Almost everyone in the world of technology is discussing blockchain and its expressive potential for transforming the world. Blockchain, a distributed, digital ledger shared across various parties involved in a network, helps document transactions like never before. However, blockchain has been restricted to certain misassumptions for quite a long time, especially regarding its use cases. Therefore, blockchain training has turned the scope of attention towards its different use cases in the present times.
Blockchain training is more than just learning about the concepts and practices associated with it. Let us discover more about the different use cases of blockchain for a better understanding of the technology.
The popularity of Blockchain and Its Use Cases
First of all, you may wonder about the necessity of learning blockchain use cases if you want to pursue a blockchain certification course. The use cases of blockchain shed light on the practical application of blockchain for solving a real-life problem. In addition, the use cases also help in understanding the breadth of applications of blockchain technology.
The popularity of blockchain is increasing profoundly, thereby drawing more attention to its use cases for training purposes. Around 24% of companies are poised for investments in the range of $5 million to $10 million in blockchain in 2021. Financial institutions take the lion’s share, with almost $552 million invested in different blockchain-based projects. With such astounding popularity, it is inevitable to be curious about the potential use cases of blockchain. Here are some of the notable use cases you would come across in blockchain training.
Use Cases based on Smart Contracts
Smart contracts are one of the striking highlights of blockchain. They are just like any other contract, although with the difference in enforcing rules of the agreement on a blockchain. Therefore, it can reduce the need for intermediaries alongside improving accountability for all the involved parties.
As a result, enterprises could save a considerable amount of time and money. At the same time, smart contracts also help ensure compliance on behalf of every participant in the network. Blockchain-based smart contracts are slowly gaining popularity across various real estate, government, and healthcare sectors.
Blockchain Use Cases with IoT
You might have to deal with the following exciting use case after qualifying for a blockchain certification course deals with IoT. The Internet of Things or IoT is practically the next big thing in the world of blockchain applications. Blockchain-based IoT applications could enjoy better security for combating data breaches. The transparency and immutability offered by blockchain ensure the integrity of IoT device data, thereby offering the assurance of better-informed decisions. Blockchain can serve the next big difference in ensuring that IoT is more intelligent and safer than before.
Governance and Public Sector Use Cases
Ethereum blockchain technology can help governments in building trust alongside improving responsiveness and accountability. The open nature of blockchain technology allows the development of bespoke applications tailored according to specific governance agencies or public sector organizations. The use of blockchain in such cases could ensure improved efficiency, lower costs alongside the development of high-performance governance functions. The governance functions would feature better security, cost-efficiency, and agility.
Insurance Use Cases
Another good example of blockchain use cases is that you will likely come across blockchain training points to insurance. More often than not, insurance claims have to bear the negative implications of faulty claim assessments and fraud. In most cases, you can find the insurance claim assessment process taking unbelievably extended periods.
Blockchain has the capability for ensuring secure streamlining of essential processes in the insurance sector. The critical functions in the insurance industry improved by blockchain include streamlined claims processing and disbursement processes. Subsequently, blockchain could also support the radical lowering of processing time efficiency.
The journey of learning about blockchain brings you across many use cases. Every use case showcases the potential of blockchain to transform conventional business processes in different sectors. 101 Blockchains offers blockchain certification courses and specialized training in various blockchain topics to help you begin your journey in a blockchain career.
Aspiring learners could find out how blockchain and its specific traits are helpful in different use cases. Most importantly, 101 Blockchains includes the assurance of industry experts as instructors in blockchain courses for practical training. So, you can also set the perfect foundation for moving ahead on the path to a lucrative blockchain career.