Most people think of bitcoin when they think of blockchain technology, but that is not the only use of blockchain. Veteran cryptocurrency expert Christian Ellul has helped many people set up their blockchain infrastructure for everything from moving money overseas to product tracking.
The Uses of Blockchain and Where It’s Used
The Elephant in The Room
Obviously, the most popular and frequently spoken about use for blockchain is to power cryptocurrency, especially bitcoin, which is currently the most popular and successful cryptocurrency on the planet. It enables you to move money from one country to another, converting to and from bitcoin in whatever fiat currencies you desire.
Deliveries and Receipts
Blockchain can be used to mark deliveries and receipts of actual products. Entries are made through the supply line, and each is validated so that deliveries and receipts can be verified.
Obviously, there are limitations, since if you are delivering a box around the world, nobody can guarantee what is still in the box by the time it reaches its destination. However, things like ingredient source tracking are now cheaper than ever, which is especially important due to new laws on determining the source of ingredients in food.
Moving Money Quickly Within a Single Company or Bank
Blockchain is used in places like Asia where companies like Omise are able to move money around their offices in different Asian countries with the use of their own cryptocurrency OmiseGo.
Even though they are only moving their own money and their client’s money, it is still costly to move between one country border to another, but with their own cryptocurrency, they can shift capital in a quick, correct, and very cheap manner.
Tracking Drug Supplies
Moving a medical drug from the factory all the way to the end-user includes having lots of fingers in the pie. There are many intersections where deliveries can be switched or stolen. Tracking with the use of blockchain helps to identify where products may have gone missing, and where they may have been switched out.
Paying Your Taxes in Japan
Even though China has pretty-much outlawed cryptocurrency, especially cryptocurrency exchanges, there are still places like Japan where you are able to pay your tax bills in bitcoin.
There are also a few online outlets that will allow you to pay with cryptocurrency, and even though they are not popular now, they may be popular in the future when cryptocurrency markets stabilise a little more.
Copyrighting and Licensing
There are people working on ways to help copyrighters and licensers get a fairer deal. Imagine you create a piece of software that easily integrates into the Firefox browser, but people keep stealing it without paying. It is possible for Blockchain to be used to measure and monitor who is using the software, making it possible to see where hundreds of unpaid duplicates are being shared.
In addition, if a piece were being copied over and over again, it may be possible to disable that piece of software, therefore disabling it and punishing both the person who shared it and the people who used it without paying. This technology may be a few years away, but it is promising for people who create web browser extensions and DRM games.
The same applies to the following industries:
- Financial Services
- Real Estates
- Supply Chains and many more other industries
The more and more the blockchain network is used and enhanced, the more we will be able to make out of the blockchain applications. It is already proven in the real world that Financial Services are able to use ‘Smart Contracts,’ store data in real-time that is encrypted and transferred to a cloud storage which stores information for an authorised distributed ledger to view.
Credit Cards are going to be even more secure in terms of money transfers etc. There are many more industries out there and soon more will appear as it is implemented more heavily in businesses.