What is blockchain used for besides bitcoin?

Not only can legal documents be recorded and protected through Chronicled, but also supply chain, IoT tracking and other types of data. They provide a complete system that implements IoT, mobile applications, NFC, Bluetooth and blockchain. The first bitcoin alternative on our list, Ethereum (ETH), is a decentralized software platform that allows you to create and run smart contracts and decentralized applications (DApps) without downtime, fraud, control, or interference from a third party. The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity or faith.

This aspect makes the implications for those in some countries more convincing because those without state infrastructure and state IDs can access bank accounts, loans, insurance or a variety of other financial products. blockchain serves as an accounting or ledger platform that is incorruptible, enforces transparency and prevents censorship. By addressing the issues of financial, political and institutional corruption, this has the potential to create massive social change and greatly protect the human rights of each individual. Blockchain applications go far beyond cryptocurrencies and bitcoin.

With its ability to create more transparency and fairness while saving companies time and money, technology is affecting a variety of sectors in ways ranging from how contracts are applied to making government work more efficiently. Related List of Top Blockchain Companies in the U.S. UU. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people achieve financial freedom through our website, podcasts, books, newspaper columns, radio shows and premium investment services.

You're probably wondering what this potentially revolutionary technology can do in the real world. Here are 20 potential uses for blockchain technology. Arguably, the most logical use of blockchain is as a means of accelerating the transfer of funds from one party to another. As noted, with banks removed from the equation and validation of ongoing transactions 24 hours a day, seven days a week, most transactions processed on a blockchain can be settled in a matter of seconds.

The IOTA cryptocurrency launched a beta version of its data market in November, demonstrating that blockchain could be used as a marketplace to share or sell unused data. Since most business data is not used, blockchain could act as an intermediary to store and move this data to improve a number of industries. While still in its early stages, IOTA has more than 35 brand participants (with Microsoft as one of them) offering feedback. Another interesting use of blockchain is as a means to reinforce the rights of workers around the world.

According to the International Labour Organization, 25 million people worldwide work in conditions of forced labour. The State Department and other partners are working on a blockchain registry complete with smart contracts (protocols that verify, facilitate or enforce a contract) to improve labor policies and force employers to comply with digital contracts with their workers. While the idea works extremely well for Bitcoin and other cryptocurrencies, there are many other useful applications of blockchain technology. Using blockchain technology to track music and movie files distributed over the Internet can ensure that artists are paid for their work.

Since blockchain technology was invented to ensure that the same file doesn't exist in more than one place, it can be used to help reduce piracy. In addition, using a blockchain to track plays on streaming services and a smart contract to distribute payments can provide greater transparency and assurance that artists receive the money they are owed. In other cases, blockchain can be used for peer-to-peer exchange or sale. Imagine that you have an electric car.

When your charger is not in use, you can rent it to other car owners, paid in bitcoins through a blockchain smart contract. The Binance Coin blockchain is also the platform on which Binance's decentralized exchange operates. Another use is automated security, which uses code embedded in the blockchain to trigger the granting or denial of access depending on the requester. Blockchain could create a transparent and immutable registry network that allows law enforcement and the federal government to track the possession of weapons or weapons, as well as keep a record of weapons sold privately.

Recording all claims on a blockchain would prevent customers from making duplicate claims for the same event. Blockchain money transfers can be less expensive and faster than using existing money transfer services. Blockchain-based voting could improve civic engagement by providing a level of security and incorruptibility that allows voting to take place on mobile devices. Blockchain-based contracts are becoming increasingly popular as sectors such as government, healthcare and the real estate industry discover the benefits.

Blockchain could further revolutionize the retail experience by becoming the preferred choice for loyalty rewards. Blockchain-infused IoT adds a higher level of security to prevent data breaches by using the transparency and virtual incorruptibility of technology to keep things smart. The blockchain platform allows patients and doctors to stay in constant communication, while a constant flow of medical data allows any medical professional to quickly and securely diagnose patients based on a clearer medical history. An example might be a token issued as part of an initial coin offering (ICO) that represents a stake in a blockchain or decentralized finance (DeFi) project.

By seeing biometric systems on blockchains, governments can more easily catch identity thieves looking for fake passports, certificates and IDs from other countries. As a consumer, you can use blockchain as a means to grant service technicians access to your home, or allow your mechanic to access your car for repairs. The platform tracks, stores and generates reports on customer activity, saving all data on a private blockchain. Smart contracts are like regular contracts, except that contract rules are applied in real time on a blockchain, eliminating the middleman and adding levels of responsibility for all parties involved in a way that is not possible with traditional agreements.

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