Applications of Blockchain Outside of Financial Services

You may know them more prominently from digital currencies, web based data mining, or investment strategies, but applications of blockchain innumerably vary.

Applications of Blockchain Outside of Financial Services

While it may thus far be a record breaking tool in the world of digital currencies and online exchange platforms, but blockchain could fundamentally alter the world in a variety of aspects. This technology can greatly benefit a range of concepts, not solely based on economics, banking, or finance in general. These capabilities can range in verifying online identities, to industry enhancing features of data encryption. The most avid tools for remaining informed on leading tech and blockchain realities, is through these blockchain influencers; these individuals either helped build the foundation of blockchain in its early stages, or were there to upgrade the underlying technology, for which eventually made cryptocurrencies into cultural edifices.

Okay, but what is blockchain technology? It's not the most simplistic or easy to learn of all technological advancements, but in the long run these sophisticated online histories are what codify the berth of internet information. Blockchain, at its core, inherently means the complex restructuring of data, whether it be communicative, transitory, or legally binding. When blended with market stipulations, international debates, and world politics, the applications of blockchain can fundamentally alter the world. Leading us into a future of well-organized history stores, autonomously collected data, and ever-adapting features in cross-based functionalities, blockchains are now evolving various market niches to bring us far better quality and legitimate online information.

Cannabis

Probably least expected among variant applications of blockchain technology is their involvement of streamlining the cash-heavy business of cannabis. Serica is of most importance, since the blockchain based system is redefining the online weed marketplace in the forms of data and connectivity. The platform utilizes a secure encryption key called Secure Socket Layering Technology, which keeps all personal information, accounts, and communications safe from hackers.

Similar to Serica, Tokken and Hypur are also among companies utilizing concepts of the distributed ledger technology so as to implement better business transactions, track payments, legitimize the market with membership registrations, and bring the anonymity options of cryptocurrency to cannabis investment strategies (since, for all intents and purposes, it's still Federally illegal).

Diamonds

There are very few platforms that allow for a a somewhat more decriminalized rate of business in the industry of diamond mining and financing. Blockchain technology came into the world under the Bitcoin philosophy of complete anonymity over vast exchanges, which obviously led to much and more in the form of criminal activity in of itself; as if to counterbalance these functionalities, applications of blockchain are now moving toward regulating the natural resource of diamonds not only to curtail the industry's deeply embedded forms of criminal enterprise, but to also holistically verify the market.

To witness this in action, follow Everledger. By creating "digital passports" for each and every listed diamond, plus transaction verifications made with either insurance companies, or even with law enforcement agencies, the blockchain platform tries to reinvigorate the diamond industry with far more concise and secure opportunities for the future.

Energy

Among many different applications of blockchain outside of financial services is, interestingly, energy. It's one of the most fundamental and promising iterations of the tech thus far. The professionals at Energy Blockchain Labs is only one of many companies attempting to push the bounds of blockchain technologies by integrating it into a wide range of data links within the industry, such as energy consumption, production, trading, management, and more. This is how blockchain could give us a smarter energy grid, effectively revamping the entire world's energy output.

There's also Grid Singularity and TransActive Grid that are two platform variants related to data exchanges. The former is a decentralized platform of immense features, like trade validation, smart grid management, and energy data analysis, all of which are paving the way in the of the many stores of energy data. TransActive Grid is also a decentralized platform, yet it facilitates more business-opined features, like tracking energy analysis, determining local ways of generating, usage and gives users access to green trades. This is a non-repudiable, peer-to-peer and open-source data exchange that's expressly altering the industry as we know it.

Artistic Ownership

Seamlessly revamping attribution and digital sharing, Ascribe firmly places itself among the most unique applications of blockchain, since it utilizes one of the most undervalued concepts in cross-platform digital sharing: content ownership. Ascribe uses blockchain in its marketplace by way of authenticity certificates, unique ID and consignment acceptances (for artists and musicians).

Though it might be one of few variants to the everyday blockchain technology of digital currencies, it's not the only one specifying itself on ownership and legality for testing blockchain possibilities (simply investigate Proof of Existence, Stampery, and Monegraph, among others). Since anonymity is so well-preserved throughout the modern landscape of the net, it's practically impossible to ensure you and your self published content is secure. Protecting your digital content portfolios and artistic galleries is one of many ways blockchain tech is being revolutionized for the future of online connectivity.

Content Publication

Identical in how they transmute scores of data (among a plethora of various other forms of information), blockchain technologies are also streamlining the market for broadband media distribution. Various applications of blockchain can be found in the vast world of media distribution, some of which being PeerTracks, JAAK, and Bittunes.

The latter platform has the most potential, for their creation of a global solution in freeing artistic expression and fan appreciation is not just an ambitious endeavor, it's proving to be especially revolutionizing. With a process of buying/distribution, the app automatically rewards artists and music consumers with bitcoin earnings, which is its primary currency. PeerTracks uses MUSE, a peer-to-peer network that simplifies, automates and removes overhead as a solution for music streaming and retail.

