Blockchain Beyond Cryptocurrency: Real-World Applications
Blockchain's role transcends the cryptocurrency buzz. Discover how this groundbreaking technology is revolutionizing industries, from real estate to logistics, shaping the future of business.
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Initially created as a decentralized ledger for digital currencies, blockchain catapulted into the mainstream through its association with cryptocurrency. But its real value transcends the confines of crypto.
Blockchain is a distributed ledger technology that allows for secure and transparent record-keeping across a network. A key idea behind blockchain is decentralization, essentially removing the middleman from the equation. It has disrupted industries from healthcare to the supply chain market. Roughly 80% of the largest companies rely on blockchain. Hundreds of startups have since built their own blockchain technology.
For founders, blockchain marks the next step in the evolution of the internet: from centralization to decentralization.
Blockchain Rewrites the Rules of Retail
Blockchain revolutionized security, transparency, and efficiency for the $6.3 trillion e-commerce market. It couldn’t come at a better time: data vulnerability is at its peak, with 33% of global consumers victims of data breaches.
Blockchain has several applications in the e-commerce world. These are just a few:
- Supply chain management through real-time tracking and visibility of goods.
- Counterfeit prevention by authenticating products and verifying their origins.
- Blockchain-based customer loyalty programs for transparent and secure rewards management.
- Streamlined cross-border payments, reducing transaction costs.
Blockchain in E-Commerce: Startup Spotlight
Innovative players like Demand.io use blockchain to enhance the e-commerce experience. They bring consumers, brands, and creators onto one network, with products like reviews, discount codes, creator offers, and more. A key factor to their success is speed: they shipped one of their top-performing products, SimplyCodes, in just 3 weeks.
Blockchain Is A Prescription for Healthcare Headaches
Health tech is an attractive industry for startups—roughly 24 healthcare startups reached unicorn status in 2022 alone, crossing $1 billion in valuation. Inefficiencies and data issues still plague the industry, and they come with a hefty price tag. A singular healthcare data breach costs $10.1 million per incident.
Blockchain can remedy healthcare’s pains in many areas:
- Storing and managing patient medical records.
- Facilitating secure clinical trials and research data management.
- Enhancing pharmaceutical supply chain management to ensure authenticity and prevent counterfeiting.
- Providing a secure platform for telemedicine and remote patient monitoring.
Blockchain in Healthcare: Startup Spotlight
Healthcare startups offering blockchain-based solutions have seen significant growth. Take Avaneer; they use blockchain technology to streamline claims processing, secure data exchanges, and maintain up-to-date provider directories. They recently raised $50 million in seed funding and collaborate with industry giants like Aetna, CVS Health, and Cleveland Clinic.
Blockchain Transforms the Real Estate Landscape
From IoT to user-friendly apps, technology has touched every facet of the real estate arena. Blockchain is no different, taking the industry to new heights:
- Real estate tokenization allows for fractional ownership and more accessible investment opportunities.
- Smart contracts automate real estate transactions, reducing paperwork and intermediaries.
- Streamlined title management and verification reduces fraud and errors.
- Secure and transparent rent payments reduce fraud and dispute risks.
Blockchain in Real Estate: Startup Spotlight
Some companies, such as Lemonade, use blockchain to address specific customer pain points. They’re disrupting homeowners insurance with blockchain-powered smart contracts to secure payment agreements, resolving claims in minutes instead of days.
Their customers cherish the efficiency: Lemonade was voted the most loved insurance in America for two years straight.
Blockchain Streamlines Supply Chains
$24.9 trillion worth of goods were exported globally in 2022. Disruptions costs are equally staggering. A 30-day or less disruption means losses of 3-5% of EBITDA. These inefficiencies present a gold mine for companies that can offer the right blockchain-backed solution.
Blockchain has several important use cases for the supply chain industry:
- Ensure product authenticity and combat counterfeiting.
- Prevent fraud and mitigate risks.
- Promote sustainable practices and ethical sourcing through supply chain tracking.
- Utilize blockchain for predictive analytics, automated payments, and decentralized marketplaces.
Blockchain in Supply Chain Management: Startup Spotlight
Launched in 2013, SyncFab is a blockchain-based distributed manufacturing platform. They streamline the procurement, management, and secure tracking of parts production. Since launching, they’ve caught the eye of industry leaders, partnering with the likes of Lockheed Martin and the U.S. DOE.
Building A Blockchain Solution With Apexive
From finance to healthcare, blockchain has shaken up some of the world’s biggest sectors. This technology is here to stay.
For startups, navigating blockchain development can be a challenge. In-house development is costly, time-consuming, and requires specialized expertise or resources that aren’t always available.
Apexive bridges this gap. As your software partner, you access a team of seasoned blockchain experts, or a fractional CTO, who can provide strategic guidance, technical expertise, and seamless execution. Our agile approach and rapid development cycles bring blockchain solutions to life at speed.