Blockchain technology is most commonly used in the financial sector. However, it can also be useful in other areas. Blockchain technology has many other potential uses than finance and cryptocurrency.
Blockchain technology can be used for many purposes beyond cryptocurrency and money transfers. This article will cover six of the most popular uses for blockchain technology in 2022.
Cryptocurrencies
The most popular use of blockchain technology is cryptocurrencies. Bitcoin, the most popular cryptocurrency, was released by Satoshi Nakamoto, an anonymous programmer, or a group of programmers.
It is the most valued cryptocurrency currently, with a market cap of $122 billion (as of March 2019). Blockchain oversees the cryptocurrency markets and their operations. It doesn’t control cryptocurrency prices or the value of any cryptocurrency. Blockchain makes transactions faster. They are also safer and more likely to be manipulated.
Decentralized Cloud Storage
Decentralized cloud storage can be made possible by blockchain technology. This means that data can be stored on a number of computers, rather than in one central location. This system has many advantages over traditional cloud storage, such as the fact that there is no single point of failure and it is far more secure than traditional cloud storage.
Decentralized cloud storage has its limitations. The system has one drawback: it takes longer to get the information from computer A and computer B than traditional centralized systems. It also requires more steps to do so.
This type of system requires many components (multiple computers). This means that bugs and other problems are more likely to occur than in centralized systems with only one variable.
Supply Chain Management
Blockchain can be used for securing and automating the flow of information among supply chain partners. It can be used to improve transparency, security, efficiency, and compliance.
Blockchain technology allows transactions to be recorded without the need for third-party verification. This provides transparency in a company’s supply-chain network and protects sensitive data from hacking or breaches.
Blockchain relies on distributed ledgers which are stored in multiple locations, rather than one central database. This makes it less vulnerable to cyberattacks as hackers can’t target just one point.
Your ERP vendor should integrate your ERP system into your blockchain network if you use it (which is most companies). This allows them to access all data without having to compromise security. It also opens up a window into the private vaults of every company, which would allow them to see their personal data.
Voting Systems
Our voting systems are vulnerable to manipulation and fraud. This is no secret. Blockchain technology can be used for verifying votes and preventing voter fraud.
Blockchain technology can be used to verify identity, prevent voter suppression and give people who are underrepresented or disenfranchised because they lack access to the process or are simply ignorance a better chance of casting a ballot.
Blockchain technology can be used to protect against voter intimidation. It provides transparency about the voting process, including who voted, when and from where. This would allow voters to feel secure knowing that their vote is safe and secure digitally, while still remaining anonymous (which is what most people want).
Collectibles/Point System
The industry of collectibles/point systems will reach over $100 billion by 2022. Many companies have begun to use blockchain technology to track loyalty points and collectibles. However, many challenges remain to overcome before this technology can be fully utilized.
- Blockchain technology is most commonly used in the collectibles industry to track digital assets such as game items, crypto kittens, and artwork. As companies seek greater transparency about ownership rights and provenance records, they will be more likely to adopt this method of tracking digital goods in 2022.
- Point Systems: Blockchain is also used by many point systems, such as Uber or Airbnb. This platform records transaction history without any central authority. This can be a problem for privacy concerns and fraud (Uber).
Fundraising and Charity
Since the inception of blockchain technology, charities have been using it to raise funds. Since the early days of blockchain technology, many organizations have used it to aid fundraising efforts.
In a nutshell: Blockchain technology is a way for organizations to raise more money than they can receive through traditional sources (like grants or donations).
We will soon see more benefits and uses of blockchain technology as the technology evolves.
