Consisting of a distributed and decentralised digital ledger, though the blockchain is often associated with cryptocurrencies like Bitcoin, in reality, wherever you require safe transactions, the technology may be used with phenomenal results. After all, it is resistant to data modification and leads to a host of ingenious possibilities:
A distributed ledger for cryptocurrencies remains one of the blockchain's primary uses. The most notable of these is Bitcoin.
In addition to being both trackable and irreversible, smart contracts enable automated escrow.
The blockchain is being heavily adopted by financial institutions, as it may help speed up back office settlement systems.
Supply chain management and logistics are just some of the many areas employing blockchain tracking services.
The blockchain may also be used as a protective measure for the IT components of healthcare software systems.
Blockchain adoption has also led to peer-to-peer insurance, parametric insurance and microinsurance software solutions.
Notable vendors offering platforms for the blockchain include IBM, Etherium and others.
As with any other software technology, the blockchain should be fit for purpose. We recommend its application in the following areas:
While the gaming industry is the most commonly cited example, cryptocurrency-based payments can be applied in a variety of sectors.
Voter data protection has become a growing concern, and is another area where the blockchain's tamper-proof capabilities are useful.
The blockchain helps businesses to keep track of their carbon footprint, and manage digital assets in a secure and decentralised way.
Both ICO and STO/DSOs can help tokenise traditional assets (e.g. company shares) in addition to more innovative ones like intellectual property, real estate, art and individual products.