Amazing applications of Blockchain technology
Amazing applications of Blockchain technology

By jordanjnr | Crypto Digest | 5 Dec 2019


If you find this post educative, entertaining or relevant,kindly leave a tip below to support my work. Thanks.

We all know what a blockchain is and how it's used.

(But if you don't,check out my in depth article explaining all that here)

And we can see all around us,Blockchain has it's applications in Bitcoin,Ethereum and other cryptocurrencies.

But what else can this amazing technology be used for?

What insane things can we do with Blockchain if we focus on it?

In this post, I'll list and explain 4 amazing things we can do with blockchain technology.

Let's get started!

1. Financial services.

We all know that Bitcoin wants to replace fiat currency. But while this is true,there is a reason for it.

You see,there are many intermediaries involved in making a payment.

Say you wanted to buy a nice pair of shoes from China.

You'd need 3 gateways in total.

Your converter of currency to yuan(believe it or not,this happens on sites like Alibaba instantaneously,and there's a fee attached) at 0.5% fee.

Your credit card issuer gateway(at 3% fee and upward)

The gateway to actually purchase the shoes. No fees here apart from the price of the shoes.

As you can see,you paid 3.5% extra on the pair of shoes you were to buy.

So say the shoes cost $50, you'll actually end up paying $51.75.

Now this may not seem like a lot,but if 10000 buyers a day do exactly what you did,that's $17500 for the company for that day.

Blockchain can change that by removing the intermediaries involved in these payments.

You just see the shoes you want,click buy and pay in Bitcoin or your chosen cryptocurrency.

Blockchain would make it easier and faster to purchase things internationally.

And this is not the only application under financial services. 

Blockchains can be used to create smart bonds, and smart contracts.(I have a post coming up on these today so follow if you want to see that.)

They can also be used as asset management systems, where all assets owned by an investor are listed on a public ledger. This prevents fraud when selling or buying houses.

2. Smart Property

Blockchains can also be used in smart properties. This will work in the form of the use of a decentralised ledger that will file properties up for sale or rent. These properties will also be filed in a smart contract,so the process of renting or buying a house would be completely automated.

Also,smart keys will be used to give access to the house,and your smart keys would expire once your rent expires,and would be renewed once your rent is renewed.

3. Use in IoT

The IoT platform aims to connect all our appliances together. But this comes at a cost: differences in Operating systems.

A blockchain would create a common ground to connect these devices to each other seamlessly,while allowing a latency free method of communication among all these devices.

It can also be used in smart appliances where a smart contract is programmed into them to begin their work at a particular time,and end it at a particular time. 

This could be used in electric sweepers, to enable them start cleaning when you're not around,and stop when you get back.

4. Uses in Smart music 

Music fraud is a big problem. You sing a song,and I say I own it,and we both waste time and effort because I want to be fraudulent.

Well, Blockchain technology can help erase that problem. 

The rights to music can be published in a public database,and the owners' names next to the songs they own.

It could also be used by musicians who want to release certain songs before others.

These songs can be attached to a smart contract which is timed.

And once the timer goes off, the songs are released.

I hope you enjoyed the post!

If you have any other blockchain applications,please put them down in the comments,and I'd add them to the post!

 

If you find this post educative, entertaining or relevant,kindly leave a tip below to support my work. Thanks.


jordanjnr
jordanjnr

Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!


Crypto Digest
Crypto Digest

Daily crypto news, updates and possible price fluctuation directions sound good to you? You're in the right place if that's the case. Please, always remember that we are not analysts....do your own research!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.