Blockchain has transcended its original purpose of maintaining financial transaction records and has already found a wide range of applications in different industries. This development points to increasingly innovative future uses of blockchain that can not only transform businesses but also spawn new ones.
Blockchain technology, which began as the foundational technology for bitcoin, has now found applications in numerous industries for both transactional and non-transactional purposes. Banking, financial services, and financial technology institutions have led the race for the adoption of blockchain in day-to-day operations. However, other industries are also speeding up their efforts to incorporate blockchain into their business processes, chiefly to streamline their financial transactions and information management. As the technology sees further research and development, future uses of blockchain can potentially redefine the way we do things - from placing bets to casting votes.
Here are the next blockchain use cases that will blow your mind:
The IoT technology is based on a network of interconnected objects that gather and transmit information seamlessly from one end to the other. This means there is a centralized point of control that regulates the flow of information throughout the network. However, a centralized point of control is not only inefficient but also risky, as there is only a single point of failure, meaning any malfunction in the central server will lead to the failure of the entire network. A decentralized network enabled by blockchain will eliminate or minimize any security or functional risks. IBM and Samsung have already collaboratively entered the space of blockchain-enabled IoT with their Autonomous Decentralized Peer-to-peer Telemetry (ADEPT) proof-of-concept.
There have been very few major elections in the recent history that have been free of controversy. Claims regarding vote manipulation, external influence, and fake voter identities have become a part of almost every election. Such issues are caused due to a lack of transparency and limited access to information for the public. Using blockchain as the underlying platform in democratic voting processes will eliminate any chance of foul play, by providing a transparent, decentralized platform where information is updated in real-time. This also prevents the need for conducting elections in numerous phases across multiple days. Instead, polling can be conducted throughout different regions in a single window, in a single day. A few blockchain-based online voting platforms are already in operation around the world, setting the precedent for a blockchain-powered democracy.
Although betting is illegal in many places, it is still allowed and well-received in certain geographies and fields, such as in football in the UK. Betting can transcend the field of sports and can be used for rewarding accurate predictions regarding more significant, real-world events like future market trends, weather predictions, and political outcomes. Betting can be used in the field of market research and consultation, where analysts can subject their predictions to betting and can get rewarded when their predictions come true, through smart contracts. This will improve the quality and reliability of predictions and forecasts, which will benefit everyone involved, from the people performing the predictions to the people using the predictions to make real-life decisions. Blockchain-based prediction market platforms are already gaining popularity in the mainstream as well as backing from investors, boding well for their future.
Swarm robotics involves performing complex tasks using a swarm of simple robots. With robotic swarms, for performing any task, the individual bots need specific role assignment, synchronization, and coordination. This needs real-time information sharing between all elements, which can be made possible using a blockchain. This will enhance the coordination and enable these robots to respond quickly to unplanned instructions and other stimuli. The above applications are just the tip of the iceberg as far as the future uses of blockchain are concerned. As has been said several times before, blockchain is by nature a disruptive technology. It will be considerably more profitable to create completely new business models and ecosystems than trying to remodel parts of existing businesses, which has been the case until now. Businesses that haven’t done so yet should prepare for blockchain implementation to achieve a smooth transition towards disruptive innovation.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.