Site icon Blockchaindose

Top 7 Crypto Networks with The Most Use Cases

Dan Opondo

In 2009, Bitcoin was launched. Born with the primary ambition of redefining the financial realm, Bitcoin grew, leading to the emergence of a larger ecosystem of blockchains. Although the coin was highly ignored in the first years, Bitcoin has grown into a trillion-dollar network. The crypto ecosystem, too, is seeing immense growth.

The primary driver behind the crypto realm’s somewhat speedy growth is the increasing number of use cases. This guide examines blockchain use cases. 

Despite its primary role of revolutionizing the way we deal with finance, the blockchain universe has, in recent years, been able to see a wide range of applications spanning different industries. Among the most known use cases of blockchain include:

Well, there’s no question that blockchain was inherently created for finance. The primary aim was decentralizing how people handle money, removing power from centralized institutions. Among the financial use cases associated with blockchain technology include;

Blockchain in the Internet of Things

Despite being the driver of the current technological realm, IoT suffers from significant issues, including safety concerns. However, blockchain-focused networks like HYPR, Xage Security, and others afford security for IoT-focused companies.

Moreover, blockchain provides a database where IoT devices can easily store data in an immutable manner. 

Smart contracts

Blockchain-based smart contracts facilitate faster transactions that do not involve intermediaries.

General security

Identity fraud is one of the most popular issues associated with the digital realm. Every year, investors lose billions to fraud associated with identity theft. Blockchain affords a safe place to store essential details like birth dates and certificates. 

The healthcare space

Blockchains can be good centres of information supply. They can help collect and disperse private information. A good example is Chronicled, a network designed to facilitate contracts connected to the distribution of pharmaceutical products. 

Logistics 

With many companies offering shipping and logistic services, there needs to be more communication. Blockchains enable the efficient transfer of information while enhancing data transparency.

Non-fungible tokens in gaming and art

A new class of assets was born due to the blockchain network’s capability to host smart contracts: NFTs. These assets have gained many use cases in gaming, sports, entertainment, and even art.

Governments can use blockchain technology as data collection and storage facilities. 

Blockchain’s comprehensive use cases touch other industries, such as insurance, global trade, law, real estate, fashion, media, and entertainment.

Is Bitcoin Purely a Currency Without No Use Cases?

Well, NO!

In its initial years, Bitcoin’s primary role was as a currency, a medium of exchange, and a store of value. Some of the earliest adopters of Bitcoin mainly liked its role as a store of value. Likened to gold, Bitcoin has shown immense potential over the years, rising in value by thousands of percent.

As of 2024, Bitcoin is already used in hundreds, if not thousands, of businesses and institutions. El Salvador adopted the currency as a legal tender some years ago, and since then, businesses in the country have used BTC as a medium of exchange. 

Bitcoin has more use scenarios. For instance, Did you know that the Bitcoin blockchain supports smart contracts? The emergence of Ordinals and BRC-20 tokens has recently seen the Bitcoin blockchain earn a use case in NFT and tokenization.

However, Bitcoin’s most prominent use case is still as a currency.

Crypto Networks with Most Use Cases

Ethereum (ETHER)

The projects with the most significant use cases in the crypto realm should be Ethereum. Launched in 2015, Ethereum developed into a substantial ecosystem hosting many applications in the crypto sphere. Its ability to host smart contracts made it a popular solution through the tokenization of assets.

Owing to its wide range of use cases, Ethereum has become among the crypto assets with the most use cases. Ethereum’s use cases include:

Solana (SOL)

Like Ethereum, Solana is also a reliable host for smart contracts. Launched in March 2020, Solana was widely hailed as the ultimate Ethereum killer during its earlier days. Solana has since positioned itself as one of Ethereum’s biggest competitors in the market. Solana shares similar use cases to Ethereum. Among the use cases include:

IOTA (MIOTA)

Third in line is the IOTA network, a blockchain-focused network launched in the crypto markets in 2015. Various publications have praised IOTA as the blockchain network with the broadest uses spanning various industries. 

Deep at the heart of the IOTA network is a native token, MIOTA, which powers various applications. MIOT operates on a ledger technology called Tangle, which leverages Directed Acyclic Graphs (DAG).

IOTA is the brainchild of David Sonstebo and is designed to enable simplified data exchange between IoT devices.

Here are the famous use cases of IOTA:

VET (VeChain)

Launched in 2014, Vechain is primarily a blockchain network designed to improve the supply chain. With its native token, VET, and a second one called VTHOR, the VeChain network has earned many applications to streamline the tracking process. It’s purely a blockchain for traceability. Owing to that, Vechain can help in:

Algo (Algorand)

The 2019-launched crypto project that leverages a pure PoS consensus built on Byzantine consensus stands tall among projects with many use scenarios. Among its use cases include;

Price Oracle network Chainlink is another blockchain-focused network with many use cases. Most of Chainlink’s use cases are primarily centered around crypto projects, enabling the relay of real-time data from off-chain to on-chain. Among the industries touched by Chainlink include:

Internet Computer

Internet Computer is a platform designed to provide independent data centers online as an alternative to corporate cloud services. As the Dfnity network’s primary token, Internet Computers’ many use scenarios have led to the coin’s colossal potential. So, what are the network’s use cases?

Final Word

This guide has looked into the top 7 blockchain networks hubbing the most use cases. Ethereum and Solana offer similar services involving smart contracts, Dapps, D,eFI, and NFTs. ChainLink is famous for its large number of real-world application solutions.

Of course, dozens of other blockchain networks are gaining use cases in different industries. These real-world use cases have contributed to the growth of blockchain from pennies to a trillion-dollar realm.

Exit mobile version