Dog years resemble the blockchain years. Many things have undergone a chance since their initial years. Blockchain technology has been hovering everywhere to its peak of inflated expectations. Due to the trough of disillusionment, the blockchain technology can get inflation as expected.
Many corporate are using the overblown ideas and proofs of the blockchain concept. The blockchain technology works to collide head-on with the scalability challenges and industry-specific regulatory obstacles. It is also important to know that the blockchain technology stuff has to be known in clear before implementing it. The borderline of blockchain is a crazy-blue-sky kind of stuff that makes people think about the ways to implement blockchain in an amazing manner.
It is important to know the implementation cases of blockchain. Someone, somewhere, can see the possibility of a transformative blockchain power and can seize the opportunity. It helps in trying something new. Analyzing and giving a try helps the corporate to see the exciting face of the new nascent technology.
Bitcoin, also known as “blockchain’s first use case”, has been in the digital currency world for more than 40 years. Many economists have been seeking the holy grail of the digital currency. It is mainly because it eliminates the double-spending issues and stops trusting third parties. Eight years on, the bitcoin has not been hacked. Many hackers have also indulged in hacking it. The convergence of mobile payments in the African market is a big thing to watch around. Many companies including BitPesa have been leading the charge in the bitcoin transactions.
Micropayments and money transfer has the ability to use blockchain in handling money. And so, it becomes a potential game-changer. Whilst going into in-app payments, the microgrid transactions and payments using cryptocurrency without incurring any bank fees. Blockchain payment may reduce the original payment charges. Hence, it is considered as a huge opportunity to reduce expenses during money transaction.
Lending people money
In personal finance, peer-to-peer lending is one of the fastest-growing countries. Users have also attracted many opportunities. It helps in getting huge returns for their savings. It also helps in getting a low-interest environment thereby making the borrowing process a sensible one. Using bitcoin, the fiat competitors may get a thirsty throat in their business realm.
Paying parking fines
According to the suggestion of New York City councilman, Mark Levine, recalcitrant motorists must be able to pay their parking tickets using bitcoin. It eliminates the usage of ApplePay. Many economists are not certain about this happening. However, resources say that there are huge chances of the accomplishment of cryptocurrency-based parking fines is possible in mere years. It will bring an interesting side over the context of BitLicense.
Due to the interference of ad-blockers, the traditional business model has slipped down the frame. Few publishers have proved the successful implementation of all-or-nothing paywalls. Research has also shown that users have been prepared enough to analyze the process. Few London startups including Smoogs, provide an easy way for the writers and other content producers.
Charging an electric car
Compared to content consumption, small incremental payments are good. Traditional car-charging stations usually require drivers to pay a fixed amount irrespective of the electricity consumed by the car’s battery. For electric rental fleets, the hiring company has to develop a tracking software that tracks the charge left on the batter. The company also invovle in manual cross-checking of the battery level. If this happens, every electric vehicle will have a chip in it that allows to track the power consumed by the battery. Thereby, the diver has to top up the payment allowance once the allocated payment has been over. RWE, the German energy giant, has brought a pilot scheme along with Ethereum pioneers. It allows electric cars to charge while waiting at the traffic lights.
Certifying a supply chain
During a product purchase, consumers will prefer to make ethical choices. Recent news about the poor condition of the garment workers in countries has pushed the issue into priority. In order to put a dot to this issue, Provenance, a London Startup company has been offering decentralized supply chain certification.
Sharing electricity with the neighbors
Sharing electricity to the neighboring people helps in using electricity in an efficient way. For instance, if one street has a sunny side and the other has a shady side. The sunny side people will have solar panels on their roof which will make them benefited. Instead of selling excess power back grids, the owners can sell the electricity to the local market. While doing so, the amount of electricity used will have to be monitored either manually. MicroGrid project in New York solves this problem by making a smart contract using Ethereum. So, households can buy and sell energy using the smart contract. It eliminates individual independent calculation and monitoring.
