Learn Academy Crypto use casesLesson 6: More Use Cases for Blockchains

Lesson 6: More Use Cases for Blockchains

After completing this lesson, you will be able to:

Understand the role of blockchain databases in supply chain management.

Know how blockchain technology could revolutionize the entertainment industry by reducing reliance on publishers and production houses.

Explain how sports clubs and entertainers make use of blockchain technology.

Know the role of blockchain technology in the energy business.

Name five or more emerging fields in which blockchain technology is improving efficiency, reducing costs, and enhancing security.

Welcome to the sixth lesson in Kriptomat Academy’s “Blockchain Use Cases” course. In this lesson, we’ll take a close look at more emerging and proven applications of blockchain technology.

Supply chain management is among the most promising fields due for revolution with blockchain technology.

Retailers, consumers, and government agencies are increasingly concerned about the production and transport of the goods they purchase.
Blockchain databases could provide a reliable source of information about where consumer products are made or harvested.
Products are represented on the blockchain as NFTs. Inexpensive radio frequency ID devices track the products as they make their way to consumers.

Blockchain databases make global supply chains more efficient and accurate by reducing or eliminating reliance on officials to check manifests and keep paper records at borders and checkpoints.
Blockchains can also handle payments for producers, shippers, checkpoints, distributors, retailers, and consumers.

Blockchains could revolutionize the way we consume entertainment and compensate artists

Musicians, actors, writers, and other artists must currently place their trust in publishing and production houses that take a large percentage of the artists’ sales in return for recordkeeping, copyright enforcement, and other services.
Artists are beginning to release songs and other artworks as NFTs, allowing them to sell directly to fans.
Blockchain-based music and video streaming services support micropayments, digital rights management, security, and worldwide distribution.

And that’s just the tip of the iceberg

A blockchain-based voting system could provide anonymous but reliable voting records, preventing many types of fraud and skepticism about election results.
Smart contracts can help consumers use energy more efficiently and economically, with usage data recorded in the open ledger. Decentralized applications could allow consumers to choose suppliers on the basis of sustainability, prices, fees, legal compliance, and other factors.

A blockchain database is the ideal place to store information about real estate ownership, including data generated when property is sold.

Sports clubs and entertainers are increasing engagement and forging stronger links with fans by issuing NFTs that give their owners benefits like preferred seating, in-person events, special content, gift items, and voting rights on mascots and uniform colors.
Blockchain-based international money transfers can play a major role in remittances, in which a worker sends money to support family members in another country – a market expected to grow to 1.13 trillion euros by 2030.
In human resources, hiring managers can verify candidates’ credentials, references, employment records, and compensation history if they are stored on the blockchain.

So – what have we learned?

Blockchain databases perform important functions in supply-chain management.
The technology could also streamline artistic production, distribution, and digital rights management, strengthening the relationship between artists and their fans.
Elections, energy, real estate, sports, and many other industries are benefiting from thoughtful use of blockchain technology.

That’s the end of this lesson! Test your understanding and earn points toward a Kriptomat Academy certificate of achievement by taking the test!

Which of these is NOT a potential benefit of blockchain technology in supply chain management?

Confirmation of ethical sourcing of food and other goods.

Reduction of paperwork in crossing borders or transferring from one shipper to another.

Reducing tax liability for international shipments.

Automating financial transfers among producers, shippers, checkpoints, distributors, retailers, and consumers.

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What contributions can blockchain technology make in the entertainment industry?

Improving sound and video quality in streaming services.

Reducing piracy with automated digital rights management on the blockchain.

Using AI to increase revenues by suggesting artists, movies, and music that consumers are likely to enjoy and purchase.

Streamlining the scheduling process for live performances.

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How are sports clubs using blockchain technology?

Creating NFTs that give fans increased access and interaction with the team and its members.

Analyzing team records and weather conditions to plot gameplay strategy.

Simulating player versus player one-on-one matches.

Controlling costs by suggesting ways to reduce the roster of players.

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What role does blockchain technology play in the remittances market?

NFT marketplaces let workers sent abroad augment their income.

Crypto transfers reduce the cost and improve the speed of international money transfers.

Smart contracts automate the transfer of requests for funds.

The on-chain digital record of transfers can be provided in encrypted form to tax authorities.

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Which of these is NOT a way blockchain technology could be used in real estate?

NFTs representing homes, rentals, and investment properties could be minted, sold, and exchanged at NFT marketplaces.

Eliminating banks, brokers and other intermediaries could make real estate transactions faster and less expensive.

Blockchain databases could help record ownership of properties making ownership searches faster and less expensive.

Blockchain databases of standard signage, sales tips, and home-dressing instructions could help real estate professionals boost sales prices and earn higher commissions.

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