Blockchains - Use Cases - Applications
By: Peter Chipkin & Chloe Sporn
Article Contents
- A Timestamping Blockchain Application
- A curated list of 1025+ Applications built on Ethereum
- A Couple of IOT Applications
- Block chain Applications
- Finance
- Social
- Trading
- IOT
- Fascinating/ who would have thought
- Block Chain Applications – Some reviews
- Ethertanks
- Cryptoface
- Provelt
- EtherTulips
- Share & Charge
- Follow My Vote.
- Everledger
- EtherTweet
- A Quick Insight into more applications
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By Daniel Teklay – CAS contributor
Finance
- Decentralized Cryptocurrencies.
Using P2P electronic cash system, will enable anyone to bitcoins and make transactions without involving middlemen. Utilizing the timestamp feature of blockchain, a network can validate the state of hash, wrapped data piece, at any given time. This feature enables the confirmation of the existence (Proof of Existence) of an item at a particular time in a decentralized system and can be used in a court. According to Manuel Araoz, the developer who built the Proof of Existence decentralized verification method, "As the blockchain is a public database, it is a distributed sort of consensus; your document becomes certified in a distributed sort of way. Basically, by inserting the cryptographic hash of the document in a transaction, when that transaction is mined into a block, the block timestamp becomes the record's timestamp,"
- Insurance Claims Processing
The encryption properties of the blockchain allow for insurers to capture the data regarding the ownership of insured assets. Blockchain produces an error-free system which guarantees risk-free management and transparency. Blockchain would mean that in the case where there are identical cases they are not paid hence it would be vital in fraud and elimination of duplicate claims. By allowing for a streamlined and efficient claim processing procedure, blockchain would improve the customer experience while also cutting costs and saving money for the company.
- Cross-Border Payments
By offering end-to-end remittance services powered by blockchain, Swift, the platform responsible for interbank payments will reduce bank delay enabling 24 hours a day international payment and clearing. This system will reduce probability of errors, costs and the chances of money laundering. Although the major challenge to the usage of blockchain in interbank payments is the volume of the transactions made, creating, testing and adopting a system blockchain in the future will be more viable.
Social
- Digital Voting
Using blockchain in the electoral process would enable voters cast, track their votes and count the votes which would eliminate the risks for voter-fraud, manipulation and lost records. Thus, by casting their votes in a blockchain, voters would agree on the final tally generated in an election as the audit trail of the blockchain can verify that no vote changing, removal or even addition of illegitimate votes occurs.
- Digital Identity
Blockchain will the block the selling of online customer details to advertisers by using the indisputable identity verification provided by digital signatures which are based on the cryptography of the public key, would eliminate threats such as data breach in password based systems by hackers. The use of private key for blockchain identity authentication would ensure only certain people have access to data. Blockchain creates a protected data point which is encrypted in such a way that only the information can be encrypted to be shown partially or in full to specific people at specific times. This can be used in areas such as; Passports, Birth and Death Certificates, E-Residency, IDs etc.
Trading
- Smart Contracts
Contracts that are digitally embed with the if-this-then-that (IFTTT) code allow them to perform self -execution. This eliminates the need for intermediaries who in normal situation are tasked with the responsibility if ensuring that all the parties involved follow on the terms stated. Blockchain eliminates the need the need for intermediaries by ensuring that all the participants in the ledger are aware of the terms and details of the contract. Blockchain triggers the implementation of the contract when conditions are met and can be used in such areas as law etc.
· Asset Management: Trade Processing and Settlement
By record encryption, blockchain will create a ledger that will decrease errors while also simplifying the process through the elimination of middlemen. Through blockchain, digital assets such as stocks, bonds etc. can be created. Such assets are created by the use of protocols on top of the blockchain and can be used to record any information.
IOT
- Smart Appliances
These are devices that have the ability to connect to the internet and not only provide more information but also better control than before. The use of blockchain encryption on such devices protects their ownership and also makes transfer easy. Such can include an appliance like the printer connected to the internet and able to automatically order for its cartridges from Amazon when it runs low, an oven that can prepare a turkey for a certain holiday. Such alerts will help keep the appliances in good working conditions and save money by attaining energy efficiency and allowing the user remote access and control to such appliances.
- Supply Chain Management
Blockchain can be utilized in the supply chain management. By using sensors that use blockchain technology, companies can enjoy end-to-end visibility, tracking and assessment of their supply chain by the provision of accurate data about the location and state or condition of the supply from anywhere around the globe accurately. Blockchain sensors store, manage, protect and transfer this data and it is projected there will be about 10 trillion sensors by 2030.
