Blockchain Technology: Ingenious Use Cases

Blockchain Technology: Ingenious Use Cases

The technological revolution, famously known as blockchain has the capacity to transform our everyday lives for the better.

Since its launch in 2009, Bitcoin has been considered to be one of the biggest developments in terms of blockchain technology. However, Bitcoin is just one of the many ways how blockchain can be implemented. Although, blockchain technology started off from financial services, a plethora of other industries have started to benefit from it. In the last year a wide range of sectors have started implementing blockchain in multiple fields such as healthcare, public sector and energy markets.

Corporate giants like Apple, Amazon, Facebook, Airbnb and Uber would face the impact of this decentralized technology sometime soon and we could witness the disruptors being disrupted.

What is Blockchain?

Blockchain is a technology that allows information to be distributed but not copied and it has become the backbone of a revolutionary type of technology, like we discussed in our earlier post .

Blockchain consists of data structure blocks which are interconnected by a network. The blocks basically store data as well as a timestamp and information leading it to the former block.

A transaction is the representation of the unit of value a person has and is willing to trade it with someone else for something (physical or not). The remittance will be transferred from the owner A to the owner B by updating on the network that the money on your account gets reduced while the money on the receiver gets increased.

If you are wondering how nodes in the network monitor someone’s account balance then this is done through links to previous transactions and the validity of the possession of the funds is verified. These previous transactions are commonly known as inputs.

Use cases

The transparency and decentralized nature of blockchain gives it an edge and it is the fundamental quality that many tech giants want as a core competency. To simplify, companies look for a less number of intermediaries, no fraud and access to real time information which is what blockchain is basically known for. As a result, many companies are leaning towards blockchain and are looking for ways to implement it. So, find out below the most interesting use cases of blockchain across different industries:

1.Peer to Peer Payments and Lending

Peer-to-peer transfers and payments is one of the best examples of blockchain’s disruptive and revolutionary potential. However, sending money through Bitcoin isn’t the same as using Bitcoin as a currency. Since, blockchain eliminates the need for intermediaries, cheaper and quicker transactions take place.

Interesting Startups in this field:

Abra: By using blockchain, Abra has been able to create the first ever blockchain powered money transfer app.  

BTC Jam: BTC Jam is a peer to peer lending service where people from around the globe sign up and connect to borrow or lend money by making use of Bitcoin. This service is specifically provided to the citizens of countries that don’t have a local credit score system to help them get loans.

2.Collaborative transport

Smart transport is based on harnessing the present infrastructure and resources instead of creating new ones. Smarter use of already-present resources makes cheaper transportation available without the need to add more cars or roads. Ride sharing is an easy way to achieve this sort of convenience but for that real time information is the key. This allows people with their personal vehicles to share the ride and ideally the cost of gas with other people travelling in the same direction. Here blockchain comes in to provide real time information to commuters and put them together without the hassle of middlemen which is all thanks to its decentralized platform.

Interesting startups in this field:

La’zooz: When it comes to cryptocurrency, La’zooz has been in the limelight. This company has started using blockchain for a ride sharing app. La’zooz believes in making the best use of already available resources so instead of adding more cars on the road, they focus on harnessing vehicles that are already there.

Arcade city: Significantly cutting down on the prices by removing the middlemen, Arcade City is bound to give Uber a run for its money. The riders and drivers are rated based on their behavior which is displayed on the platform and absolute transparency among the two parties is provided.

3.Government services

Blockchain can be used to improve transparency and reduce corruption in the government sector. In fact, Estonia has been highlighted to have become an e-government system in 1997.

 Interesting startups in this field:

Bitnation: For a DIY governance system Bitnation has come up with a collaborative government system.

Shocard: Shocard is a digital identity that protects the identity of users and is as easy to comprehend as a passport.

4.Prediction platforms & online gaming

Although, Bitcoin has been in the market long enough, it is mostly used for gambling. The convenience that Bitcoin provides coupled with its speed, makes it perfect for people who want to send and receive money gambling.

Interesting startups in this field:

SatoshiDice: SatoshiDice is a leading Bitcoin gambling site and it uses Bitcoin as a currency.

Deckbound: This application builds a network of technology through which players and developers can create and broadcast gaming assets across a system that is completely secure and an environment that is open and user-friendly.

5.Voting systems

Voting systems undergo rigging which is a shared problem among a lot of nations. The current voting system is controlled by a single supplier which means the record can easily be manipulated. This is where blockchain comes in to provide the voters a secure and trustworthy platform where they can easily log votes and audit the results.

Interesting startups in this field:

Follow my Vote: Follow my Vote is a startup that basically focuses on changing the way we vote. It is the first voting system of its kind in the world.

6.Internet of Things

Blockchain can be used for Internet of Things in several different ways. Blockchain technology can provide the consumer with a technology that helps track his individual devices by maintaining a spreadsheet.

Interesting startups in this field:

Filament: Filament is developing a system through which devices can easily get connected and securely communicate with each other without an intermediary. Filament also makes sensors knows as Taps which are commonly used by Amazon and SpaceX.

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