Proving your identity
In the connected world, a reliable digital identity system is the foremost thinking of every individual. While connecting honed digital identity, the presence fo the physical world might be verified using government-issued paperwork using a particular address. When we struggle to maintain our credit records, private corporations are making money through the information. Here, the person can have to be monetized. In order to make it easier, many organizations have been working on the digital-proof under identity schemes. One of the best-known schemes probably known is the Deloitte’s Smart Identity System.
Make your household appliances pay for you
In 2015, IBM’s ADEPT research project was one of the blockchain projects that has implemented the idea of blockchain toward household appliances. The idea of blockchain has also been registered during the time of the appliance manufacturer itself. The appliance will also have an autonomous identity in its usage. It helps in purchasing a few consumables like washing powder, which is a powerful one. But, scalability is the major barrier. Quantoz has implemented a scheme SPUR which is currently under development. It has been based on the above-mentioned principles.
Proving ownership of an asset
Getting ownership of an asset is a mandatory thing in the current world. Safety and security are the prior things while purchasing assets. If someone steals your asset, there are huge chances of getting it tracked and recovered. Many governments are operating the same kind of scheme at the time of registration. The highly portable assets are easy to steal and are easy to remove from the particular geographical area of their registration area. Mamoru, a startup company, has been in the aim to provide a global standard for proof of ownership.
Executing an equity swap
In a recent meeting conducted by Axoni, a blockchain technology firm, has been tracked into a test of OTC smart contracts. It is mainly for the equity swaps that involve institutions including Barclays and Citi. With the help of the blockchain, a reliable record will be signed during the transactions. According to that, the actions will be taken at an end and thus the distributed data will be stored with a valid trade version.
Issuing money from the central bank
Around the world, the idea of a cashless society is at the peak. Using the cashless means, the printing notes and minting coins are hugely eliminated. It also ends up the anonymity of the cash. Thereby, it also provides a track over to the expenditure of the individuals. Many central banks have accustomed to this idea. It has also endorsed an independent study. It has proposed the range of cryptocurrencies where it has been issued using an authority.
Smoothing the shipping process
During the process of shipping across national borders, a lot of paperwork will be included. Many paperwork is measured in the kg. When the shipment has been delayed, the effects will be reflected in the whole supply chain. It includes the component factors. In some cases, it might also affect the viability of the whole shipment. In producing the bills for lading, it may take huge time and also includes huge administration costs. To take the hurdles into account, the shipping giant Maersk has recently announced a blockchain-based bill of the lading proof concept.
In order to produce a range of shoes with a smart tag, the sneaker manufacturer Mache Customs and San Francisco startup has partnered up. The smart tag in the shoes will enable them to authenticate the sneakers.
Register music copyright
Channeling an income from the music composed is really a huge challenge faced. Added to it, the administrative costs of the royalties have been exceeding the amount. Many cumbersome payments will mean that the fans are prepared to pay in order to consume the music. Thereby, many fans are illegally downloading the content and thereby making it easier. Many extra functionalities of the fans will help you to pay the additional content and the targeted pricing. It also enables charities to use tracks at a lower or zero cost.
In the year 2016, the idea of voting with pens and paper has become an anomaly. But, in the current era, electronic voting seems to be open to manipulation. Whether at the local or national government level, the results will be manipulated without the oversights. Due to the transparency offered by the blockchains like bitcoin or Ethereum, the blockchain-based voting brings in many advantages. Nasdaq has primarily announced plans in Estonia. It allows the shareholders to vote and develop the e-voting machines for state and national elections that have been taking place in a similar way.
Registering land rights
National registration of land ownership maintenance is an expensive and labor-intensive operation. In addition, there are many countries that have a history of corruption in their government. Here, it is the case where the trustworthiness of the system has to be taken into account. To maintain a blockchain-based land registry, there is a need to prove the concept. When compared to the original report, the proven thing has to be stalled with the project. But, there are high chances of implementing it in the future.
There are many startup companies that have started implementing blockchain technology. In a nutshell, the most revolutionary uses of blockchain will be in the enhancement of future processes.