5 Practical Non-Bitcoin Applications of Blockchain

We agree- it’s Bitcoin that made Blockchain uber-popular.

But somehow, it’s a little unfair when people make Bitcoin the only focal point of this expansive technology.

Blockchain and Distributed Ledger are full of potential- Bitcoin is only the tip of the iceberg. Wrapping the key characteristics of immutability and consensus, these new-age technologies are seemingly meant to sustain, survive, thrive, and redefine several facets of our everyday life. Perhaps, this is the reason why a multitude of industries are trying to foresee a bright future with Blockchain and DLT. Enterprises are connecting with expert Blockchain developers to unleash the power of Blockchain and sift through the possibilities of driving a change.

This post is meant to cast light on the top 5 non-bitcoin application of Blockchain. Stick here and see how big Blockchain changes are round the corner-

  • Blockchain & IoT

Blockchain & IoT- these two super-intriguing technologies can be merged together to challenge everything conventional. Internet-driven smart devices are often in the radar of hackers, and if compromised, can cause serious damage to your assets, finances, and market goodwill. Blockchain can be rightly put in place to make IoT gadgets immune to security concerns and increase their degree of employability. Their unison will create a happy landscape of trust and accountability, giving users a more ‘safe’ and ‘smart’ lifestyle.

  • Digital Identity Management

Blockchain has revolutionized digital identity management like no other. Decentralization approach can be rightly adopted to create permission-based identity management systems that can store immutable and cryptographically-secured records. This will ensure that only the right set of people have access privileges, thus simplifying the complex domain of digital identity management.

To make the point clear, we can take the example of SmilePass, an authentication platform that allows for user registration and verification using facial recognition. This spoof-prevention cloud-based biometrics system developed by Systango closely syncs with Blockchain to ditch all the concerns that are inevitable with existing biometric solutions.

  • Asset Management

Leveraging the potential of Blockchain can redefine the meaning of success for the asset management industry. Blockchain streamlines the whole process asset management, especially cross-border transactions by compressing the security concerns and eliminating the needs of middle-men like brokers, custodians, managers etc. to cut costs and reduce possible inefficiencies.

Today, several global enterprises have started to embrace Distributed ledger and claim it to be the panacea for all trade processing and settlement pains. Nasdaq, for example, has started to use Blockchain-based solutions to record and transmit payment instructions in a credible, secure fashion.

  • Insurance

The value of Blockchain in the Insurance sector is still understated, but definitely not ignored. It has started to disrupt the insurance business model and influencing it to become more secure, more up-to-date. Blockchain applications can be employed in the insurance ecosystem to address frauds, ace the quality of data, alleviate the paperwork, and to develop processes that can verify and handle claims faster and better.

  • Healthcare

A recent report from Forbes suggests that the healthcare industry suffers the highest toll in terms of the cost of breaches, being about $380 per single compromised patient record, which is 2.5 times the global average when compared to other industries.

This is alarming, and you can’t help but look into solutions that can create a breach-proof healthcare arena.

Blockchain can create waves of amazing possibilities in the healthcare sphere. When used with a clear vision, this technology revolution can make healthcare ecosystem more patient-centric alongside increasing the security, interoperability & privacy of medical records.

We at Studio Fintech are pioneers in identifying and leveraging the power of Blockchain. We are keen to find and deploy real-life blockchain applications alongside offering well-coded smart contracts, ICO launch & promotion, cryptocurrency exchange development, DApp development and more.

Discuss your next project with our Blockchain geniuses- for a quick consultation, contact us here.

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