What are non-Bitcoin/ cryptocurrency applications of blockchain technology?
The Blockchain technology has imaginations running amok. The technology has grown to the point that it can be applied to any need for an accurate, trustworthy record. The hype surrounding blockchain tech is quite possibly the result of how easy it is to dream up a high-level use case for the application of blockchain tech.
Apart from the conventional banking and finance;
A few of the Blockchain applications I can think of are:
By decentralising the music streaming model, record contracts will be less complex. Increased transparency, automation, and accountability will do wonders for the music industry. See infographic here.
Blockchain will bring effeciency and transparency to the real estate. Blockchain will also compliment the idea of split ownership so that everyone can have a piece. See infographic here.
The information that is stored in the blockchain cannot be faked – it’s time-stamped and public. The host governments and support organizations could start issuing digitally-authenticated identification documents based on the blockchain.
- prove their identity and that of their family members;
- open bank accounts;
- sign contracts or apply to university
For players, blockchain will allow for a richer, decentralised gaming experience, with greater transparency and control over their gameplay. This will include true ownership of digital assets, the ability to use those assets across numerous games and worlds, and security in knowing their account cannot be compromised by any overarching authority. See infographic here.
Blockchain technology can mitigate transaction fees, provide fair exchange rates, and reduce fraud – all via a decentralised, largely-automated payment framework. That means lesser fees, stronger security, and more for a Decentralised Cross-Border Trade. See infographic here.
Payments are deposited into a contract and can be released only if conditions are met. When the conditions are met, the money is automatically sent to the advertiser. Direct Payments will minimize needs for third-parties, reducing costs and the transactions are immutable, providing credibility and safety. See infographic here.
Donors will have the visibility as to where their funds are going. The increased transparency will cause a growth in trust, further motivating people to donate to charity funds in general. See infographic here.
Blockchain will allow the dematerialisation of documents such as certificates and transcripts and, it is immutable, so it will reduce the risk of fraud and provide a more effective solution for digital identity. See infographic here.
Solar panels, smart electricity grids, and blockchain tech will allow for house to house electricity trading, The system allocates surplus to the smart grid and converts it into a digital token that can be sold on the electricity market. See infographic here.