Since Blockchain evolution, it has gained huge attention due to its next generation features and usecases. Many supports that Blockchain technology will soon excel the market and provide user more reliability and transparency. Next generation technology is to be believed as Blockchain Technology.
The numbers speak for themselves, after initial coin offerings raised massive sums of money for blockchain-based projects in the last two years. Even after raising $5 billion in 2017, the industry has already surpassed that number in 2018 with no signs of stopping.
But the main thing is not the fund that is raised, instead it is the usecase that user can believe.
From logistics to digital identities, the ideas being born from blockchain are astounding. These are seven of the best use cases that have emerged so far from the nascent blockchain industry.
- Building Decentralized applications
Unlike traditional apps where data is centralized in one location, decentralized Apps (dApps) store transaction and other data directly on blockchain’s distributed ledger, which removes single points of failure and makes for more transparent operation. One of the biggest changes blockchain offers developers is the ability to build dApps that circumvent many problems they have today. Originally created using the Ethereum ERC-20 chain, dApps offer a truly decentralized platform that inherits many of the benefits blockchain provides, including greater democratization, peer-to-peer interactions, and a fully trustless protocol based on consensus.The ability to build better dApps and do so faster is vital for blockchain, and businesses looking to integrate it. By simplifying the dApp process, companies can more quickly reach market with better products.
- Revolutionizing Travel Industry
As Blockchain gains more fame in today’s world, many global companies are working with it for better productivity and offering user with it’s use case. Currently XcelTrip’s has only been the platform where user can feel the real use case of crypto they buy I.e. XcelToken .XcelTrip is not only a single stop travel service provider for air travel, hotel and vehicle rental but also your tireless partner with innovative ideas to fulfil all your traveling needs at the lowest possible cost where you can use Bitcoin, Binance and its own native XcelToken to book your travel worldwide.
XcelTrip has over 500,000 hotels and adding 150 airlines by February 2019 having over 1000 crypto bookings on weekly basis. Plus, you can trade XcelToken in more than 50 exchanges probably after March.
- Real time tracking and streamlined supply chains
Globally commerce has grown uneven, more as a reaction to changing needs than an organized expansion. This dynamic has also made supply chains needlessly complex, with manufacturing activity taking place across the globe and transparency between suppliers oftentimes nonexistent. For suppliers, warehousing, and even logistics providers, prioritizing accountability is not only popular, but essential when considering the countless moving parts involved.Major multinational retailer Walmart has partnered with IBM to work on the Hyperledger Fabric blockchain, for example, to track food staples from supplier to shelf. Blockchain is perfectly suited to the task at hand, with real-time tracking that’s especially appealing to companies with multiple supply chains.
- Secured Tech
Using blockchain for identity verification gives a new dimension to security, removing verification bottlenecks and providing more accurate results. The expansion of the internet has caused with a rapid rise in identity theft and fraud. In 2017 alone, 2.6 billion records were lost, stolen, or exposed across the globe according to data collected by the Breach Level Index, with identity theft alone accounting for 69% of all data breaches. Even improving security has not been enough to counter evolving threats. Thankfully, blockchain’s immutability and engrained authentication tools are ideal for preventing identity theft.
Each user goes through an identity check, creating a verifiable user ID that has been validated. From there, partnering organizations like banks or governments can review a user’s personal identifying information in an encrypted format. With more predictive capabilities and better educational tools, blockchain based services display immense potential thanks to transparency and a revolutionary take on consensus building.
- Reliable payment and back forth
From ticket booking to luggage tracking to hotel picking blockchain fits everywhere. Envision the “Wallet” where the ticket you hold is connected to your Identity. When you purchase the ticket, it is consequently connected with your way of life too. If the block chain is public , everyone can see you as of proprietor of the ticket.Now, what will happen if you want to sell your ticket: The ticket leaves your wallet and is related with the new proprietor’s wallet? The connection between the ticket and your character is not any more legitimate. This transaction using blockchain is verifiable and visible to everybody. Imagine a hassle free baggage collection after a hectic travel. What if the baggage is transported to your hotel room? Some of the biggest airports are already working on it to streamline their baggage collection and distribution process.
- Smart Contract
Blockchains are where digital relationships are being formed and secured.
A consortium of the largest banks in the world, as well as several insurance companies, led by a startup, is seeking to build a platform to establish new digital relationships between banks themselves.In short, this version of smart contracts seeks to use information and documents stored in blockchains to support complex legal agreements.
- Internet of things
Data transference and authentication are made much easier with the integration of the blockchain into the IoT – prevents malicious duplications, data interference removes third parties and reduces any associated costs.The Internet of Things represents one of the major pillars of greater automation efforts. Connected ecosystems that can record, process, and share interactions are instrumental in building smarter cities and supporting the coming autonomous vehicle revolution.
With the use of BlockChain technlogy major benefits might be for every sector but not more than people who love travel and be able to use same currency within the whole world. Usecases of XcelToken within the XcelTrip’s Platform can be the real example for common user to understand its mechanism and trust this new gen technology.