Cross-border payments

Cross-border payments are important for any modern business, as more people are working with international customers. However, international payments are time-consuming and have high fees.

Blockchain eliminates or dramatically reduces those fees and can deliver near-instant payments that take a matter of seconds. This is possible, thanks to the distributed ledger and the immutability of transactions. One estimate from Deloitte says that using blockchain reduces remittance fees by 40-80%.

Crowdfunding or non-profit fundraising

The blockchain also offers solutions for crowdfunding, with or without the use of cryptocurrencies or tokens. The major concerns with commonly-used crowdfunding methods are transparency, security, and investor abuse.

The blockchain can streamline the process and provide transparency to ensure that the raised funds will be used as intended.

Capital markets

Businesses in the finance world can use the blockchain to improve the capital markets. Perhaps the biggest benefit would be the quick transaction times, which will result in faster settlement and clearing.

Another big benefit would be the immutability of the ledger and its detailed records. That leads to a convenient audit trail all in one place.

Digital piracy and copyright

With the prevalence of the internet and streaming platforms, there is a big issue with digital piracy that takes away profits from creators and owners of the content.

The NFT, which we’ll discuss in more detail, is one way to resolve this issue, but blockchain also offers other options. For example, blockchain can let creators digitize intellectual property rights and other metadata in the immutable ledger. The blockchain can also show all of the times the content was accessed, making it easier to catch digital pirates.

Healthcare patient data

In health care, one of the major challenges is handling the large volume of patient data. It needs to be accessible to various members of the medical team but only to authorized users. The current system has issues dealing with those challenges and finding a convenient way for medical providers to share patient information with each other when needed.

Companies can use blockchain to create decentralized databases of patient data that hospitals can access with the appropriate permission. One option for ensuring privacy is to use secure codes instead of identities or a private key.

Identity theft

Identity theft is more of a concern for individuals than businesses. However, it is still relevant, especially when businesses or governments rely on identification.

Thanks to the fact that blockchain features both private and public keys, it helps prevent this issue. The public key is available to everyone, while only you have the private key. Blockchain programs can require the private key to adjust information or share the most private bits of information, such as your social security number. At the same time, the public key can be used to confirm your identity.

Marketing

Blockchain can help marketers get more data regarding consumer behavior and client information. Specifically, it can help them keep that data organized and ensure its accuracy.

The blockchain can also let marketing teams confirm when something changed in the marketing campaign.

It can even help confirm that traffic is from a real person instead of a bot.

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