Blockchain

Blockchain Use Cases Part II: Non-Financial and Financial Use Cases

MEDICIFounder and Chief Strategy & Innovation Officer

When we published the industry’s first infographic/report on the various non-financial use cases of blockchain, the response for it was unprecedented with thousands of page views, thousands of social shares and numerous queries being sent to us. Thanks for such an overwhelming response. This is our third update to provide a comprehensive picture of the various applications that are being explored with blockchain.

It is now a known fact that the use cases of blockchain have been increasing by the day. There has Increasingly been a large number of ways in which real-world assets could be linked to the blockchain and traded digitally. A proof-of-concept is being run for trading commodities (like physical bars of gold, silver and diamond) after being authenticated via blockchain, establishing ownership of real-estate properties, to provide election voting, etc.

Apart from startups, banks also have been actively investing in this decentralized system as we have shown in a timeline. Various banks have shown interest and started experimenting with the blockchain.

The below infographic provides a snapshot of companies and the broad applications that they are providing over blockchain. These include both non-financial and financial/currency-related (bitcoin and other digital currencies) applications.

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Below is a quick description of each of the use cases:

App Development: Proof of ownership of modules in app development

Digital Content: Proof of ownership for digital content storage and delivery

Ride-Sharing: Points-based value transfer for ride-sharing

Digital security trading: Ownership and transfer

Digitization of documents/contracts: Digitization of documents/contracts and proof of ownership for transfers

Decentralized storage: Decentralized storage using a network of computers on blockchain

Company incorporations: Digitizing company incorporations, transfer of equity/ownership and governance

Decentralized Internet and computing resources: Decentralized Internet and computing resources to cover every home and business

Home automation: Platform to link the home network and electrical devices to the cloud

Digital identity: Provides digital identity that protects consumer privacy

Escrow/custodian service: Escrow/custodian service for the gaming industry; loan servicing and e-commerce

IT portal: A smart contract IT portal executing order fulfillment in ecommerce/manufacturing

Patient records: Decentralized patient records management

Digitizing assets: Improves anti-counterfeit measures

Reputation management: Helps users engage, share reputation and collect feedback

Prediction platform: Decentralized prediction platform for the share markets, elections, etc.

Enables authenticity of a review: Enables authenticity of a review through trustworthy endorsements for employee peer reviews

Marketplace for sales and purchases of digital assets: Proof of ownership and a marketplace for sales and purchases of digital assets

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”