Internet of Things

Transmuting the vast deluge of concepts inherent among the internet of things, often shortened to IoT, can also be found in applications of blockchain. These new and remarkable interfaces, like the San Francisco-based Chronicled, generate an Open Registry for IoT, which basically means everything's been collated, collected and stored within the Ethereum blockchain (for which Chronicled was built upon).

The registry lists a vast array of itemized goods, more often than not collectables and consumer options with BLE and NPC microchips embedded within. There's also such variants as Filament and Chimera. In the deliverance secure communication and transaction on mobile devices, Filament is bringing a decentralized IoT stack minus the unwanted misappropriated infrastructure with blockchain-heavy prospects in itemization. Chimera, however, is rather interesting, for it weaves analysts with IoT to in effect design a "hub" for seamless network to cloud connectivity and real-time analysis.

Real Estate

The marketability of real estate has come a long way, even in the wake of 2008's recession that which stemmed from poor real estate decisions and misguided banks who sought higher interest rates for monthly property loans. One of the ways we can curtail such an event from ever taking place from the start is with emerging tech like blockchain functionalities.

Applications of blockchain seen outside of the financial sector can best be actualized by UBITQUITY and Silvertown. The latter is among the only supply chain interfaces that give property managers important concepts and news on assets with smart home technologies, the next step in implementing two extraordinary technologies. On the other hand, UBITQUITY streamlines tracking to a whole new level, offering secured records, deed transference, and asset tracking through SaaS blockchain technology. The platform intends on wrangling all relevant data on real estate under one clean interface that reduces unclean records of ownership, and juices up transparency.

Virtual Organizational Governance

If you thought blockchains weren't versatile enough already, you'll be surprised to note that these complicated data streams can also be utilized in such a way that can help governments organize and systematically govern their nations for plenty of different reasons. There's surprisingly a host of applications that posit the reality of "virtual nations," as so experienced in BITNATION. They alreay have a myriad of backbone, from actual citizens and ambassadors, to locations and partners found all across the world.

Similar are Advocate, a blockchain platform attempting to reduce cycled phasing in campaigns by way of reshaping interactions between representative and citizen, and Borderless, a service provider for governance tactics that uses smart contracts on the company's Expanse blockchain to wrangle global necessities at a push of a button. There's a berth of governance applications for businesses and organizations, as well, such as Colony, BoardRoom, and Otonomos.

Job Market

Another eccentric niche targeted by blockchain technologies is the purification of the job market through a variety of different services. One of the most popular applications of blockchain for the job market is Coinality, an interface that brings together employers and job hunters seeking payment in digital currency options, like Litecoin, Drogecoin, and Bitcoin.

The deeply ingrained and always up-to-date data blocks inherent of blockchain tech is what makes its utilization in the job market a praiseworthy rendition. Platforms like Appii, Verbatm, and Satoshi Talent all express an avid connection with the job market and the force of hungry employees waiting just beyond the fold. Appii, while among applications of blockchain for beneficial job market inquiries, is also similar to identity authentication with its extensive outlining of every single personal job trait you have ever maintained, securely listing your personal information on a distributed ledger technology.

Identity Authentication

If one thing needed mending more so than anything else in blockchain phenomena it's the issue with anonymous and privatized online individuals. This is why much of the world surrounding cryptocurrencies from the start was negatively viewed, as the digital currencies tended to be used primarily for illici web-based activities, like the buy and sale of guns, narcotics, and otherwise illicit content subscriptions. In targeting more sophisticated cybersecurity options by using blockchain technology, apps like Identifi, Evernym, and UniquID Wallet are only a few identification based platforms targeting solidified personal profiling and account backgrounds to secure blockchain transactions more firmly.

Thankfully, now among applications of blockchain, identifying digital authenticators are now among the most progressive forms in distributed ledger technology. Why? Because cementing digital identities and securing transactions online are two of the most important concepts for improving blockchain as a whole. Civic, an identity management platform, is trying to limit consumer identity theft and internet-based identity fraud by registering and locking an individual's identity through an integral platform for much needed verification and validation tactics.

Electronic Voting

Coming under fire not soon after Trump was elected president, e-voting has seen it's fair share of ups and downs when viewed as a revolutionizing technology platform. When meshed with the likes of blockchain performances, electronic voting can then become a powerhouse form of decision planning and candidacy governance in the wake of these debates; for, with records management tools inherent in blockchain tech, online voting no longer because susceptible to potential tampering.

Follow My Vote is among the most sophisticated open-source applications of Blockchain, for it also uses integrates the use of elliptic curve cryptography into its underlining system for transparent and independent election results. This can also mean big futures for investment strategies, stock market procedures, and business regulation, as extrapolate from Estonias's e-Residency platform. Back in 2016, the Estonian blockchain application for electronic identity authentication was ported to Nasdaq so company shareholders on Nasdaq's Tallinn Stock Exchange could vote in shareholder meetings for investment procedures and futures. Identity management in the financial services industry is now the most paramount concept for more fluid, organic investments and returns.

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Salvador Lorenz
Salvador Lorenz
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Salvador Lorenz

Thinking in nodes of progress, futurism, science, culture, and existence. I experience life in a number of ways, pertaining to mathematical concepts mixed with rich flavors of art.

See all posts by Salvador Lorenz