In the last few months, there have been many interesting developments that shows how versatile blockchain technology really is. In this write up, I will be going over a few use cases that have popped up thus far in 2020, and what might be in store for 2021.
Energy
Let's start with what seems to be a very popular use case for blockchain technology so far this year. The automated buying and selling of power for homes equipped with solar panels. The technology is popping up in Australia, Japan, and many other countries, and sees blockchain technology paired with AI to create a powerful platform for energy consumers to participate in the energy marketplace in a decentralized manner. When a solar powered home generates more power than it uses in a day, AI automatically puts the energy up for sale for a home that needs it and the purchase is recorded to an immutable ledger.
Food
There is never a shortage of new use cases when it comes to leveraging blockchain technology to empower supply chains and traceability for food products around the world. This year we've seen companies use blockchain to optimize their supply chain for products like organic tea, farmed arctic salmon, fresh blueberries, fresh eggs, and the list goes on. There have even been pilots that leverage blockchain technology for bettering food safety guidelines and application. It will be interesting to see which foods benefit from blockchain technology in the second half of this year.
Services
When it comes to businesses leveraging blockchain technology to ensure the smooth delivery of their services, there are many use cases to look at to see how blockchain technology can empower and optimize the delivery of a variety of services. Teachers in Bangladesh can manage their pensions on the blockchain, no more long and drawn out paper process. Updates on a variety of insurance policies direct to mobile devices powered by blockchain technology. Another interesting use case is vehicle inspections being modernized by blockchain technology, allowing for all records to be records to an immutable ledger, and accessed by all the necessary government departments. Public services are also seeing influence from blockchain technology, in some area land governance records are being recorded to the blockchain for ease of access from the various departments who need access to land ownership records and the like.
Rocks/Metals
With tokenization becoming more and more popular around the globe, it is no wonder that companies are tokenizing ore and precious metals. Companies are even utilizing blockchain financial services to foster the purchase and sale of iron ore, with major iron players around the world involved in the transactions. There is also a new platform built with hyperledger fabric called Atomize, that uses distributed ledger technology to represent physical assets in digital form, making trade easier, providing faster transaction times, and providing a permission based view of the transactions. Companies like Perth Mint and Aurus are also in the business of tokenizing gold.
The Future
To sum things up, blockchain technology is being leveraged and is influencing how companies do business in a huge variety of ways, whether its managing supply chains in a modernized approach, or making sure teachers have access to their pensions, blockchain technology has thus far proven its value and will undoubtedly be used in revolutionary ways in the next few years. To get an idea of what 2021 might hold for blockchain technology use cases, looks at sectors that haven't quite leveraged it on a large scale. Milk production, beer brewing supply chains, large scale farming, human resource departments, police reform and accountability, and resumes and employment history/eligibility could all greatly benefit from blockchain technology.
