What are the Potential Use Cases to Industry?
Beyond the obvious application of blockchain to cryptocurrencies there are many potential use cases. Here are some that are currently being explored:
1. Supply chain management.
A blockchain can be used to reliably and transparently track the movement of goods, their origin, quantity and so forth.
2. Quality assurance.
In industries such as food and pharmaceutical quality assurance is critical. If an irregularity is detected somewhere along the supply chain, a blockchain system can lead you all the way to its point of origin.
Recording transactions through blockchain virtually eliminates human error and protects the data from possible tampering. In addition to the guaranteed accuracy of your records, such a process will leave a highly traceable audit trail.
4. Smart contracts.
With smart contracts, agreements can be automatically validated, signed and enforced through a blockchain construct. This eliminates the need for mediators and therefore saves the company time and money.
The promise of blockchains in voting all boils down to trust. It could significantly diminish the likelihood of electoral fraud, which is a hot issue for democracy in the world today.
6. Stock exchange.
Australia’s stock exchange has already targeted switching to a blockchain-powered system and the Nasdaq has also piloted programs. Meanwhile fully decentralised exchanges on the blockchain (such as 0x) are already a reality.
7. Energy supply.
Traditionally, renewable energy is tracked through through the grid using tradable certificates issued by governments but there are many administration and trust issues that blockchain would be able to solve inherently.
8. Fast peer-to-peer global transactions.
Of course the meteoric rise of cryptocurrencies Bitcoin, Ethereum and Ripple in the market isn’t without merit. It has enabled amongst other things the fast, reliable, secure and cheap transfer of funds across the globe.
All this looks great but why does any of this matter ? …..