Blog

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

Post by:
Prove
July 27, 2021
Blockchain Use Cases Part II: Non-Financial and Financial Use Cases

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 have increasingly been many ways in which real-world assets could be linked to the blockchain and traded digitally. For example, 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.


Untitled

Here’s a short 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 e-commerce/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.

To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.


Create secure frictionless customer experiences using modern identity solutions

Join 1,000+ companies and 500 banks, including 9 of the top 10 US financial institutions, that are already using Prove to accelerate revenue, mitigate fraud, and enhance customer experience. Contact us today.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.