Blockchain is a relatively new technology that creates a digital ledger that is secured using cryptography. The structure of the blockchain makes it easy to verify information, almost impossible to falsify, and highly secure. Here are just a few of the many use cases for blockchain technology:
Money transfer. Allowing for secure transfer of value between people across borders is the most obvious and well-known use of blockchain technology.
Crowdfunding with trust. Smart contracts can be built that release funds only when certain milestones are reached.
Micropayments. Blockchain will allow people to easily make micropayments online, such as for tipping helpful content.
Regulatory compliance and audit. Blockchains will reduce the possibility of human error and ensure the integrity of records.
Remove intermediaries. The need for title companies and escrow agents will be removed by blockchain technology.
Decentralized Autonomous Organization (DAO). An organization can run on the blockchain where the rules and transaction records are all computer programmed.
Lending. Smart contracts can be written to control aspects of loans such as collateral, payments, and margin calls.
Non-fungible tokens (NFT). There are dozens of uses of NFTs, but right now they are primarily used for establishing provenance and ownership of digital art.
Peer-to-peer energy trading. People can generate electricity and sell it to each other locally.
Securely sharing medical information. Records stored on the blockchain is accurate, up-to-date, and can be easily verified.
Voting. Blockchain can secure the voting process from fraud, make it more transparent, and protect the privacy of voters.
Artist royalties. Royalty structures can be built into the blockchain so that creators can get paid every time their content or art gets resold.
Domain names. Domain names can be stored on the blockchain, making ownership easy to verify and secure.
Background checks. Universities and employers can store records on the blockchain so that they may be easily verified and cannot be falsified.
Supply chain. Goods can be tracked using the blockchain.
Register land rights. Ownership records can be easily stored, verified, and almost impossible to falsify.
Leave a Reply