Fascinating / Who Would Have Thought
· Who would have thought a blockchain, a system that is described as being very secure and irrefutable without necessarily having a higher controlling authority would have the potential to drastically change the world in the near future. The blockchain system is distributed across numerous computers across the world and is tamper-proof while offering features, mechanisms and functions that guarantee trust between individuals thus eliminating the need for intermediaries. The elimination of middlemen is made possible since blockchain can guarantee and verify transactions.
· Blockchain can be used in gun tracking. Blockchain offers a fascinating way of solving the public ownership of guns problem. Within a blockchain, the records of the ownership of a gun can be stored in a way that they can't be tampered with and thus provide an efficient in the management and control of the illegal acquisition of guns. Citizens can use the blockchain technology to securely buy guns while it prevents those who could cause harm from accessing guns. Gun companies and law enforcement can easily make decisions in ownership of guns which are almost impossible in the current system. According to a bill signed by Arizona signed by Governor Doug Dacey states, "Electronic firearm tracking technology' means a platform, system or device or a group of systems or devices that uses a shared ledger, distributed ledger or block chain technology or any similar form of technology or electronic database for the purpose of storing information in a decentralized or centralized way, that is not owned or controlled by any single person or entity and that is used to locate or control the use of a firearm."
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EZTanks is a game built on the Ethereum platform where you collect, upgrade, and battle your tanks. It has been very well received and looks like a potentially worthwhile investment. It is very similar to cryptokitties and so it is likely to become very popular for a certain amount of time but decline in popularity after enough time has passed.
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2. Cryptoface
CryptoFace allows you to create your own avatar. It is similar to bitmoji and allows you to see and communicate with other people's avatars. Bitmoji's have become very popular and let you build yourself as an avatar however you want. There is no sign that bitmoji will decrease in popularity anytime soon and thus, this application is likely to become very popular.
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3. Provelt
ProveIt lets users gain the ability to prove that they said or possessed something without the need to rely on a trusted intermediary. You decide what text or file you want to be able to prove you possessed, upload it anonymously, and it automatically gets processed with secure client-side hashing. Smart contracts and similar are becoming more and more popular as they eliminate the need for an intermediary and enforce the contract to be kept; however, since they are rising in popularity, more people are producing applications that control them so it is difficult to say which will be used.
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4. EtherTulips
EtherTulips is a game made for buying, trading, and fighting virtual tulips. Just like EZTanks and Cryptokitties, this game is likely to become very popular and raise in value for a short amount of time before the next new game comes around.
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5. Share & Charge
Share & Charge is a platform used for sharing electric car refueling stations. All users have a Share & Charge wallet that holds real-time information about all transactions. As electric cars are gaining in popularity, an application that finds refueling stations near you and can be used as payment will become very important and will be very widely used.
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6. Follow My Vote
Follow My Vote is software that is used to promote secure voting and will allow for greater election transparency. It has created an end-to-end verifiable online voting software that can be downloaded and used by anyone who submits all the necessary identity information. When voting, each voter is given a unique ID which ensures ballot secrecy and protects their identity. Every voter can audit each ballot in the ballot box to confirm the results are accurate while having no worry about the possibility of a hack.
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7. Everledger
Everledger is a global startup that uses blockchain technology to reduce the risk of fraud and theft for banks, insurers, and open marketplaces. By collecting an asset's characteristics, history, and ownership, it can be used to keep track of an individual's transactions or an item's ownership history and is used to form provenance/verify authenticity.
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8. EtherTweet
EtherTweet is an uncensored blockchain-based communication platform based on twitter. Users can post whatever they want without the chance of it being deleted by anyone. An uncensored version of twitter is very likely to become popular because people will be able to post whatever they like.
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9. Ampliative Art:
Ampliative Art is a new and empowering art procedure which aims to enhance the conditions and prospects for artists. Artists may create their own galleries and exhibit their work for free while receiving reviews, tips, and potential income. This application could change the way artists share their work making it just a click away to see all their work.
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10. Phantasma:
Phantasma is an application that lets users control their own content instead of relying on third parties. It supports any kind of transaction between users, eg: email, char, files, money transfers. Since it acts kind of like a smart contract, this idea is very likely to gain popularity but this application itself might not be used.
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11. Imusify:
Imusify is a free platform for music related digital content such as audio, video, apps, images, and blogging where you can join and contribute. Users can upload songs, podcasts, and audiobooks that can be shared to other users and platforms and can create their own channels, like Spotify, which are personal playlists based on certain tags or topics.
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12. Krypton.live
Krypton.live is a decentralized version of Skype where your wallet is your identity. With Krypton.live you can register your identity on any available provider and communicate with other identities. Communications include voice calling, direct messaging, and directly sending money.
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A Quick Insight into more applications
https://due.com/blog/101-top-blockchain-companies/
https://www.postscapes.com/blockchains-and-the-internet-of-things/
https://www.stateofthedapps.com/