The idea behind Bitcoin was to create a new global monetary system. However, blockchain technology, the underlying technology for cryptocurrencies, has expanded across many different industries. Today, we will be looking at some of the most interesting use cases of blockchain around the world.
First of all, to understand how blockchain technology evolved into a technology that applies to so many industries, we will look at its journey and how it evolved to unlock the many applications that have developed over time.
Bitcoin, created in 2009, was launched to change the way we transact and exchange funds. By removing any third-party intermediaries from the process of exchanging funds, Bitcoin proposed a new monetary system that runs on a distributed network of computers. The technology underlying the first and the most popular cryptocurrency around the world is blockchain technology, which is also a distributed ledger technology.
All the data is recorded permanently on the blockchain network, which allows for a high level of transparency and security. The data recorded is protected by cryptography.
It is worth noting that the primary function of blockchain technology in the crypto world is to facilitate the transfer of crypto assets and record all the relevant data in a way that it is impossible for anyone to modify or delete it.
Looking at some of the many important benefits of the Bitcoin blockchain, businesses around the world have adopted the technology to add more functions, applications and use cases.
Ethereum blockchain, which was created in 2015, introduced smart contracts, which enable users to go beyond just crypto transactions and program contractual agreements. The Ethereum blockchain is still considered to be the top platform for decentralized applications (dApp). It didn’t take long for dApp developers to unlock more use cases for blockchain by coming up with several applications that can operate autonomously.
Blockchain technology continued its growth and made its way into different industries around the world, depending on how an individual or a business intends to use it.
Today, blockchain technology is the solution to some of the biggest problems that a number of industries have been facing, ranging from agriculture to finance. There are thousands of blockchain networks that exist now.
The most popular application of blockchain is in the financial sector. While it started off as a way to record and manage transactions, blockchain technology now allows for easy one-click purchases using crypto tokens, trading with more helpful tools, savings, loans, liquidity pools and so much more. But as blockchain gained popularity over the past couple of years, more use cases have been unlocked.
Interesting blockchain use cases you should know about
While there are thousands of blockchain use cases being developed around the world, some more popular than others, we will be looking at some of the most exciting and interesting use cases of this revolutionary technology.
Non-fungible tokens, also known as NFTs, have become a hot topic in today’s world. Art and blockchain are combining to revolutionize the established art market as digital art created using the technology is being sold for thousands, even millions, of dollars.
The development of NFTs introduced digital collectibles and crypto artworks, with artists, influencers, and musicians making use of blockchain technology more and more to earn profits from their unique and authentic work. NFTs are not limited to digital art, but can also extend to music, and most importantly proof of authentication documents for real-world artworks and collectibles.
Blockchain developers have also created blockchain games to deal with some of the major problems with gaming, these include possible shutdowns, economic manipulation by game developers, and payment problems. Blockchain technology allows for a distributed, open-source and transparent platform for players to participate in. That’s not all, blockchain technology also introduced innovations such as decentralized marketplaces, the real ownership of assets, consensus-driven updates, and more.
One of the biggest examples of blockchain in gaming is CryptoKitties. This was a game that allows players to collect and breed digital cats, all the transactions were being performed on the Ethereum blockchain. The game generated a lot of hype and was dominating the network traffic on Ethereum at one point. Since then, developers have come up with more sophisticated blockchain games such as The Sandbox, Axie Infinity, Alien Worlds, and more.
Blockchain brings many benefits for the real estate industry, which currently faces problems such as administrative disputes, slow transactions, and distrust between the parties. Blockchain in real estate can automate most of the regular tasks, track all the relevant data and reduce costs by removing third parties intermediaries.
Digitized contracts and automated processes allow for quick transactions. Beyond efficiency, blockchain technology allows for fractional ownership, which means that you no longer need a significant amount of funding to invest in real estate, which is known to be the safest investment option around the world.
Charitable organizations are often faced with problems such as accountability issues, lack of transparency, and limited ways and means of accepting donations. Blockchain charity or crypto-philanthropy refers to the use of blockchain technology to facilitate charitable contributions and brings with it an alternative solution.
Blockchain allows for direct and decentralized transactions that can help charitable organizations gather donations from anywhere in the world. Blockchain can simplify the way charities are managed by reducing costs and bringing a level of transparency that is otherwise impossible to achieve. The process of raising funds can be made more efficient with the help of blockchain technology.
Summing up, blockchain technology finds its uses in many industries. What’s more important – it’s no longer just a theory. Companies with big names create blockchain-based products, invest in crypto infrastructure, or use private blockchains within the company.