Potential Blockchain Use-cases
Blockchain is the new IT thing in IT industry. But can it be used everywhere effectively, or how to know if you have a good project idea where it can be implemented. Why is everyone rebuilding every major application, website on Blockchain. Should I do it to? Why should you not do it?
Well, Gideon Greenspan says that the primary categories of blockchain use cases are Lightweight financial systems, Provenance tracking, Inter-organizational record keeping, and Multiparty aggregation. He says that it can be used and should be implemented every where shared ledgers add real value in enterprise IT.
Adding onto that my personal belief says, that everywhere in every application where you have to use a shared database with multiple writers where there isn’t a guarantee of trust between the users and a possibility of nodes not authorizing others’ to change or view shared data they own, you can implement a blockchain. Otherwise you don’t.
Some examples of probable fields in which use-cases can be found are:
Banking sector: Asset registry & tracking, Asset re-hypothecation, Know Your Customer (KYC), Payments – b2b, b2c, p2p, Smart wallets, Syndicated loans, Trade finance.
Insurance sector: Agent Details Registry, Fraud Repository, National Policy & Claims Records, Unclaimed Life Insurance Ledger, Verified Health & Policy Records, Verified KYC Data.
Other financial use-cases: Asset backed virtual currencies, Clearing & settlement, Corporate finance book-running, Depository receipts, Escrow, Fund portfolio management, Payment gateway, Peer-to-peer trading, Regulatory reporting, Securities servicing, Securities trading, Securities settlement.
Government: Record authentications and verification of academic records, accounting records, birth certificates, business ownership records, copyrights, health records, identity documents, national ID, police & court records, regulatory records, property records, vehicle records.
Others: Auctions, Contract management, Identity management, Secure documents, Supply Chain Management, Voting.
If your project idea falls into the above said categories, you might have a need for implementing the blockchain network, but is it really neccesary or you can use some other easier alternative?
For detailed view into how to validate your idea before you jump into blockchaining it,
see the links down below:
here & here.