Innovative Ways of Using Blockchain
Blockchains should be on every developer’s radar as they hold the potential to revolutionist an array of industries.
The fourth industrial revolution is built on technologies that are disrupting the status quo and everyday processes. Bypassing banks and sending payments with help of companies such as Luno and their online Bitcoin wallet, from around the world is one of the most disruptive – all made possible due to blockchain technology.
Yet, blockchains are not married to cryptocurrency and are standalone technologies ready to change processes outside the world of finance. Tech gurus and developers need to be aware of the scope of blockchains to enable them to keep up with the pace in device, app, infrastructure and process development.
Here are four of the innovative ways of using blockchain – without cryptocurrency in sight.
1. Preventing Odometer Fraud
Some people mis-sell cars so they can get more money than the car is worth. Lying about mechanical history or tampering with odometer records to show lower mileage are two of the most common issues.
BMW has created an app that ensures odometer tampering is a thing of the past. With their app, the mileage of a car and its mechanical history are recorded on the blockchain where they cannot be edited and therefore car advertisements must display the correct information to potential buyers – or face being caught out.
2. Tracking Food
Our foods have to travel great distances to get to the supermarket shelves and eventually our plates. With a growing interest in the source of our foods and a need for clarity within the industry, the IBM Food Trust uses blockchains to be able to track the journey that food products have taken to arrive at the supermarket. From field to shelves, every product can be tracked thanks to open source blockchains.
3. Helping the Environment
Solar panels have almost become the furniture of communities with more homeowners choosing to equip their roof with solar panels for environmental and financial benefit. For many, the decision to use solar power has resulted in an overproduction of energy.
One business is helping those who have overproduced power to share it with others. It all runs from blockchain technology where power is shared between users. Thus, contributing to a more sustainable energy system in the here and now.
4. Royalties in the Music Industry
The music industry has been littered with disputes over royalty payments. Often these disputes arise due to a lack of clarity or a lack of a go-to point to find out who has royalties with which track. To add transparency to the industry and provide a central space where all music and royalties can be consulted, the blockchain has the answer.
All music along with those involved in its creation could be recorded on a blockchain. This publicly available information could then be used by others – such as movie makers – to ensure people are correctly rewarded for their past work.
Innovation Is Already Here
The extent of blockchain application outside of cryptocurrency is growing, and developers need to be aware of the technology to be able to provide modern blockchain solutions for businesses. Overlooking blockchains in the next decade could be one of the biggest pitfalls for business owners, tech experts and developers.