Blockchain’s Real-World Applications Are Growing

Blockchain, Education | August 27, 2018 By:

We often speak about blockchain in abstract terms. But technologies get adopted because of what they can do. If people needed to understand how the internet works to use it, the online world would be a much smaller place. Yet billions of users sign on, log on, and dial up each day.

Blockchain can be used to solve widespread issues. Over 6 billion dollars has been raised for new blockchain ventures in 2018. Across various industries, businesses are recognizing the technology as a viable challenge to the status quo.

Transparency

Charities are seeing a decline in donations. Allegations of disappearing funds have led to a lack of trust. People want to know their money is going to the right place.

Although not an area that has easily attracted VC and ICO money, projects that use a blockchain to track charitable donations are tapping into an area ripe for disruption. If you give money to a charity to build a school, you want to know it fulfills its obligations. By tracking donation funds in an open ledger, charities are made transparent and accountable to their donors.

Authentication

Venues have long been undermined by secondary resellers and touts. But shady sellers now use software bots to buy tickets en masse and distribute them at a higher price.

Projects like Blocktix and Aventus are making counterfeit-proof tickets that can’t be double-sold. Hosting tickets on the blockchain means that if one is tampered with, it won’t get you in, and because ownership history is recorded, tickets can only be purchased from authentic retailers.

Rewards

Social media sites are built on contribution. They wouldn’t be the giants they are without their users. But they don’t often reward those who contribute most to their value.

The Steemit social network acknowledges that users are a resource worth rewarding. Users earn tokens as they create, curate, and share media on the network. These tokens are not just discount points — they can be traded so people can reap their rewards elsewhere.

Protection

DDoS (denial of service) attacks can be simple but devastating. Software used to execute them is readily available so even an unskilled hacker can bring down a website for hours, sometimes days.

The Gladius team are developing a cyber-protection blockchain network to safeguard websites. Unused bandwidth from computers on the network will be used to filter out bad traffic while increasing the speed of delivery to trusted connections so business can continue uninterrupted.

Identity

Identity theft is skyrocketing as we transfer more private data online. The problem is that to verify your identity, you need to hand over a lot of information to a company.

Projects such as SecureKey want to ensure security without compromising privacy. Blockchain identity management means you only need to give out the most necessary data, as companies can verify who you are without “seeing” all your information for themselves.

Signing off

From identity theft to ticket authentication, to website protection and user rewards — blockchain is solving real-world problems.

These are just some examples of the ways businesses are leveraging the technology within specific industries. But they highlight its potential to improve operations and services worldwide.

As blockchain’s platforms grow to rival their traditional alternatives in capacity and speed, its power to upturn established practices will only grow.

About the Author:

Simon Manka serves as Growth Lead at the Internet of Services Foundation (IOST), a next generation blockchain infrastructure that is decentralized, open source and neutral. He has been a blockchain enthusiast since 2013 and is committed to the creation of a vibrant decentralized economy. You can find Simon on Twitter.