Blockchain Beyond Cryptocurrency: Real-World Applications Transforming Industries While blockchain has been synonymous with Bitcoin and other cryptocurrencies, its potential extends far beyond digital assets

Can blockchain technology transcend its association with cryptocurrencies and establish itself as a game-changer in other sectors? While blockchain has been synonymous with Bitcoin and other cryptocurrencies, its potential extends far beyond digital assets. "Bitcoin was the first and foremost application of blockchain, and only later did the term 'blockchain' gain recognition," said Anuj Kumar Garg, vice president, blockchain at ZebPay. He emphasized that blockchain is a confluence of multiple technologies—distributed ledgers, smart contracts, cryptography, and consensus algorithms—that collectively enable real-world applications beyond finance.

One of the most significant discussions revolved around blockchain's role in diverse sectors such as healthcare, supply chain, and real estate. Alankar Saxena, co-founder & CTO, Mudrex highlighted an innovative application in India's healthcare sector: "The government of Odisha has implemented blockchain technology for trauma care support through the Shakti app. This is a clear example of how blockchain can be leveraged beyond financial transactions."

Garg elaborated on blockchain's role in improving supply chains, citing real-world applications by companies such as IBM, Walmart, and Maersk. "These corporations have seen up to 20 per cent gains in cost savings and efficiency using blockchain-enabled supply chains," he said. He further pointed out that blockchain can instill trust in supply chains by ensuring traceability and reducing inefficiencies.

Real estate, another sector ripe for disruption, was discussed by Thakur Amardeep Singh, co-founder of Mr. Mint, who explained how blockchain can eliminate document fraud. "Once property documents are registered on a blockchain, it becomes virtually impossible to manipulate them," he noted. "This technology can solve many long-standing issues related to property ownership and documentation." Singh also emphasized blockchain's application in education, where student theses and certifications could be securely stored, preventing forgery and plagiarism.

When asked to choose the sector with the highest adoption potential, the answers were nearly unanimous in selecting supply chain management. "Supply chain is the most prevalent use case that can be readily adopted," stated Saxena. "Unlike healthcare and real estate, supply chain applications do not face as many regulatory hurdles." Singh added that blockchain's ability to track the entire journey of a product, from raw material sourcing to final delivery, makes it a powerful tool for transparency and efficiency.

However, Singh also pointed out that government adoption could be a major driver of blockchain growth. "If government departments start using blockchain for maintaining public records, legal documents, and financial transactions, it would bring immense credibility and transparency to the system," he remarked.

Blockchain's integration into financial services through DeFi (decentralized finance) is another frontier India is exploring. "DeFi allows for a wide range of financial applications, from investments to lending and credit services," Saxena explained. "Blockchain enables verified credit scores, secure lending, and even decentralized insurance protocols."

Yet, regulatory uncertainty remains a hurdle. Garg acknowledged that while blockchain adoption is growing at a rate of 80 per cent year-on-year (YoY), enterprises remain wary due to compliance challenges. "Implementing blockchain requires vast infrastructure, multiple nodes, and interoperability standards," he said. "These technical and regulatory concerns slow down enterprise adoption."

When asked about the future of blockchain, Singh painted a bold picture, stating, "In five years, blockchain will touch every aspect of our lives—healthcare, education, finance, governance. It will no longer be a niche technology but an integral part of our digital infrastructure." However, he also acknowledged the rapid pace of technological evolution, hinting at the potential rise of quantum computing as the next frontier.

For blockchain to scale, collaboration between startups, enterprises, and governments is essential. Singh stressed the importance of regulatory clarity. "Despite the excitement around blockchain, it remains a grey area due to unclear regulations. Governments must provide clear guidelines to encourage mainstream adoption," he said

The panelists were speaking at BIZ Experiences India's Tech & Innovation Summit, moderated by Shrabona Ghosh, senior correspondent at BIZ Experiences India.