Oakum
Oakum can be used to seal cast iron pipe drains. After setting the pipes together, workers pack oakum into the joints, then pour molten lead into the joint to create a permanent seal. The oakum swells and seals the joint, the "tar" in the oakum prevents rot, and the lead keeps the joint physically tight.
Today, modern methods, such as rubber seals (for example, gaskets or o-rings) are more common.
Archibald Cochrane, 9th Earl of Dundonald
Cochrane hoped that he would be able to sell tar as a sealant for the hulls of ships to the Royal Navy. After contacts with the British Admiralty were made, a test was performed on a buoy. The buoy was coated on one side and left uncoated on the other. After some time the uncoated half was leaking and full of worms and barnacles, while the treated half was in quite good condition. A patent for his invention was drawn up, while the family estates were used as collateral.