With the advent of Blockchain Technology, our daily life has become immensely sorted, simplified and more technologically advanced, in a wide range of aspects. Day by day, Blockchain use cases are being increasingly implemented in real life. Moreover, its potential applications are being continuously explored and researched upon intensively.
Since the Blockchain is completely decentralized, and it’s accessible to everyone on the peer to peer network; this actually paves the way for the innovation and invention of countless Blockchain use cases.
In this article, we have explained a few of the wonderful use cases of Blockchain technology. Please go through this list to have a deeper clarity and understanding on the working of each one of them.
1. Energy :
Blockchain Technology has the ability to decentralize the energy market, which is generally controlled by big corporations. Using Blockchain, smart metering can be done for the electricity generated through a person’s solar panels, so that it can be recorded, traded and settled on a digital ledger.
Under the present conventional system, the current energy price is a fixed regulated price, which is decided by the regulating authority or company management.
However, by using Blockchain, the electricity price will become variable, and it will be determined by the market forces of demand and supply.
Thus, this system will result in a fully functional distributed electricity market. Moreover, the customers will act both as a producer and a consumer of energy, at the same time. Consequently, it will lead to enhanced efficiency and a substantial reduction in energy costs, by the virtue of a decentralized power grid.
During the process of voting, a voter needs to be physically present at the polling booth. In many parts of developing countries, the voters can face threat and intimidation from goons, in order to compel and coerce them to vote for a particular political party. Besides, the physical voting ballots and polling booths can be hijacked and manipulated by anti-social elements.
This is a very serious issue and it raises many crucial concerns about a country’s democratic structure and the basic freedom & security of its citizens.
But, the usage of Blockchain technology for voting process resolves all the above issues regarding fraud and security. It eliminates the possibility of voter fraud by providing the exact number of votes cast in an election.
Also, it’s almost next to impossible to hack a Blockchain based voting system, because of its encryption and robust security features.
Moreover, it will also help in increasing the voter turnout, as people will have the option to vote online, from the comfort of their homes.
Before the advent of Blockchain, only venture capitalists (VC’s), large companies and high net-worth individuals had the option to invest in high potential projects or startups. But the creation of Initial Coin Offerings (ICO’s) has changed the entire ecosystem of Fundraising and investment in promising projects.
In this process, a company which is going to create a new coin, app or service, launches an ICO. After this, the interested investors buy this ICO with fiat currencies or digital tokens. In return for their financial support, the investors receive a new cryptocurrency token specific to that particular ICO.
After this, the investors sincerely hope that they will get a great ROI when that token will perform excellently in the future. Furthermore, the startup company which launched the ICO uses the investor’s funds to develop and launch its cryptocurrency.
Finally, that’s how these startups use ICO’s to raise the required funds; thus avoiding the regulated and cumbersome fundraising process of VC’s, banks and large corporations.
4. Distributed Storage of Data:
In today’s world, a vast majority of people use centralized servers like Google Drive or Dropbox, to store their files and data. Obviously, we tend to trust them with the privacy and security of our data. But, as a matter of fact, the government or law enforcement agencies have the authority to make them disclose all our data if required whatsoever.
However, by using Blockchain technology, the files can be broken into multiple pieces, followed by data encryption, and then it can be finally sent to hard drives located across the globe.
Thus, your data is decentralized, and it’s stored on different computers on the Blockchain network, with high encryption.
Also, if you have excess storage capacity, then you can rent out your unused hardware space to make money. It must be noted that some platforms like Sia or Storj, have already started using this form of distributed and decentralized storage of data.
We are going through the times, where Blockchain technology is completely changing the way we live. There are many more potential use cases of Blockchain technology, which will emerge out in the near future.
Finally, we would love to hear from you on this topic. Please feel free to leave your valuable feedback in the comments section below.