Blockchain technology is getting on the peak of expectations and it will not fall off at any moment as per Gartner’s Hype Cycle 2016. Everybody is investing in this technology as it confirms transaction securely without any third party involvement, including government, banks, and other financial authority. However, many people do not know much about this new technology, to make them informed, here is a blog post that discusses ten ways to effectively use the Blockchain technology. Take a look.
Blockchain gave its legitimacy to Bitcoin with good reason. From the past 40 years, economists have been tracking for the cryptocurrency that can totally remove the double-spending problem and the involvement of third party. When Bitcoin process was explained by pseudonym Satoshi Nakamoto in October 2008, the developers and netizens realized the impact. Even after 8 years, nobody has hacked the blockchain technology and that simply explains this protocol is simply amazing and hard to hack. Through an online wallet, you can send and receive money anywhere across the globe at low transaction prices.
The second best way to use blockchain technology is transferring small amount of money. Whether it is fraction of cent payment, household appliance, or micro grid transactions, you can easily pay these micropayments through cryptocurrency without paying any bank fees. This is a huge opportunity as you have to pay only the original payment.
Lend Money to People
Nowadays, peer-to-peer lending is the fastest growing area in the personal finance industry. Users get attracted towards this opportunity in order to make savings on the investment at low transaction fees. The best part is that there is no bank or central authority involved in between. Therefore, people can lend money through blockchain technology easily.
Charge Electric Car
Blockchain technology can be effectively used to charge an electric car. Usually car charging stations require drivers in order to pay increments apart from the electricity consumed by the battery of the car. In addition, the company requires software to know the battery life or do it manually. So, in blockchain technology, an electric car or vehicle has a chip which allows to make the payment directly and there is no need to hire a driver. The German giant RWE created the pilot scheme that allows charging of electric card at the waiting time on traffic lights.
Share Electricity in Neighborhood
With blockchain technology, it is the easiest thing to do. For example, pick one street that has two sides – sunny and shady. The sunny street people use solar panels on the roof and use electricity more efficiently. In place of selling the solar grid power backup, house owners can share the electricity with neighbors. Monitor the amount of electricity used in a house and share with other owners on agreed amount. Recently in Brooklyn, New York, the MicroGrid project helped house owners to sell and buy solar energy through Ethereum blockchain smart contracts.
Prove Your Identity
To connect to the world, a trustworthy digital payment system is the best thing. However, everybody is living his/her life online, but there needs to be a digital identity in the world. Today, everybody is struggling in order to maintain credit records. To cater to the same need, plenty of organizations are working on proof-of-identity schemes based on blockchain technology. The best known blockchain based system is Deloitte’s Smart Identity.
Pay for Things through Household Appliances
This idea was put in front by ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry) research project of IBM. It was the first IoT/blockchain proposal that was made in 2015. The blockchain idea on household appliance was registered at manufacture point. For instance, when purchasing washing powder. The Quantoz SPUR scheme is based on the same principles.
Patrick Byrne (Overstock CEO) is a Bitcoin advocate and has its own t0 trading platform. He announced that stockholders will have opportunity to take Blockchain Series shares. The most preferred is the one that will trade on t0. Bryne said, “Through this public issuance of blockchain-based securities the history of capital markets is entering a new era, the era of blockchain-based securities”.
Smooth Shipping Process
Through blockchain technology, shipping internationally becomes much easy. Normally, shipping includes so much paperwork and measured in kg or pounds. The delayed shipments made a bad impact on the supply chain. For instance, in case of perishable goods. In blockchain technology, time and costs both are tied in lading bills that makes the shipment process much easier. Maersk, the shipping giant has recently announced the blockchain-based lading bill.
Register Land Rights
The major and effective use of blockchain technology is in registration of land rights. As everybody knows registering a land or getting a land ownership is much expensive. However, countries with government corruption history will not be trustworthy for this use of blockchain technology. Factom with Honduras Government was reported working on proof of concept for register the land.
Apart from the above-listed ten effective uses, you can also issue money from central banks, execute legal contract, and manage health records through blockchain technology. Therefore, wait no more, invest in this technology and use this technology for day-to-day purposes.