Blockchain technology, initially synonymous with cryptocurrencies, has evolved into a versatile tool with applications extending far beyond decentralized finance (DeFi). In this article, we explore various business use cases of blockchain technology that contribute to enhancing efficiency, transparency, and security in diverse industries.
Business and Industrial Applications:
Blockchain’s potential for disruptive innovation in business and management is evident in its ability to improve, optimize, and automate processes. Several e-business models, particularly those based on the Internet of Things (IoT) and blockchain, are emerging. For instance, Zhang and Wen (2015) propose a business model where transactions between devices are executed using smart contracts on a blockchain-based distributed database.
Supply Chain Management:
Blockchain technology is poised to revolutionize supply chain networks by increasing transparency and accountability. It offers breakthroughs in visibility, optimization, and demand within supply chains. Blockchain can be applied in logistics, product tracking, counterfeit detection, and direct transactions between buyers and sellers. The technology enhances security, contract management, tracking mechanisms, and traceability assurance across the entire supply chain.
Energy Sector:
Blockchain’s impact on the energy sector is substantial, enabling cost reduction, new business models, and enhanced management of complexity, data security, and ownership along grids. It facilitates peer-to-peer energy trading, supports efficient utility billing, and ensures transparency in the energy market system. Blockchain can issue certificates of origin for green energy, enable decentralized energy transactions, and contribute to the decentralization of energy sources.
Education:
In the realm of education, blockchain resolves issues of vulnerability, security, and privacy in ubiquitous learning environments. It enhances educational record-keeping, reputation systems, and certificate management. Blockchain applications extend to digital accreditation, school information hubs, and scholarly publishing, ensuring secure and transparent processes in the education sector.
Data Management:
Blockchain’s indisputable property in data management is evident in its applications that enhance efficiency, security, and auditability. It facilitates cross-organizational workflow management, privacy-preserving smart contracts, and secure data distribution solutions. Blockchain disrupts human resources by improving data storage, selection processes, and ensuring auditable candidate selection.
Miscellaneous Applications:
Beyond the aforementioned domains, blockchain finds applications in diverse areas such as crowd-funding platforms, humanitarian efforts, smart cities, and environmental management. It plays a pivotal role in fighting poverty, building intelligent transport systems, securely managing event tickets, and contributing to emission trading schemes. Additionally, blockchain improves social media dynamics, enhances computational resource sharing, and finds applications in edge computing, grid computing, cloud computing, and software connectors.
As blockchain technology continues to evolve, its applications diversify across industries, revolutionizing traditional processes. From transforming supply chain management to revolutionizing the energy sector, blockchain’s impact extends far beyond DeFi, offering innovative solutions to age-old challenges in various business domains.
References:
Casino, F., Dasaklis, T.K. and Patsakis, C., 2019. A systematic literature review of blockchain-based applications: Current status, classification and open issues. Telematics and informatics, 36, pp.55–81.
