Blockchain Technology Beyond Cryptocurrencies

17.04.2018 2,428 3

Martin Pramatarov

With the massive news coverage of Bitcoin and its ups and downs, many people turn their heads towards the crypto-currencies. They learn about many of them like Bitcoin, Ethereum, Litecoin and more. But behind all of them, there is something more interesting than just fluctuation in prices. We are talking about blockchain technology.

It is a fascinating and innovative way of verifying data. There is no central institution to control it and all the records are spread to the users in the form of a blockchain. It has many applications in the business that can transform our lives:

Supply chain and logistic

There are plenty of actions across the supply chain – logging the movement, contracts, agreements, tracking and payments. The blockchain can write all of that data in an efficient way. This process is transparent too, so fewer chances of hiding mistakes. Many companies already use the technology up to a certain degree – Unilever, Walmart, Nestlé and more.

Secure IoT (Internet of things)

The current technologies for securing IoT devices are costly and producers tempt to ignore it. The blockchain can change that by being far more accessible. This can reduce the DDoS attacks significantly in the future.

Energy markets

By using this technology, it is possible to make the energy markets more flexible. In this case, you don’t need a central regulator and people can sell and buy energy in a peer-to-peer model.

Smart contracts and smart property

The blockchain can remove the need for a person to verify the contracts of the future. The grid of devices will check all the data. After that, we won’t need a central authority to have a record of all the deals. We can have so-called smart property blockchain where all the data is in the chain and can’t be removed.

Innovation never stops and when we have such a technology in our hands, only the imagination limits us. We can use it to speculate with prices of currencies or to apply it to a greater good for our society. What are we going to choose?