Blockchain technology’s core characteristics include decentralization, automation, transparency and immutability. These elements can be applied to various industries, creating a multitude of use cases. Here is what Hive Ive believes to be the most pertinent blockchain use cases for enterprises, institutions, and governments.
- Decentralized Finance (DeFi)
- Energy and sustainability
- Global trade and commerce
- Healthcare and the Life Sciences
- Media and entertainment
- Real estate
- Supply chain management
Decentralized finance (DeFi) refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies (often built on the blockchain). Millions are building and participating in this new economic system that is setting new standards for financial access, opportunity, and trust.
Energy and sustainability
Gas and Oil companies suffer from siloed infrastructures and lack of efficiency, transparency and optimization. Enterprise-grade blockchain solutions can significantly increase process efficiencies and reduce costs associated with oil and gas operations and distribution.
Insurance claims are prone to fraud and claim assessments can extend long periods of time. Blockchain can securely streamline data verification, claims processing, and disbursement, reducing processing time significantly.
Global trade and commerce
Major trading companies and consortiums are recognizing the transformative impact of blockchain in operating global supply chains, unlocking new business models and managing trade finance. Our blockchain development offers secure digitization, enabling the tokenization of existing documents, letters of credit, and more.
Healthcare and the Life Sciences
Blockchain-based healthcare solutions enable faster, more secure and more efficient medical data management and medical supply tracking. This could significantly improve patient care, facilitate the advancement to medical discoveries and ensure the authenticity of drugs circulating global markets.
Media and entertainment
Fraud, piracy, and intellectual property theft of digital items cost the entertainment industry an estimated $71 billion annually. Blockchain technology can track the life cycle of any content, which can be used to protect digital content and facilitate the distribution of authentic digital collectibles.
Real estate (tokenization)
Blockchain enables the digitization of assets and financial instruments. This enhances fractionalization of ownership, expanded access to global markets, increased liquidity, and democratized access to real estate investment opportunities.
Fractionalization/tokenization of real estate is the process of fractionalizing real property into tokens stored on a decentralized database. This decentralized database stores information like a digital ledger and is commonly referred to as blockchain.
Supply chain management
A lot of supply chains are poorly tracked, inefficient, and exploitative. Blockchain can facilitate accurate asset tracking, enhanced licensing of services, products and software, and transparency into the provenance of consumer goods, from sourcing to the point of consumption.