The Potential of Blockchain Technology Beyond Financial and Cryptocurrency

The Potential of Blockchain Technology Beyond Financial and Cryptocurrency

November 3, 2018 0 By sydney ifergan

Newer and innovative technologies are pushing around the globe including artificial intelligence, machine learning, and robotics. All of those technologies are being used in a plethora of sectors to improve and automate processes.

Apart from that, blockchain technology was able to place it on the list of developing technologies. Did you know that special attention is being paid to the possibility of blockchain to endure challenges associated with economic development? Most people limit blockchain technology to financial organizations, which isn’t real. The potentials are beyond financial agencies which include non-financial players and fintech startups.

But how does blockchain use cases can be employed in other sectors?

DIGITAL IDENTITY

Digital identity is considered as the major threat and susceptible to most frauds and is composed of device identification. The technology could help in handling the device identification through holding the distinct identity of every participating node within the network. It will assist in extracting helpful information and get the appropriate device.

Online has at all times been a time consuming and expensive process. Nevertheless, blockchain technology has the potential to eliminate the intermediary intervention. It also provides corporations to have network access to an equal source of valid data.

DIGITAL VOTING VIA BLOCKCHAIN

Picture yourself last time you voted, after waiting for a very long queue. Perhaps next time, you’ll have the opportunity of voting right in your home while enjoying a sit on your couch. Blockchain could be helpful in tracking, counting, and even casting the votes, without any risk of lost record of fraud.

The major difficulty in electrical processes online is safety and security. Nonetheless, through blockchain, each voter can see whether their vote was transmitted successfully without showing the identity to other people.

APPLICATION OF BLOCKCHAIN IN THE ENERGY SECTOR

Innovative and new energy initiatives such as home power and solar power generation are trooping the gaps of power supply around the globe. Smart meters could help in registering the used and generated electricity in the blockchain technology. It also enables usage of surplus energy in a various area where there’s a lack while the credits are presented to the producer. In the long run, all credits could be exchanged when the micro-generating requires further electricity from the grid.

DISTRIBUTED CLOUD STORAGE THRU BLOCKCHAIN

In case you didn’t know yet, blockchain data storage will be the main disruptor in the future. Nowadays, the cloud storage services are considered centralized, and the users need to trust the storage provider. Further, they have the complete control on all the online assets.

On the other hand, blockchain technology could improve security and remove the dependency. In other cases, users could rent out their additional storage capacity. Therefore, keeping data in different locations will aid in safeguarding the online assets.

Meanwhile, XinFin is a Singaporean based blockchain platform which is sought-after as being able to process transactions quick. The platform is intended for countries which prefer to maximize on their tourism, nations which need farming tools and equipment, hospitals which wish to get machinery, and more.

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