5 areas that use blockchain technology outside cryptocurrency
Blockchain is the engine that runs cryptocurrency. However, its application and benefits go beyond Ethereum, bitcoins, and tokens, and it has a massive potential to improve how things work in different applications. Here are five areas that apply blockchain beyond its typical use in cryptocurrency.
Since blockchain acts as a virtual ledger that is transparent and keeps everything in order, it can also be used for accounting purposes, according to Entrepreneur. Blockchain limits the chance of committing human errors which could prove to be costly in the accounting industry.
With blockchain, accounting records are neat, transparent and traceable. It can also make things more efficient because companies can now keep a single, joint register.
Blockchain can also be applied in tallying votes such as in government elections. Moscow had tested blockchain’s effectiveness in a local election. In the end, it all boils down to integrity and transparency, which blockchain can deliver. As a result, instances of fraud and result manipulation can be lessened.
NASDAQ also used the said technology in its own shareholder voting. The effort achieved positive results, and NASDAQ called e-voting practical, innovative and necessary.
3. Energy supply
Blockchain can be used to track renewable energy consumption. Energy companies such as Powerpeers in Netherlands and Exergy in Brooklyn have used this. In related industry news, Global Blockchain Technologies Corp. (CSE: BLOC) recently acquired Coinstream Mining Corp., which will give authority to the former to manage the assets under the latter. Included in the assets are the Manitoba joint venture facilities, the Mozambique facility and a 25 percent interest in blockchain software company Distributed Mining Inc. As a result, Global Blockchain Technologies will receive 75 MW of low-cost power care.
Global Blockchain’s ventures and interests are not limited to energy supply. It has invested in several companies such as KODAKCoin, Breaking Data Corp., and Millennial Esports.
When it collaborated with Kodak to launch ICOxConnect.com, the platform readily accepts tokens in transactions and payments. Global Blockchain invested $3 million to Breaking Data Corp. to reach a larger audience via GIVEMESPORT media properties. The company also invested $2 million in Millennial Esports, which owns Eden Games.
4. Peer-to-peer global payments
Blockchain can also be used as a payment platform similar to how PayPal works. It promises fast, secure and cheap transfer of funds. With its vaunted security, more consumers are opting to use blockchain to make transactions to any parts of the world. Because it acts as a decentralized digital ledger, many expect non-believers to become its fans soon.
5. Quality Assurance
As mentioned, blockchains are secure and transparent. This goes well with quality assurance process of different companies and sectors. Because of its traceability, blockchain is used in the food industry to identify key areas such as origination, batch information, and other food-safety details.
The era of blockchain has started and companies must be quick to recognize and grab opportunities when it presents itself. Blockchain has many applications and benefits. As more people and companies adopt it, the blockchain technology possibilities remain limitless.