Central to the digital capabilities of every company is the ability to unlock the value of data by creating actionable insights. Much of this depends on meeting stringent security and privacy requirements over data use. The ineffective data sharing process in most industries is due to the lack of trust between parties and the lack of interoperability between information technology (IT) systems and applications. This is a problem that the security and reliability of blockchain can solve. Secure and scalable data sharing is fundamental to providing effective collaboration.
Continue reading: https://www.verdict.co.uk/blockchain-use-case-trends/
