Blockchain technology is a decentralized type of database that is rapidly evolving and has implications across a range of sectors including applications.
The most common use of blockchain technology is as a distributed ledger for cryptocurrencies, most notably bitcoin. Since bitcoin’s creation in 2009, the number of cryptocurrencies available over the internet has grown into the thousands and they have become increasingly easier to buy, trade and invest in.
Blockchain technology can also be used for other purposes besides cryptocurrencies, such as for transferring legal documents or record-keeping. However, it is important to note that some uses are still at the beta testing stage and require further development before becoming mainstream.
Blockchain technology is showing itself to be an incredibly powerful tool in the world of business, and the applications for it are seemingly endless. It’s safe to say that there is a new application for Blockchain technology created every day, and these applications range from the useful and practical to the utterly baffling.
Here’s some of the latest Blockchain applications that have popped up in recent months:
A Blockchain-based platform that matches freelance writers with publishers. A Blockchain-based service that allows people to “tokenize” their assets, whether they be financial assets or assets like art or song rights.
Blockchain-based identification services that can be used by banks, government agencies, hospitals, and other institutions.
A Blockchain-based platform that allows users to purchase high-end luxury goods using cryptocurrency.
A Blockchain-based platform that allows small businesses to issue bonds on its network.
A Blockchain-based service aimed at helping human trafficking victims around the world.
A Blockchain-based platform designed to provide investment opportunities for women around the world.
Here are some of the latest Blockchain applications:
Blockchain-Based Electricity Trading System in Japan
A blockchain-based electricity trading system is being developed in Japan to enable consumers to buy and sell renewable energy. The system is expected to be operational by 2019.
The platform will allow consumers to store, buy, sell and trade renewable energy on a decentralized marketplace. The system will use smart contracts to exchange data between different energy grids.
Controlling Air Pollution Using Blockchain Technology in China
Air pollution control is a major challenge for China, with over 90% of Chinese cities facing air quality issues. To combat this problem, China has turned towards blockchain technology. Blockchain technology is currently being used in one Chinese city to track and manage carbon emissions from vehicles. The system also enables the city’s environmental protection department to monitor the origin of polluters.
It uses an internet of things (IoT) system that scans license plates and vehicle information, then uploads it onto a blockchain platform where information is stored and analyzed. This helps the government determine the level of air pollution caused by each vehicle, allowing them to come up with effective solutions.
Better security for smart contracts
The traditional blockchain model is prone to errors because it requires human interaction to produce smart contract code and then interpret it. If a single mistake is made during either process, it can lead to major problems down the line.
A new blockchain Applications called VeriBlock aims to solve this problem by allowing developers to write smart contracts in any language they want, such as Solidity or Python, and then automatically convert them into an intermediary format that’s free from human error. The intermediary code will then be converted into a low-level language called Bitcoin Script so that it can be executed on the Bitcoin network.
This approach allows smart contracts to benefit from Bitcoin’s massive hash rate, which provides unprecedented levels of security for smart contracts in addition to the advantages of being censorship resistant and decentralized.
Many of the new Blockchain applications follow the trend of democratising industries. For example, Ujo Music is a company that uses its own cryptocurrency to pay artists directly based on how many times their music is played. This removes the need for record companies and other middle-men that take a cut of traditional music sales.
Blockchain-based credit scoring applications : The startup Bloom has created an identity and credit scoring service utilizing the blockchain. Rather than using traditional credit scores, Bloom uses decentralized credit scores to evaluate users’ creditworthiness. These scores are based on a number of different variables including utility bills, phone bills, tax documents, bank statements and social network data. This removes the need for third party guarantors or centralized credit bureaus.
The two most prominent Blockchain technologies that are changing the way certain industries operate:
Private blockchains. These are networks that can be accessed only by specific users or parties with permission to do so. They can be used to share data between private organizations or individuals. Because they’re designed to be secure and private, they’re often used in cases where privacy is essential. For example, financial institutions use private blockchains to manage their transaction records securely.
Permissioned blockchains. Permissioned blockchains are public ledgers that allow access only to authorized users — a bank for example — who have been given permission to view certain information. In this way, it’s possible to build applications that can only be accessed by authorized parties, who can then view the information without compromising security or privacy of other users.
The use cases for blockchain technology are almost limitless. It’s already changing the world and it’s only just getting started. One day, blockchain may even be used to power self-driving vehicles and conduct artificial intelligence experiments.
There is no doubt that blockchain applications will continue to innovate and disrupt traditional sectors in the future.