10 POTENTIAL USES FOR BLOCKCHAIN TECHNOLOGY
Because a blockchains are a virtual ledger, one can use this technology for all sorts of things other than money. Below are 10 potential uses for blockchains that I can think of.
1. Decentralised Internet
Programmers are currently working on decentralised internet platforms to distribute all the functions of the internet over distributed nodes which will increase the resiliency of the world wide web.
2. Smart Contracts
Smart contracts can be built on top of a ledger and operate as decentralised applications. These programs can run functions which are becoming more sophisticated and may diminish the need for standard legal contracts.
3. Decentralised Markets
One challenge with cryptocurrencies such as Bitcoin is the need to trade on centralised exchanges which can be shut down or hacked. Decentralised markets allow trading without having to trust a third party.
4. Distributed Cloud Storage
Distributed cloud storage avoids the need to place faith in large centralised companies where personal data is vulnerable and pricing may escalate to cover the expanding number of data servers.
5. Decentralised Social Networking Sites
Social networking sites are centralised and are prone to censorship of information. Decentralised social media platforms such as Steemit mitigate this and financially reward the content creators.
6. Encrypted Messaging
Peer to peer messaging can leverage blockchain technology to encrypt messages and store data bits efficiently on many different computers where they can only be accessed with a private key.
7. Proof of Ownership
Items that are purchased could be tracked on the blockchain to demonstrate proof of ownership and to prevent the sale of stolen goods which may eventually help to reduce crime.
8. Authenticated Voting
While digital voting can be susceptible to tampering, blockchain voting technology is verifiable and would allow anybody to audit the blockchain to confirm votes are time stamped and legitimate.
9. Trading of Stocks
In traditional stockmarket there is typically a delay of 2-3 days for settlement of stocks and bonds. Trading stocks on a blockchain is more cost effective and provides instant settlement.
10. Real Estate Transactions
Property titles, transactions and historic value can be built onto the blockchain providing transparency and reducing the time and cost associated with real estate transactions.
What do you think? Please share your ideas below about how blockchains will change our world.
Thank you for reading!
If you liked this article, please see my other blog posts below: