Topic: Other uses of blockchain technology? (Read 459 times)

Apart from a fundemental technology supporting Bitcoin, Blockchain has proved its value through lots of innovative applications. As far as I know, Blockchain may be used in digital voting in the future because of its high security so that the government becomes more transparent. Also, with its timestamp feature, this technology has ability to confirm the existence of something at a stated time that is further provable in a court of law. That's called DECENTRALIZED NOTARY.

Although Blockchain is mostly known as the underlying of Bitcoin, it has facilitated many other domains. Blockchain has get involved in distributed cloud storage thanks to its decentralized nature. Moreover, Blockchain technology offers a solution to many digital identity, which is now riddled with fraudulent problems. Another application of Blockchain is smart contracts that promise to help cut your mortgage rate, make it easier to update your will. There are so much that I can't list here!

I see Blockchain is growing beyond Bitcoin. More and more companies and organizations, including big names like Microsoft and Tesla, take strides toward or show interest in using blockchain to support their business. There is now a general inclination to use blockchain in other fields, including IoT, the supply chain, stock exchange, gaming and other domains where secure data transactions are important.

Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and reduced fraud. So Blockchain technology goes way beyond financial assets mostly known as Bitcoin.

Bitcoin is just one of the Blockchain-based applications. There are a lot more to do with blockchain. For instance, Storj is beta-testing cloud storage using a Blockchain-powered network to improve security and decrease dependency. I think in the future, distributed cloud storage will heavily depend on the Blockchain.

Blockchain is more than just an underlying technology of Bitcoin. Essentially, any type of digital asset can be tracked and traded through a blockchain. Information about the provenance of goods, identity, credentials, and digital rights can be securely stored with a distributed ledger.  Therefore, Blockchain is useful in fields like digital identity and decentralized notary.

Aoart from that there are variant nonfinancial usage of blockchain technology, but tbe problem us that almost everyone is vexed into the financial usage. Anyways, it's not the fault of the developers. Some people have ideas but the funds to startup these platforms become a problem and so they attach the financial features to help raise funds.

Again how can a virtual public ledger (Blockchain) give you anonymity? Remember that Blockchain is important as it gives us transparency regarding transactions and maybe if applied in the future other records from public ones to medical records. Anonymity is not one of the main things Blockchain is featured with, as cryptocurrencies are the ones who have advantage with it first. With Blockchain you expect that your transactions will be more transparent compared to out old system which is vulnerable to hacks.

May I ask the source of the image? I am quite interested in the future application of blockchain technology.  I just to include the source as another reading material.

Automotive
- Track truthful, full history of vehicle from pre-production to sale
- Supply chain parts management
Banking, Financial, Fintech
- Streamline payments processing with high efficiency, fast and secure transactions
- Empower global transactions, tearing down national currency borders
- Minimize auditing complexity for any financial ledger
Charity
- Tracking donation allocation, accountability, integrity
- Reduce overhead and complexity of donation payment processing
Cloud Storage
- Increased security with a shift from centralized data security to decentralized network
- Lower transactional costs within a decentralized network
- Crowdsourcing unused cloud storage
Commercial Vehicles and Transportation
- Tracking journey stops; paired with IoT to create an immutable ledger of trip data
Credit History
- Make credit reports more accurate, transparent, and accessible
Cybersecurity
- Fight hacking with immutability of ledger
- Guarantee validity with data integrity
- No Single Point of Failure (decrease in IP-based DDoS attack success)
Donations
- Provide auditable trail for donations to prevent fraud
- Ensure crowdfunded campaigns receive donations and contributors are compensated
Education
- Digitizing, verifying academic credentials
- Federated repository of academic information specific to class, professor, and student
Energy
- Bypass public grids to allow for cheaper, peer to peer energy transfer
- Smart utility metering
Forecasting
- Combined with machine learning algorithms, blockchain can provide a decentralized forecasting tool
- Government and Voting
- Reduce voter fraud, inefficiencies with verifiable audit trails
- Minimize government fraud, digitize most processes
- Increase accountability and compliance for government officials
- Identity validation; integrity of citizen registry data
Gun Safety
- Tracking gun ownership and possession related information
- Tracking criminal ID history and attempts to purchase
Human Resources
- Background checks: Verification of identity, employment history
- Payment and benefits process validation — smart contracts
Insurance
- Improve multi-party contracts
- Streamline risk contract efficiency
- Streamline claims adjudication
- Reduce disputes with transparency of shared data
..... and many more

Xtrabytes is going to use the blockchain to host apps and services on their net.

DeepOnion is using blockchain for verification of file authenticity and named it DeepVault.
What you have to do is register and verify the file on blockchain with a small fee. After that, you will be able to claim the file authenticity.
There are a lot of usage of blockchain.

Blockchain technology has been a like a blessing to all the people in the crypto currency market. This has moved the need of the middleman of transactions taking into place. And has made exchanges easier for the people. At the same time, this has made the exchanges secure and less likely prone to hackers.

Blockchain technology is a completely decentralized system. It provides peer to peer connection with security and stability. Another important advantage of Blockchain technology is that it provides adequate transparency.

Blockchain is the digital, distributed, and decentralized ledger underlying most virtual currencies that's responsible for logging all transactions without the need for a financial intermediary, such as a bank. In other words, it's a new means of transmitting funds and/or logging information. Here are potential uses for blockchain technology.

1. Payment processing and money transfers
2. Monitor supply chains
3. Retail loyalty rewards programs
4. Digital IDs
5. Data sharing
6. Immutable data backup

Well this is a good questions based on this topic crypto currency use block chain tech based on this system is fully decentralized so many farms and company like to use this system also many govt. using this for voting system also BMW , UPS , Walmart are using this tech.

Other than cryptocurrencies and transactions verification blockchain can be use for in the music industry for rights of ownership and transparency, distribution.

Blockchain technology is one of the most advanced technology that man's invented, this kind of discovered invention leads for us to touch the future state of our new generation through modernization. Blockchain technology provides various effects that deals to the newly invention in near future. Blockchain technology can gives us today a lot of benefits and also to our future generation.

Blockchain technology uses to ensure transparency in data management, health service management, supply management and logistics, gambling and a whole lot of eco industry fields.

Block chain can also be use by the financial services, it can also be use as data storage for medical record, banking sector etc. However, it can be use for verification, approval, and security of digital identity which will somehow be universal problem in couple of years.