Blockchain technology is expected to be fast enough to power the Internet of things (IoT) and is going head-on with the major financial institutions of the banking world. Blockchains are being developed by banks, industries, and governments worldwide. Some commonly known use cases include
The Blockchain is the underlying technology of Bitcoin, used to store hundreds of millions of transactions. This is why it is commonly referred to as a digital ledger. Yet, the blockchain is capable of disrupting more than just the banking industry; it’s already transforming the very basic pillars of global trading. Possible applications go far beyond business, media, cryptocurrency.
- payment systems and digital currency, helping crowd sales, and implementing prediction markets
- Information and health record systems to solve the growing issue of EHR interoperability.
- The sharing economy and IoT are also building blockchains because they involve many collaborating peers.
- The insurance industry such as peer-to-peer insurance, parametric insurance, and microinsurance by using the blockchain.
Ethereum Smart Contracts
Ethereum is a blockchain-based computing platform with a unique scripting language that enables the processing of smart-contracts. Blockchain-based smart contracts are contracts that can be partly or fully executed or enforced without human interaction. Smart contracts have the potential to cut systemic risk and financial fraud.
Smart contracts are being developed for publishing texts and naming the origin of digital art. Fans can search for their favorite song and play it right from a blockchain. So artists are instantly paid every time their song is played on the radio or downloaded by a fan.
Steemit is using the blockchain as a blogging/social networking website and a cryptocurrency.
Cryptokitties use a blockchain application for users to claim ownership of digital game assets.
Democracy through technology
Voting systems using blockchain technologies will improve the democracy, transparency, and participation in both business and government. By creating an immutable record of ownership, the blockchain could end any dispute of asset, property, and land rights. Some innovative startups are using the blockchain to improve society and spread democracy throughout the globe
- Democracy Earth and Follow My Vote are two startups aiming to improve the democratic process by forming blockchain-based online voting applications.
- Biquity is a blockchain platform for real estate record-keeping. The application will record, track, and verify deeds. This will cut down disputes, save time, and ensure transparency during property transfers.
- Factom is developing a blockchain-based land registry. The app will help organize The Property Institute of Honduras. Likewise, countries such as Sweden, India, U.S, and Russia are all considering blockchain technology solutions to settle domestic and international land disputes.
- Bitnation became the first decentralized borderless “voluntary nation”. The community established an authority on contracts and rules to maintain order and justice using Ethereum Smart Contracts.
It has been said that the blockchain is the most ground-breaking development in modern technology since the internet started. A promising future blockchain world will change the way we do everything from solving poverty through a redistribution of wealth to solving conflicts with immutable records and trustless smart contracts.