Blockchain has already created an unsurpassable hype in almost all fields of work. Certain salient features of blockchain have given it those wings, that it could span all the arenas. Some of these features, discussed briefly are-
- Blockchain are secure because they work over proof-of-work consensus. This makes validation of data easier.
- The blockchain data is encrypted by default. This poses problem often, because encrypted data cannot be validated. But, Public and Private Keys probably untangle this to an extent. Though handling these keys isn’t that easy.
- Blockchain is a peer-to-peer decentralized platform and eliminates middlemen.
So, if you think of using blockchain, here are certain potential use cases-
- Assets, tokens and certain other digital tokens are perhaps the most exciting and popularized, as of now, use cases of the blockchain technology. Just like Bitcoin, blockchain would allow stocks, bonds, tickets, reward points, digital keys, and other assets to be exchanged securely. Assets can be shared, sent and traded digitally through a Bitcoin blockchain as coloured coins; instead of traditionally issuing shares through stock exchanges. This would reduce friction and eliminate middlemen for transactions. Exchanges such as SpaceShift.io have successfully exemplified that stock exchanging using blockchain technology is not a bad option at all.
- Smart contracts are platforms that enable financial services like extension of loans, furnishing trade arguments, micropayments and many more. Additionally, these smart contracts can be built over digital assets and stocks handled by blockchain. If these contracts are executed with no third parties, it will omit the need for lawyers, banks, and other professional services. Rootstack has already put its heart and soul to bring smart contracts to sidechains and blockchains. Etherum also aims to bring smart contracts to various fields.
- Maintenance of records becomes hassle-free when we put blockchain technology into use. An inevitable amount of data can be hashed to inflexible and alteration-resistant data blocks via blockchain technology. Projects like Fatcom and Tierion are indulged into exploitation of this use case.
- Identity checking and authentication can be easily carried out. Onename, a New York based startup, has put forward an idea of creating an ID system using the Bitcoin blockchain where users may create blockchain IDs, which can be used to login to websites without the need for a password.
- Ventures like Storj have implemented blockchain technology into the cloud storage systems. This will allow users to share data in a decentralized way and those with extra storage space will rent it over to others who need it. Consequently, this will cut down storage costs by 60%, as estimated by Storj.
- Ride sharing is definitely one of the most unique use cases of blockchain technology. La’Zooz is a blockchain based ride sharing solution that rewards its users, developers, and drivers with tokens called Zooz. In many counties, Uber has been limited to protect the other cab services. But since La’Zooz is decentralized, it is fearless of being shut down or being blocked by the authorities