Blockchain technology has been has originally been introduced as the technology at the base of the cryptocurrency world. However, every day more new ideas for applying this technology in various fields arise, from property rights registration to battling against infringing merchandise. Here we look at the top 10 most interesting blockchain use cases for our lives.
Distributed data storage
Instead of relying on centralized data storage services (such as Dropbox or Google Drive), blockchain technology offers to enable data storage on a P2P network, where, in simpler terms, the data fragments are stored with multiple network users.
In the existing centralized systems all the data is stored in one place, making it vulnerable for theft or loss. In a distributed storage all the data is encrypted and fragmented to be stored with multiple users, protecting it from hacking and theft.
ID management
Blockchain technology allows users to create their own security test for digital ID and use it to access web-sites and applications, sign digital documents, etc. A digital ID can also serve as personal ID if the real papers are lost.
Data registration and verification
Вlockchain can be used to store any information, creating an immutable distributed ledger that is much more secure than traditional databases. For example, clinics and hospitals can utilize it to create a medical history sheet ledger. Or create a vehicle registration system.
Fight infringing merchandise
Blockchain offers a solution against counterfeit goods and helps with supply chain management, especially where obtaining a product certificate is a goal (for instance an eco-friendly certificate).
Notary services
Blockchain can be a cheap and simple alternative to a notary service. The technology allows creating immutable records and track documents and sequence of events. Blockchain also allows to, for instance, shed the need for a centralized authority or a third party that would authorize a document. Since blockchain records are impossible to alter, any record can be confirmed by an independent third party and as such be considered legally binding.
Property rentals
The previous point can be expanded upon with the addition of smart contracts handling rent agreements.
For example, if you are own an apartment or car and would like to rent them out, you can put together a smart contract that will include the rental price and period, and store it on a blockchain. The moment a user completes the payment on the deal registered on the blockchain, the smart contract goes through, allowing said person to access the property for the period agreed upon in advance.
Zero Intermediaries Electricity
More and more households and buildings all over the world acquire their own renewable energy sources and begin generating their own electricity. Thanks to blockchain technology such households can connect to each other via a distributed network and buy or sell excess electricity, depending on their needs any time without the need for intermediaries or managing organizations of any sort.
Use in Mass Media
With blockchain the media can protect its content from editing and charge readers per page or per article providing them with access after readers complete the payment registered on the blockchain.
Military Use
The Defense Advanced Research Projects Agency (DARPA), the United States Department of Defense and NATO have launched projects utilizing blockchain in the military. For instance, DARPA wants to use blockchain in creating a secure messaging system.
Decentralizing the Internet of Things (IoT)
Most of the current IoT platforms are based on a centralized model where a single company or a centralized entity governs the connection between various devices. Blockchain will allow to exchange data in a reliable and secure fashion by creating an immutable ledger of all messages sent and received by the connected smart devices.
