Five innovative scenarios for the use of blockchain technology

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Five innovative scenarios for the use of blockchain technology

The technology of the blockchain was created with bitcoin, but its future is much bigger and more interesting than perhaps was originally intended. Now there are many creative use cases, and then their number will surely increase.

The blockchain has yet to emerge from the shadow of bitcoin. Although the connection between them is obvious (not to forget that technology was created specifically for the coin), the blockchain has long ceased to be exclusively and only tool for bitcoin or even the wider cryptocurrency sector. The technology has many potential usage scenarios that will be implemented regardless of the success of bitcoin.

In the future we will probably see new systems, models, and businesses use the blockchain for different purposes.

Below are five innovative application scenarios of this technology. Some of them have already partly materialized in the real world.

Scalable cloud computing

One of the unsolved problems of the algorithm proof of work, which bitcoin uses to verify transactions, is the amount of energy needed for data processing. We are talking about enormous power consumption, and this level will only grow.

Theoretically, there are various solutions to this problem (including the rejection of the model evidence of completion of the work as such). One of them, less radical, offers a network of Golem. She distributes cryptographic tasks to users worldwide, and due to their unused computing power is mining.

This process is reminiscent of crowdsourcing or collective use of files in p2p networks. Organizations that need to process large volumes of data, you can just rent a chain Golem and scale it to any desired level.

If all bitcoin mining will be so it can no longer be accused of pointless to use huge amounts of energy. This is the case when we are killing two birds with one stone: since the blockchain technology is suitable for confidential data and anything that requires protection and anonymity, chain Golem, ideal for storage after it’s been processed.

A new model of transportation of valuable cargo

The comfort of the modern world, where everything is interconnected, has its price in the form of more sophisticated and extended supply chains than in the past.

Because of the involvement processes, uncertainty in the question of responsibility and the great variety of schemes on evasion from it some products several times round the globe before reaching its destination. Blockchain eventually able to solve the problem of inefficiency of the international trade, but also to help in its specific aspect, such as security of exchange of values.

The more expensive product is transported, the more it is important that the chain was taken into account each step. This is necessary in order to ensure non-interference of a third party, is able to change anything. Do not forget that we are talking not only about the transfer of batches of gadgets, but also about the delivery of organs for transplantation, Museum artifacts, and anything else that needs to be absolutely safe transportation.

To provide such security, such company, as Chronicled, establish systems to trace the transport process.

The idea is to do as much as possible of transported artifacts is compatible with the Internet of things, and to apply such measures of protection as biometrics and smart chips, to confirm the compliance of the process with the specified parameters.

When done right, parties that do not have access rights, will not interfere in it. But at the stage when the goods reaches the destination, the recipient can confirm the authenticity simply by reading the tag, and then if you wish to explore the whole transportation process.

If happens a failure, the recipient will be able to know all of the facts and take action.

Free trade

Although the essence of cryptocurrency (at least in principle) is that you can trade without having to rely on any centralized authority, this property never became a hallmark of what can be called the era of bitcoin.

Instead, bitcoin has become a toy for fans of high technology and a gold mine for investors— speculators. Although it is impossible to argue that the rise of the price of bitcoin was introduced to cryptoheros the masses, it also became a reason why many consider the brainchild of Satoshi Nakamoto is just another asset, rather than as a fundamentally new phenomenon.

However, the site OpenBazaar is working to make the original cryptocurrency dream a reality. This network trading platform you can sell products without paying commissions, and without resorting to the traditional banking system (although there remain problems with the implementation of b2c transactions in bitcoin).

Energy saving

The blockchain is involved in a pilot programme of distribution of energy, inspiring people to use solar installations.

Disadvantages of solar energy is that it is fickle and often quite expensive if you consider the cost of production and installation of batteries. Because of this, and for reasons of aesthetic order (roof with solar panels like not all) people in the majority do not consider the idea of switching to solar energy seriously.

However, Solar Bankers and similar companies are striving to make solar energy more competitive and profitable and the blockchain technology is able to help them.

Using smart system that connects solar panels to the mains through the blockchain network, the company gives customers the opportunity to buy and sell energy according to the current needs, motivating them through an internal cryptocurrency.

The blockchain as a means to simplify the process of renting and buying

The emergence of Airbnb fundamentally changed the way people travel and tourism. The industry completely dominated by hotel chains, has become much more flexible by purchasing a quality, which she lacked. Today, anyone with free space can easily and quickly rent it out. However, although the agreement can be arranged in a network in the real world still have to settle with the modern practical issues.

Slock.it and similar companies are trying to change this situation by using smart locks and control systems on the blockchain. These companies dream of a world in which everything, from real estate to public facilities, it will be possible to buy, rent or sell instantly and without need for centralized control.

System Slock.it is simple and effective. Wants to take, for example, the room finds a place and pays a Commission cryptocurrency network Ethereum. As soon as the transaction is carried out, it gains control of smart lock, then to unlock and lock the door via a smart phone.

According to the materials of Coinspeaker

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