Encrypted currency is just one possibility in many applications of blockchains. In this article, we will explore other application cases of the emerging technology of blockchain and how to change our world.
Blockchain technology is a cryptocurrency, similar to the main principles of bitcoin, but cryptocurrency is only one possibility in many applications of blockchains. Below, let's explore other application cases of the emerging technology of blockchain and how to change our world.
Let's start with the most obvious case, because it will attract the most attention. Blockchain technology relies on decentralized ledgers without any third party involvement throughout the process. In the case of Bitcoin transfers, your bitcoin is transferred from one wallet to another, but this does not need to be done by any agency or government. In today's society, we trust banks to do a lot of money-related operations. Blockchain technology allows users to skip intermediaries and trade directly with each other.
Despite this, it seems that we are still far from this phenomenon. The cryptocurrency is too unstable to be trusted by everyone to replace the current system. Interestingly, however, banks seem to be very active on blockchain technology. A company called R3 recently worked with more than 40 banks to discuss possible future cooperation options for banks and blockchains. R3 recently launched a blockchain program endorsed by 12 banks.
But why do banks have to join the blockchain, and this technology that has an impact on themselves? Through the blockchain, banks can greatly reduce their costs because they do not need to deal with other third-party agencies.
Case 2: Uber and AirBnB are no longer needed?Platform companies such as Uber and AirBnB all use the same principles. They are middlemen who collect the information they need from the center. One seems to be the “bank of the taxi†and the other is like the “bank of the roomâ€. You need to go somewhere, others have a car, and you can use Uber to share your information. Of course, in this process, Uber will also take some commissions to make the overall cost higher. The same is true for AirBnB. Although their services and banks can't be said exactly the same, the blockchain can also reduce the demand for these things.
For example, a project created by a former Ubder driver relied on a P2P network, and you don't need to use a third-party platform to find drivers or passengers. No one but the driver and the passenger can decide the price. And, you don't even need to spend cash. If you want to travel with passengers in exchange for food, or tickets for football matches, what is the biggest problem? The blockchain is a decentralized trust system, and no one will act as an intermediary to control your transfers. There are also other projects that want to replace Airbnb, whose technology is based on Ethereum.
Case 3: What is the impact on the energy market?The electricity market is a top-down system that is produced and purchased. However, today, some power purchasers can produce electricity on their own. How do you trade with people who have solar farms and excess electricity? How do you turn them into part of the blockchain network?
The blockchain allows electricity trading to take place between individuals, and we can imagine how big this is. And the overall purchase cost is reduced because no one can intervene in the buyer and seller during the transfer process.
Case 4: Smart ContractAs we talked about, we may have seen some of the benefits of using blockchain technology: the cost of mediation leads to lower costs, the decision process becomes faster because all are automated, and because the blockchain is transparent, all The transaction is also safer.
We can imagine that there will be countless smart contract applications in the future. Suppose you are going to sign an insurance contract now, and you and the insurance company agree on certain terms. The smart contract writes down the information you need until all the conditions are met and you pay the insurance company.
Airlines can use blockchain technology to compensate passengers who are late for the aircraft. Smart contracts collect time for all aircraft to take off, and any aircraft is delayed, and passengers can get compensation. This way, you don't have to fill in the form every time, call and so on.
Case 5: Preventing medical fraudBlockchain is a transparent way of storing information that no one can control and is very secure. In this way, blockchain can be a great way to track medicine and ensure that the medicine you take is approved by a professional agency you can trust. The World Health Organization estimates that 700,000 people die each year from counterfeit drugs. In third world countries, 10% to 30% of drugs are fake and shoddy. In terms of medical health, Estonia has safely stored 100 medical records using blockchain.
Case 6: Safer land registration?Perhaps drugs are not a big problem in developed countries, but in some countries, land is not registered in any database. So how do you prove that this land is yours? What can be used to prevent your neighbor or anyone else from taking your land? Land registration does not even exist in some countries, and it cannot be proved that land ownership will seriously hinder development. In Ghana, companies have used blockchains for land registration. In Honduras, the government registered the entire territory of the country in the blockchain.
Case 7: Better democracy?When we think about democracy, the first thing that comes to mind is voting. We will let everyone in the entire country vote and then choose the right leader. Blockchain can also be of great use in this process. The transparency of the blockchain will ensure that voting is not fraudulent and creates a secure online voting mechanism.
Maybe in the end it would be like this: An institution (which can be a country or a company) wants to vote. Suppose a company has 100 employees. The company now wants to use the agreement to build its own pass, so it issued 100 passes, one for each employee. Every employee has a wallet as a public ballot box. Employees can vote by transfer, and each employee has his or her private key to prove that the wallet belongs to him.
Of course, we can't make large-scale elections through the blockchain now, because there are still many problems to solve, but this is also a very interesting application case.
in conclusionThrough the study of blockchain, I have increasingly found that if we have a blockchain, our society will be more efficient and fair. These seven cases are only a small part of the possible application of all blockchains, and maybe we just saw the fur.
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