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What is Blockchain Technology Used for Besides Cryptocurrency? - The Next Tech

What is Blockchain Technology Used for Besides Cryptocurrency?

Micah James
by Micah James — 1 year ago in Blockchain Technology 4 min. read
1893

Cryptocurrency brands like Bitcoin and Dash have become household names around that the United States in only a couple of decades.

Blockchain, the tech supporting cryptocurrency, has had a more difficult time of getting itself noticed. A recent poll from the banking giant HSBC discovered that 59 percent of correspondents had not heard of the tech.

That has led to a lot of blockchain’s possible upsides being underreported. Luckily, an enormous assortment of blockchain startups have taken it on themselves to showcase the vast array of advantages the tech can supply the public.

1) Reducing Crime

Any product that’s bought using blockchain technology leaves a traceable course on an internet ledger. It is a similar procedure for monitoring the delivery of a parcel. It’s simple to find out who’s bought the product, and the procedure it’s gone through to get to the purchaser.

The best thing about this is straightforward: it provides a method of displaying proof of possession that must not be corrected with. Later on, this might help to avoid the selling of stolen merchandise, or in the very least, allow users make informed decisions about the products they are purchasing.

This blockchain way is currently being executed together with achievement in the diamond sector for a means of finishing the transaction of diamonds.

2) Promoting on the Stock Exchange

Among the more annoying elements of owning shares and stocks (aside from their unforeseeable fluctuation in value) is that the delay in settlement. Investors can confront a wait of up to a week to get their marketed funds to achieve their true bank accounts.

Blockchain technology may accelerate this procedure to a couple of minutes, not days. The knock on effect of the fact that the public could react to changes on the marketplace in real time, selling stocks one second and using the exact same money to purchase new shares in another company only minutes afterwards.

3) Slimming Voting Fraud

On paper, electronic voting sounds like the perfect way to make certain that all voters have the chance to get their say to the conducting of a nation.

Regrettably, there is a reason why the vast majority of Republicans worldwide are still made to pay a visit to a polling station to cast their ballot: electronic voting is vulnerable to tampering. Malware on a computer, as an instance, could change an individual’s vote without them knowing.

Voting with blockchain technologies, on the other hand, would enable outside auditors to validate the validity of each vote due to its traceability back to the consumer.

4) Reaching People in Need

There is always big question marks on the proportion of a charitable contribution really reaches a individual in need. The British charity Oxfam, as an instance, recently demonstrated that the number of its employees earning over $130,000 annually had climbed throughout the previous ten years. Financial services, which move payment, additionally require a little proportion of any contribution.

While blockchain technology cannot offer permanent solutions to humanitarian disasters, it may at least skip the middlemen and reach people needing quicker.

They sent over 10,000 cryptocurrency coupons straight to supermarkets situated in refugee camps in Jordan.

Rather than having traditional cash registers, that the checkouts within the supermarkets are outfitted with expert iris scanners that permit the charity to authenticate the coupons to every refugee within the camp.

Also read: What's future of Cryptocurrency?

5) Safe Online Storage

You have likely heard of the internet cloud storage given by the likes of Google and Microsoft. Nearly all the clouds need your information the information that you put on the cloud — to be kept on a single central server.

While the threat may be modest, this will render your own personal data prone to hacking attacks, as 68 million Dropbox users located outside in 2012.

Cloud storage combined with blockchain technology allows for customers’ documents to not be encoded but also”shredded” to many distinct pieces which are then saved over a network of computers worldwide. It follows that only the consumer gets access to the whole version of a document, helping to supply safer online storage than before.

6) Entering Different Nations

Having and being in a position to present a valid passport and ticket is a necessity for traveling overseas. Though the former can often be uploaded onto our telephones, passports are still quite a concrete document.

Should you forget it, then you are not going on holiday. This leaves the public vulnerable to theft and identity fraud. More than 80,000 sterile passports have been stolen in the past several decades, according to the intelligence officers, making a massive headache for law enforcers global.

Luckily, blockchain technology may be going to supply a solution. Any changes or access to the information would necessitate confirmation by every member of this community, which makes it almost tamper-proof.

This encoded information could be saved on an individual’s smartphone and be reachable (not editable) via fingerprint scanning. When used together with stored biometric data, such as facial recognition and retinal scans, boundary crossings can be more powerful than ever before.

Also read: Blockchain Connecting to AI: The Next Transformation

7) Protecting Royalties

The world’s biggest online streaming system, Spotify, now pays out only $0.00397 per flow to artists.

Performers have begun to fight back against these low payments, together with blockchain technology helping aid their cause. Grammy-winning songwriter Imogen Heap, as an instance, is spearheading a new blockchain-based music stage known as Mycelia, in which lovers can purchase music directly from the artist instead of going through intermediaries like record labels and publishers.

Micah James
Micah James

Micah is SEO Manager of The Next Tech. When he is in office then love to his role and apart from this he loves to coffee when he gets free. He loves to play soccer and reading comics.

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