What is Blockchain Used For?

Share

Share

Share

Email

Blockchain technology is revolutionizing various industries, and we wanted to know the favorite use cases from industry experts. From DeFi’s transformation of financial services to an improvement in global supply chain transparency, we’ve gathered 10 insightful perspectives from CEOs, founders, and other professionals on how Blockchain is being used today.

DeFi, in my opinion, has emerged as one of the most intriguing and transformational blockchain applications. 

DeFi, which uses smart contracts and decentralized networks, provides a variety of financial services such as lending, borrowing, and trading without the use of intermediaries like banks. This decentralized approach improves financial inclusion, accessibility, and transparency. 

DeFi systems allow anyone with an internet connection to participate in the global financial system, removing traditional boundaries and giving individuals authority over their assets and financial decisions.

Tiffany Hafler, Marketing Coordinator, Blockchain Lawyer

Blockchain technology is currently being used for many different applications. My personal favorite use of blockchain is in the healthcare industry. 

Healthcare organizations can securely store vast quantities of patient data and records on the blockchain, ensuring privacy and security due to its immutable storage functionality. This would enable better interoperability between healthcare providers, making it easier to track data as patients move from one organization to another while also providing end-to-end transparency in the flow of information.

Julia Kelly, Managing Partner, Rigits

A lot of people think of blockchain only in terms of cryptocurrency. But, working at MediLedger, I’ve seen the immense power of smart contracts being executed over the chain. These smart contracts can eliminate the need for expensive law firms and actually execute business rules within the blockchain itself automatically. With if/then logic built-in, smart contracts are transparent, tamper-proof, and automated.

We utilize the power of smart contracts in the pharmaceutical supply chain to manage contracts and chargebacks. In the pharma world, these contracts and chargebacks can get quite complex, involving multiple parties and conditions. Traditional methods of handling these can be time-consuming, error-prone, and lack transparency.

The blockchain in our network allows for automatic contract adjudication, saving tremendous time and money.

Juli Cooper, Head of Marketing, Chronicled

Blockchain brings freedom to using your own funds. You will never be the same after realizing that you can send 10 million dollars without asking for any permissions, delays, or limitations. 

On top of that, the transaction fee can be as low as 1-2 dollars depending on the network. Furthermore, nobody can block your funds for no reason. This fundamentally changed my perspective on the power of financial autonomy. This is the potential of blockchain, and why its utilization excites me every single day.

David Kemmerer, Co-founder and CEO, CoinLedger

The intersection of blockchain technology and gaming has ushered in a new dimension to e-commerce. Web3 gaming has created a burgeoning marketplace for trading digital assets. These assets range from virtual land parcels to unique game characters, each having intrinsic value tied to the gaming ecosystem they belong to.

The interesting shift here is the transformation of gaming from a leisure activity into a potential investment strategy. When gamers make progress, their blockchain-based assets grow in value. They can then sell or trade these assets, turning a virtual victory into a real-world financial gain.

This novel blend of gaming, commerce, and ownership is breathing new life into the e-commerce sector. 

With each trade of a Web3 gaming asset, we’re witnessing the birth of a dynamic e-commerce subsector. A subsector where every digital asset acquired, every level up, and every game won could mean a potential increase in a player’s digital portfolio.

Tyler Holliday, Founder, NFTCommunity

One of the most remarkable applications of blockchain technology is its ability to facilitate money transfers, which happens to be my personal favorite. The advent of cryptocurrency transfer apps, pioneered by Bitcoin, has led to an unprecedented surge in their popularity during the 2020s. The finance sector, in particular, has embraced blockchain due to its potential to save both time and money for financial institutions of all scales.

The utilization of blockchain for money transfers offers several advantages over traditional money transfer services. It presents a cost-effective and expeditious alternative, particularly for cross-border transactions that are often burdened with sluggishness and high fees. Even within the contemporary U.S. financial system, transferring money between accounts can take days, whereas a blockchain transaction is completed within minutes.

Ben Bozzay, Founder, Tech Lockdown

My favorite use of blockchain has to be its transformative role in cybersecurity, particularly through a platform known as HYPR. It was an absolute lifesaver for one of our clients dealing with recurrent cybersecurity threats in their IoT devices. 

HYPR leveraged the blockchain’s decentralized security framework to validate users’ identities, thereby effectively neutralizing potential security breaches. Seeing their relief from persistent cybersecurity woes was a gratifying testament to blockchain’s immense potential. The real-world application of this technology left a deep impression on me, and I’ve been a vocal advocate ever since.

Joe Troyer, CEO and Growth Advisor, Digital Triggers

Blockchain technology is increasingly being adopted in cloud computing due to its secure and tamper-proof nature. This means that data stored in a distributed ledger is secure from hacking and manipulation attempts, making it ideal for financial services, supply chain management, and other mission-critical applications. 

Companies such as IBM, Amazon Web Services, and Microsoft are leveraging the power of blockchain to create secure cloud platforms for their customers. Amazon, in particular, has taken a major step forward by offering Amazon Managed Blockchain, which makes it easier for businesses to manage their blockchain networks. 

With the continued development of blockchain technology, its use in cloud computing is likely to increase in the coming years.

Karl Robinson, CEO, Logicata

My favorite use of blockchain technology is its application for digital identity management. We now have the ability to create, store, protect, and share identities on a distributed ledger without having to rely on traditional proof-of-identity methods like government-issued ID cards or passports. 

This could be extremely valuable for immigrants who may not have access to certain forms of identity documents, as well as those living in areas that don’t have access to or resources necessary for obtaining them.

David Bui, Director and Automotive Lead Specialist, Schmicko

COVID-19 exposed the world to how fragile our supply chains truly are and how important it is to improve efficiency for businesses across the globe. With the growing consumer interest in where and how our food and products are sourced, I believe that blockchain technology is the key to the transparency that we have been looking for.

For businesses and consumers alike, blockchain will ensure that goods are not counterfeited and tampered with, which could be a game changer for luxury brands that experience an ever-growing counterfeit market. This would also be a catalyst for transparency in industries such as the fishing industry, where unethical fishing is a problem.

Currently, Walmart China is using a blockchain known as VeChain to track the transport of their food products from the farm to the table. This helps Walmart ensure the authenticity and transparency of its food. I am eager to see how blockchain will continue to improve the global supply chain in years to come!

Matthew Johnson, Paid Media Manager, MWI

Tapping Into The Power Of Blockchain: A Guide To Nonprofit NFTs

Nick Lynch is the CEO at Collidescope.io.

Non-fungible tokens, or NFTs, have been making headlines in the digital art world, with millions of dollars being spent on unique digital assets. However, the unique characteristics of NFTs make them an exciting tool for nonprofits to consider as well. NFTs can be used to represent tangible assets, such as artwork or merchandise, or intangible assets, such as memberships or access to exclusive events. By leveraging the power of NFTs, nonprofits can create new and innovative ways to build community, engage with a younger demographic of supporters, increase visibility for their causes and ultimately drive more funding to support their mission.

One way nonprofits can use NFTs is by creating digital art that can be bought and sold. For example, in 2021, the World Wildlife Fund (WWF) partnered with global artist Bosslogic, Freehand Profit, Eric Peters, Vinzent Britz, Lea Fricke, Romulo Kuranyi, Andres Ribon, Rocket & Wink, Etienne Kiefer and Anna Rupprecht to create a series of digital artworks representing endangered animals, such as the Amur tiger and the giant panda. The artworks were sold as NFTs, with proceeds going to support the WWF's conservation efforts. This type of fundraising campaign allows donors to not only give money to a good cause but also own a unique and one-of-a-kind digital artwork.

Another way NFTs can be used is as a way to represent membership or access to exclusive events or experiences. For example, a nonprofit focused on the preservation of a specific landmark could create an NFT that represents a "lifetime membership" to the landmark, which gives the holder access to exclusive tours, meet-and-greets with preservation experts and other special events. This type of fundraising campaign not only raises money but also creates a sense of belonging and community among supporters around a unifying cause.

When it comes to implementing an NFT campaign, nonprofits should start by identifying the type of NFT that would be most beneficial to their organization. They should also be clear on what value NFTs can bring to their supporters. Are they looking to provide their supporters with a unique and one-of-a-kind item, create a sense of community and belonging or offer access to exclusive events and experiences?

It's also important for nonprofits to identify the right platform for selling NFTs. There are many different platforms out there, and it's important to find one that is user-friendly and has a strong track record of security and transparency. Platforms like Magic Eden and OpenSea have been some of the longest-standing and most reputable NFT marketplaces. Additionally, nonprofits should work with a professional artist or designer to create the digital assets that will be sold as NFTs. This will help ensure that the assets are of high quality and will appeal to potential buyers.

However, like any new technology, there are several things that nonprofits should be aware of before jumping into using NFTs.

First, there are some technical complexities to NFTs. The creation, distribution and sale of NFTs require a certain level of technical knowledge and expertise. Nonprofits may not have the resources to develop and deploy NFTs on their own. Luckily, there is a growing pool of experts to partner with who can provide technical support.

NFTs also lack familiarity with most donors. It will be important to educate donors about NFTs, their benefits and how they can use them to support their cause. Nonprofits will need to communicate the value proposition of NFTs in a way that resonates with donors and motivates them to participate. NFTs are particularly popular among younger demographic groups, which nonprofits have historically been challenged at engaging. They could be used as a great tool to build outreach opportunities to new and important groups of new donors.

Lastly, it’s important to be mindful of the legal and regulatory aspects of NFTs. NFTs are a relatively new asset class, and there is still a lack of clarity around the legal and tax frameworks that govern them. Nonprofits should consult legal and tax experts to ensure that their NFT fundraising initiatives comply with relevant laws and regulations.

NFTs have immense potential to drive social good and help nonprofits achieve their missions. By leveraging the unique characteristics of NFTs, nonprofits can create innovative campaigns that engage supporters, raise funds and build a sense of community around their causes. We encourage nonprofits to explore the possibilities of NFTs and to approach their campaigns with creativity, transparency and a commitment to reach new supporters. With the right strategy and execution, NFTs can be a powerful tool for creating positive change in the world.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Forbes Nonprofit Council is an invitation-only organization for chief executives in successful nonprofit organizations. Do I qualify?