Blockchain technology is one of the hottest debates in this day and age. Despite of its continued regulation by a number of countries, there is a multitude of financial institutions that have availed the benefits it has offered since a long time.
Blockchain is a digital ledger where events and transactions can be recorded in a way that it cannot be deleted and the transactions can be viewed by anyone. You can think of it as a transparent register where certain entries are made. The decentralized Blockchain technology have revolutionized a number of industries in this day and age. From the way businesses are conducted to asset management, it has brought about a lot of changes and has the potential to bring more. Nevertheless, here are the 5 often overlooked uses of the Blockchain technology.
1. Use Bitcoin as a anonymous purchasing method
Bitcoin is one of the most developed digital currencies in this modern era. This cryptocurrency can further be used as an anonymous purchasing method. It can be used to make a number of purchases such as tools ensuring privacy like VPNs. One can buy VPN with Bitcoin. Furthermore, other online transactions can be made through different cryptocurrencies that utilizes the Blockchain technology.
2. Democratize the art selling market
This is another overlooked uses of the Blockchain technology. The industry of art is nourishing successfully throughout the globe and more people are interested in purchasing pieces of art. Blockchain technology can be used in this specific context. It can be utilized to make the art selling market more accessible to the purchasers and enabling artists to sell art directly over such digital platforms. It is not only beneficial for the sellers but purchasers as well fostering the industry as a whole.
3. Sharing secure data
The technology that underpins the cryptocurrencies enables us to do things other than just send money. By incorporating amount of information in a Blockchain structure, a wider audience can be communicated about the validation that a certain event occurred in a particular time. Person utilizing data can be confident about the occurrence of an event.
Data is something that businesses need all the time. They use the data to alter their approaches toward the consumers. But they can only consume this data if they are sure about its credibility. This can be achieved through Blockchain technology.
4. Smart property
The concept of smart property is one of the products of Blockchain technology. Smart technology can be embedded in tangible and intangible property. Registration can be stored in ledger with contractual details of who ownership of property. The ledger would not only store but allow the exchange of the property after verification of the contract.
This ledger can be used to record and manage property rights as well that gives rise to smart contracts. Making property smart decreases the risk of running into fraud and other undesired consequences.
5. Prove identity
This is another overlooked use of the Blockchain technology. In this interconnected globalized world, we are often asked about our identity on daily basis in order to access a number of services. Many large corporations who ask for this proof often abuse the data that is being provided.
This technology can be used to digitally validate identities that would operate across borders. This would even help us to reveal little identity about ourselves. There are some companies that are working on identity projects.
Here were some of the overlooked uses of Blockchain technology. However, the potential is undefined and we do not know how much more is going to come in future years.