While the technology behind blockchain is still in its infancy, digital tokens and decentralized applications are already being used to improve the user experience and increase trust online. Here are some unique uses of blockchain technology that you may not know about. Blockchain has the potential to make many industries more efficient and fair. From finance to manufacturing and even healthcare, there are a variety of industries that could benefit from integrating blockchain into their operations.
However, these benefits are only possible when sufficient research is carried out beforehand. That’s why it is so important for every new technology to have a broad set of use cases explained properly so that people know what they’re getting into before investing time or money in an untested area. Let’s take a look at some unique uses of blockchain technology that you may not know about:
Credit and Debit Cards with Blockchain Technology
Credit and debit cards are already implemented with blockchain technology. And the technology is not only being used to increase efficiency but also to improve the experience for both the cardholder and the provider.
In truth, it’s being put to use in ways that the banks never imagined: as a form of digital currency. And not just any digital currency, either: The blockchain-based system being used by Visa is the world’s most heavily used financial technology. This is due in part to its security but also due to its wide adoption and wide range of use cases, which are only starting to be explored.
Digital Asset Exchange with Blockchain Technology
Another interesting use case of blockchain technology involves digital assets. This type of technology allows you to exchange digital assets like cryptocurrencies or stocks with other parties directly and transparently. You’re only required to have a reputable online trading wallet on an exchange like BTC Loophole Pro to trade cryptos.
In this context, the technology can be used to create a digital securities exchange where parties can trade stocks, bonds, commodities, forex assets, and other financial assets without having to go through a third party.
Record-Keeping with Blockchain Technology
Although record-keeping is a core function for almost all industries, the blockchain could be used to improve this process. For example, if a business does not have the correct invoices or bills of materials for a certain period, it could lead to inefficiencies in the rest of the company. By creating a blockchain-based system that keeps track of everything that makes up a record, such as who created it, when it was created, what conditions were met for the creation of the record, and other relevant data, the company could easily solve this consistency problem.
Again, supply chain management could greatly improve with the use of blockchain. Since the supply chain is a long series of transactions, each with its risks and vulnerabilities, it makes sense to keep track of all merchandise in real-time.
Smart Contracts with Blockchain Technology
Smart contracts are computer programs that can self-execute when certain conditions are met. That’s great if you’re doing business with someone who can guarantee the sale of goods or the delivery of services. The catch, of course, is that these programs can become a breeding ground for malicious actors. That’s why it is crucial to thoroughly test your new technology before going live.
Mutual Funds with Blockchain Technology
Mutual funds are a great way to get exposure to a wide range of investment opportunities. However, the high cost of entry and management of the fund may make them a bad fit for many investors. A better alternative may be to build a self-directed investment fund that follows an investment strategy tailor-made for individuals.
One such investment fund is the Bitwise Digital Fund, which is structured as a blockchain-based fund. The fund is registered with the SEC, which means that it has passed rigorous regulatory reviews. The fund’s management has also done substantial work to ensure that the fund complies with investment fund rules.
Final Words: Is blockchain technology right for you?
All of these unique uses of blockchain technology are positive. However, they also show that the technology is being used for very different purposes than what it was originally intended for. In many cases, blockchain technology is being used as an enabler for new applications or for existing technologies to be brought into the mainstream. This means that the technology is being used as an underutilized asset. What’s more, the community of users may not even be aware of these potential applications. With that in mind, you should closely examine the applications of blockchain technology listed above. If you’re not sure where to start, we recommend starting with our blockchain technology primer. By learning more about the technology and how it can be used in different contexts, you’ll be better equipped to make informed decisions when evaluating the potential applications of blockchain technology.
2022-08-24 15:06:18