Real Use Cases of Introducing Blockchain in Business Scenarios

The Ethereum blockchain has become synonymous with innovation and growth in the digital finance environment. Since its launch, it has been widely recognized for its development of decentralized applications and finance, as well as the creation of non-fungible tokens, which were often sold for millions of dollars. He has directly contributed to developing the Bitcoin ordinals that are now shaping the BTC blockchain.

The system is primarily known for enabling crypto transactions and staking, allowing investors to buy Ethereum with a debit card and add it to their portfolio. However, researchers are beginning to see the potential of using blockchain to perform other tasks. The business sector is particularly notable in this area, as there are many ways through which decentralized ledgers can improve functionality and make enterprises more efficient.

But how soon can the general public expect to see this development, and what exactly are the ways in which blockchain could improve the business sector?

continuous growth

Since its debut on the financial scene, crypto has been a divisive topic. While some people were watching all the developments with bated breath, waiting for the latest innovations, others have long ago decided that digital money is not worth the risk and held on to the real value anyway. Despite its detractors, crypto continued to grow. As businesses seek more digital transformation to meet the demands of an increasingly competitive market.

Recent estimates suggest that the global size of the blockchain market in 2022 was approximately $7.4 billion. However, if you believe that these figures are impressive, you should know that predictive analysis indicates that this sector is expected to generate up to $94 billion by 2027. This would mean a growth rate of about 70% in just five years. This is good news for the industry and reflects the willingness of entrepreneurs to use technology to expand their businesses.

understanding the system

Cryptocurrencies are often accused of having no real application in the real world as they do not exist in actual physical form but only in the online realm. Blockchain may also be considered ineffective by those who view digital finance negatively. But recent events show that there is much more to it than that. In fact, the development of the Ethereum blockchain in business is so widespread and ubiquitous that you can now read books on the subject.

The language used is usually straightforward and to the point so that readers don’t have to worry about missing anything important. The terminology can be a little confusing at first, but once you get the hang of it it becomes much easier to understand more complex processes. The only way to adequately implement a blockchain system on a commercial scale is to fully understand how blockchain operates.

Also read: Why is blockchain technology important for the world?

real world use

As business owners become familiar with blockchain, it becomes easier to understand that decentralized ledgers are a solution to existing problems in existing systems rather than a competitor that can be used to put them out of business. So, what are the potential use cases of blockchain in the business sector? Tokenization is probably the most obvious to notice, as companies can use it to digitalize assets, making them easier to manage and keep track of.

ERC-20 and ERC-721 tokens are particularly notable, and so is ERC-1155, which is gaining a lot of traction in the trading arena because it is semi-fungible. This functionality allows users to use both alternative tokens and NFTs with just one smart contract. One obvious use of this technology is in serialized packages, such as those used for medicine. Larger batches can be used by distributors throughout the supply chain.

Traceability is also an important issue, and the ability to provide a reliable system that can detect counterfeit goods. Consumers can use QR codes to better understand how the product they purchased was manufactured, as well as how it traveled through the supply chain. Contract management, carbon emissions, payments and all other management features can be tracked through blockchain use.

Since information cannot be modified or changed once it is entered into the system, it also provides a safer and more reliable record. For example, if there is anything in the supply chain that is not working accordingly, it becomes much easier to accurately identify the problem in less time, using less resources that can be distributed elsewhere.


The medical sector is one of the most obvious choices for blockchain implementation. While the uses of artificial intelligence have been much discussed and debated, the uses of blockchain have been slightly less obvious. Ensuring blockchain transparency is one of the most important aspects of the healthcare sector. Optimization will enable more accurate prediction of demand data and allow better supply rates. It also ensures compliance with rules and regulations to guarantee patient safety.

Electronic health records can also be improved and made more patient-centric. Managing and securing data can be challenging, and requires a flexible system to ensure its security. Many healthcare providers have incomplete access to their patients’ medical histories. It is also possible that patients themselves may not be able to view their complete records. This can lead to poorly coordinated health care that leads to medical errors that can lead to illness and even death. According to research published in 2016 by Johns Hopkins University, such medical errors are a leading cause of death in the United States, third overall in the country.

Medical staff can verify their credentials much faster during the appointment process, and the risk of fraudulent documents will be significantly reduced. This increased transparency helps create a sense of assurance between partners working together. Internet of Things technology can be used in remote health care monitoring. However, there are several security concerns associated with the use of this technology that blockchain can eliminate.

According to recent data, around 90% of companies are using blockchain in some capacity. 87% want to invest further in the sector in the next twelve months. With these figures in mind, it becomes easy to see why blockchain represents the future.

Also read: What is Blockchain? How does blockchain technology work?