Top Blockchain App Categories in 2022

In our age of virtual and mechanical existence, digital technologies are a source of advancement. Various sectors throughout the world are increasingly striving to utilize new technologies to improve their work processes.

Blockchain technology is one of the most recent innovations that has revolutionized many sectors.

There is not an iota of doubt that Blockchain technology has shown immense potential in the financial sector. However, other industries are also ready to leverage this technology to better their work processes.

Here are some facts that demonstrate how this technology is going to be the game-changer in the future:

• According to a report, global spending on Blockchain is $6.6 billion in 2021.
• By 2030, Blockchain could boost GDP by $1.76 trillion.

Top Blockchain App categories in 2022

Blockchain technology disrupts database technology, and its entry into this digital world boasts many benefits to several industries.

The finance and government sector are using blockchain technology to enhance automating processes. In addition to that, entrepreneurs from different sectors also believe that Blockchain can make a massive difference by transforming their business experience drastically.

From healthcare, finance, the public sector, and media, we can see a significant impact of Blockchain as it provides high-level security, faster transactions, and smart contracts. We’ll look at the most popular blockchain app categories and how they’re used.

Banking and Financial Services

The bank and financial sector reaped significant benefits from blockchain technology as it ensures safe and secure transactions. One of the most extraordinary aspects of blockchain apps in the finance sector is their ability to conduct highly secured transactions with minimal charges.

Investmnt Management

Investment management comprehends professional financial assets, credits, and other investments, as well as the need to use advanced technologies. Here blockchain management helps using a decentralized ledger system, which means once data entered in blocks are irreversible and recorded permanently.

And this way, it is most likely to bring massive advancement in the investment industry as it enables user control over information similar to Bitcoin.

Examples of Blockchain in Investment Management

• Bitstamp – Founded in 2011, Bitstamp is an excellent option for cost-conscious and beginner crypto investors because of its low rates and easy-to-use platform.

• eToro – This is an excellent social trading network platform, and it allows you to mimic the trade of market players.

• Binance – If someone is looking for a safe and secure mobile app for trading, this app gives more than 1000 trading markets and plenty of crypto assets.

Trade Finance

The automation of transactions requires the use of Smart Contracts. This automated process, like approval in workflow and clearing calculations, is necessary to trade finance, which will massively help financial services.

Examples

• Aglorand–  This Platform calls itself ” the future of finance.” It is a layer-1 blockchain and cryptocurrency software designed to work as a great payment platform.

• Gemini- It is a cryptocurrency wallet app that enables one to buy cryptocurrencies like bitcoin and ethereum. This app offers direct trading between buyers and sellers.

Payment

The digital currency introduced by Blockchain is now commonly used for fund transfers domestically and internationally.

While domestic payments take only a few minutes to some hours, cross-border payments generally take a few days to complete.

Examples

• Circle– this app is the world’s first cross-border payment platform that allows users to transfer money directly.
• TraceDonate– this blockchain app is an excellent platform for charity-related payments.

Insurance

A lack of transparency, increasing costs, confusing offers, and managing records raised the need to implement Blockchain technology in insurance. One of the most significant benefits of Blockchain in the insurance field is its trustworthiness.

It has the potential for fraud prevention, reinsurance, transparency, productivity, and efficiency. The shared ledger technology of Blockchain transforms operations by facilitating automated claim function, real-time data sharing, and cost-saving.

Public Sector

Using blockchain technology has enabled Government and private sector organizations:

• to move away from fraud, siloed, and inefficient centralized systems.
• to reduce corruption, costs, and labor-intensive processes.
• to secure all government and citizen data.
• to Increase trust in government as well as online civil systems.

Transparent budgeting

Most countries face corruption problems regarding budget-making for their citizens’ welfare. Blockchain technology can solve this issue by making this process transparent and accessible to every person.

Digital voting

In democratic countries, vote counting in the election process needs a secure, fair, and transparent process within a time limit. A Blockchain-based voting process secures identities, keeps records, and tracks votes. Blockchain use is an excellent approach to making the voting process immutable and transparent.

Example

• Voatz– This is a mobile voting app that uses advanced cutting-edge technology to make secure mobile voting and gives you voting access from anywhere in the world.

Management of administration

Government administration management requires coordination between different parties in the programs like welfare, pension, healthcare, education, and social security, which involves sensitive data that need to be secured. Blockchain-powered administration provides real-time coordination and transparency between parties.

Internet of Things

IoT enables smart devices to interact with other devices and send valuable user data over the internet. Since they rely on data sharing, Blockchain encryption enhances security and brings transparency to these IoT devices by securing and decentralizing data.

Examples:

• Filament– Filament builds blockchain systems and hardware solutions for businesses and the Industrial Internet of Things (IIoT).
• HYPR– HYPR is the leading platform for biometric security. This biometric software is designed to reduce passwords and other shared credentials.

• Xage– This is a cybersecurity blockchain-protected platform for the industrial Internet of Things.

Manufacturing, Logistics, and Supply Chain

For next-gen experience, manufacturing industries, mainly supply chain, use blockchain technology to optimize smooth functioning and operation at the workplace. It makes it easy to trace all the supply chain steps.

It also reduces fraud by accessing the information of suppliers, retailers, and distributors and delivering a private ledger that is immutable, transparent, and secure.

Blockchain in the logistics industry can solve several problems like tracking vehicles, and containers, synchronizing all data, etc. This technology enables logistic companies to improve efficiency, transparency, and traceability at the workplace.

Examples:

• ChainYard– With a passion for digital transformation, Chainyard’s blockchain solutions provide unique and real-time supply chain visibility.
• BlockArray– Backed by blockchain technology, this app increases the traceability of the supply chain work of businesses. Its smart contract allows companies to handle goods more efficiently.

Media and Advertising

Blockchain technology’s advantage to the media and advertising industry is that it reduces confusion and complications in digital advertising, which is helpful for marketers.

The use of Blockchain has become a global topic to talk about in today’s world. Also, broadcast royalty payments for music, movies, and other streaming services.

Example

• MediaChain– Spotify, a music streaming app, acquired this blockchain solution in 2017. This application allows media creators to quickly and securely submit their content. And this way, they can connect to their audience directly and earn money.

Healthcare

Today, health data storage is a huge challenge for the medical department. Being an emerging and highly secure technology, Blockchain provides a vast range of applications in the healthcare industry.

This technology involves innovative solutions for the medical sector, like preserving and securing patient medical data transfer and providing an accurate diagnosis. The Blockchain app tracks the pharmaceutical industry’s records to enable it to detect fake medicines.

Examples: 

• Burst IQ- Founded in 2015, this Platform is a leading blockchain-based solution provider. Its advanced blockchain technology reduces the complexity of sensitive data related to healthcare and clinical industries.

• WholeCare- WhloeCare is a blockchain solution for healthcare professionals that simplifies and manages data and information to provide better care to those in need.

• Patientory- This is a medical data record system that allows doctors and patients to stay in contact for a safe and quick diagnosis.
• Nebula Genomics- Nebula Genomics aims to understand the human genome and make personal genomics easily accessible. It also provides DNA sequencing tests that can decode an individual’s DNA.

Conclusion:  

This era has seen rapid growth in digital transformation in most industries. This drastic shift raises the need for a fast, seamless, secure, and transparent process for any sector and the requirement to incorporate blockchain technology into their system.

Therefore, major sectors across the globe need to launch advanced admissible blockchain solutions to improve their overall workflow and productivity.