Business

7 Real Use Cases of Blockchain for Improving Customer Experience

In this article, we will have a look at some of the real-life use cases of blockchain technology that have helped improve user experience across a wide range of markets.

With each passing year, knowledge amongst the masses regarding crypto and blockchain technology has continued to increase at an unfathomable rate. In recent years, an increasing number of individuals are beginning to realize that the scope of blockchain ranges far beyond the realm of just payments and other simple monetary exchanges.

To be a bit more specific, a recent study revealed that by the end of 2018 alone, 90% of all major banking institutions in the US and Europe had already started looking to incorporate blockchain-based governance frameworks into their administrative systems so as to reduce their overheads costs and streamline their internal processes. 

Furthermore, it is estimated that major financial players across the globe have already spent about $552 million on blockchain-powered projects while a total of 20 countries have adopted/or are in the process of researching Central Bank Digital Currencies (CBDCs) in depth.

In this article, we will have a look at some of the real-life use cases of blockchain technology that have helped improve user experience across a wide range of markets.

Efficient Cross Border Payments

Traditionally, people have had to rely solely on cross-border payment systems like SWIFT, PayPal, MoneyGram to send money overseas. While quite dependable, most of these avenues tend to charge gravy transaction fees as well as take a long period of time (sometimes up to four days) to complete payments. For example, Paypal levy’s an exorbitant charge of up to 5% on all international transfers.

On the other hand, crypto payment systems such as Ethereum, Cardano, Polkadot allow for near-instant transactions while offering high levels of anonymity and privacy. And granted that fee rates on the ETH platform have been quite high recently, there are a number of other platforms that users can employ in order to facilitate transactions for almost no charge.

Decentralized Video Streaming

Censorship is an issue that has become increasingly more prevalent across the globe over the last few years. In this regard, a lot of people seem to feel like they are being unfairly targeted by large Silicon Valley-based tech giants for having beliefs and opinions different from theirs. 

Platforms like YouTube, Twitter, Twitch, etc have all been on the receiving end of a lot of flak for their censorship-related activities recently, leading more and more individuals to seek out alternate media avenues where they can share their thoughts without having to worry about being blacklisted.

In fact, it seemed as though it was only a matter of time till someone harnessed the decentralization powers of blockchain technology to create a video sharing platform that is totally immune to any sort of censorship. For example, Theta is a decentralized streaming platform that allows users to earn tokens in lieu of their viewership efforts. Not only that, users don’t have to worry about getting banned randomly if someone flags their content.

Alternative Financial Ecosystem

While in the past people may have largely depended on conventional financial instruments such as stocks, precious metals, real estate to fulfil their investment needs, since the rise of the decentralized finance (DeFi) market a couple of years back, individuals all over the world have had access to a completely different set of money-making tools that were previously thought inconceivable. In this vein, one can also see that in recent times Bitcoin too has transformed into a tangible store of value (SOV) in the eyes of many, with many experts even correlating the flagship crypto with gold. 

Food Supply Chain Tracking

Since the start of the covid-19 pandemic, a growing mass of individuals all over the world have started taking better care of their health as well as their personal hygiene routines. In this regard, food retailers, suppliers, restaurant owners all over the globe are beginning to make use of blockchain tech to trace the life cycle of their food items. 

By employing such mechanisms, it becomes possible for individuals to keep an accurate tab of the food they are consuming — from farm to table —  that too in an easy, seamless fashion.

Voting

Another tangible use case of blockchain is within the realm of voting and governance. This is because blockchain seeks to introduce a level of unparalleled transparency within the democratic process thanks to its intrinsic decentralization-based properties. 

For example, just last year, a Utah resident became the first person to cast a vote for president in a U.S. general election using the blockchain-based voting app Voatz. In fact, the application has also been used to conduct voting across a number of other states including West Virginia, Colorado and Oregon.

Healthcare

Healthcare is a sector that blockchain has disrupted quite significantly. For example, while medical records have traditionally been maintained via the use of centralized systems which make it quite difficult for patients to gain access to their test results, using blockchain enabled platforms, hospitals have the ability to store all of their data on a decentralized ledger system, making it easy for patients to view their files with the touch of a button.

Real estate

In recent months, an increasing number of people are looking to incorporate blockchain tech into the real estate ecosystem, allowing potential investors to own fractionalized pieces of land and property using the concept of tokenization. For example, Fortem Capital (FCQ) is a company that is currently looking to digitize the real estate market by allowing investors to buy/sell real estate using the company’s native Fortem Capital tokens. 

Similarly, French real estate fund management company Mata Capital started to leverage the power of blockchain a couple of years ago in order to overhaul its fund share distributing processes as well as investor registry maintenance.

Central Bank Digital Currencies (CBDCs)

Over the course of the last 12 odd months, an increasing number of governments all over the world have made a concerted effort to digitize their existing financial structures. In this regard, the concept of CBDCs is being explored with great gusto by a fast-growing list of countries including China, Japan, England, amongst many others.

CBDCs stand to make financial transactions faster as well as inexpensive for their holders, potentially allowing users to facilitate cross-border transactions for fees that are just a fraction of what they currently have to pay.

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