AIMultiple ResearchAIMultiple Research

Top 5 Use Cases of Blockchain API With Examples in 2024

Blockchain is one of the new technologies that can revolutionize different industries, such as:

Blockchain APIs can be used to create impactful use cases that can accelerate digital transformation. This article will cover the top 5 use cases of blockchain APIs with examples. 

How can blockchain API benefit businesses?

Blockchain integration and development can be challenging and complex. APIs can be a solution that businesses can adopt to benefit and integrate from the developed infrastructure. Additionally, developers can create custom blockchain APIs with high customization. Nevertheless, if a business uses an API consistently, it should test it to ensure it matches the functionality, security, and performance requirements. 

CAST is a test automation tool created by Testifi. CAST is a low-code test automation tool with a test-first approach that supports businesses in providing high-quality software via a test-first strategy. Companies such as Amazon, BMW, and Vodafone use Testifi services.

Data collection

There are numerous data points on blockchains. Blockchain APIs can be used by:

  • Analysts and traders to make in-depth analyses or create trading strategies.
  • Website and applications to display information.

1- Blockchain API

Blockchain APIs can be used to retrieve information such as :

  • Block ID, hash, height, and level of difficulty,
  • Transaction addresses,
  • Balance of an address.

An example of blockchain API is : API has 2 APIs that provide information on Bitcoin blocks and transactions. 

  • Blockchain Data API: This API provides various data in a JSON format on blocks and transactions such as :
    • Block hight, 
    • Transaction addresses, 
    • Balance, 
    • Unspent amounts. 
  • Simple Query API: This API can be used to retrieve interesting data such as :
    • Total bitcoin in circulation, 
    • The average number of transactions per block,
    • Estimated time until the next block,
    • The average number of hash attempts needed to solve a block.

2- Cryptocurrencies 

Currently, there are more than 9000 cryptocurrencies listed on Coin Market Cap. Price and volume data of cryptocurrencies can be retrieved from different exchanges. There are many different cryptocurrency APIs, for example:

Binance API

Historical and live market data on over 300 cryptocurrencies can be retrieved using Binance APIs. Their API can be used for :

  • Spot trading,
  • Derivative trading.

Additionally, they offer APIs that can be used for algorithmic trading of futures. 

3- NFTs

The NFT market experienced 21,000% growth in 2021. However, the NFT market has cooled down in 2022 in line with the downward trend in the crypto market. NFT APIs provide information such as :

  • Price,
  • Collection,
  • Sale volume,
  • Rarity. 

An example of NFT API is :

Blockdaemon NFT API

Blockdaemon provides a set of NFT APIs that can be used to:

  • Verify NFT ownership, which can be important for community NFTs, 
  • Explore NFTs; this is a feature that NFT marketplaces use,
  • Retrieve NFT analytics; they can be used in NFT trading, NFT minting, and NFT loans.

 Business Integration

4- Smart contracts API

Smart contracts can be used in different industries such as :

Oracles are needed to link off-chain data. APIs can provide information to oracles that can transfer the data to smart contracts. For example:

Chainlink which is an Oracle provider claims that it can connect to any API and use the data in the smart contract. For instance, they have :

5- Payment API

Payment API can be used by businesses to integrate crypto payments into applications and websites. For example: 

Coinbase commerce API

Coinbase commerce API enables payment integration into businesses. This API eliminates the need for businesses to create blockchain infrastructure, as Coinbase will create payment addresses for them. This API can handle situations such as delays and overpaying ( see Figure 1).

Figure 1. Payment flow diagram of Coinabase commerce API

If you are looking forward to integrate blockchain APIs into your business, you can reach us : 

Find the Right Vendors
Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
Follow on

Cem Dilmegani
Principal Analyst

Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 60% of Fortune 500 every month.

Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.

Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised businesses on their enterprise software, automation, cloud, AI / ML and other technology related decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.

He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.

Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

To stay up-to-date on B2B tech & accelerate your enterprise:

Follow on

Next to Read


Your email address will not be published. All fields are required.