As 84% of companies are now dabbling in blockchain technology, part of that is because there is an increasing number of use cases being created daily. Future use cases of blockchain might have seemed far off five years ago, but many of them are now common sense.
Notary Services and Contract Security
With the help of the blockchain, notary services and smart contracts can be created. Notary services are reliant on the fact that the presence of the notary stamp is on the document. With the help of blockchain technology, online notary services can be as secure as in-person notary signatures.
The blockchain stores so much information that it’s possible that signatures are time stamped and authorized. This allows for more authenticity and assurance that signatures are genuine.
In real estate, statements and agreements between lenders and borrowers can be part of a smart contract. Identity verification will be created remotely. When someone gives evidence testimony, official documentation can be recorded remotely and verified via the blockchain.
While the blockchain is used to verify and keep track of cryptocurrency, it can also be used as a way to offer “shares” of an initial offering. For startups trying to crowdfund, “company coins” can be offered to investors in exchange for their investments.
Crowdfunding is a challenge for new startups of any kind. When they have something to offer in exchange for their request for funding, they’re more likely to raise money.
As the value increases, investors can cash in their “coins” to receive returns for their choice to invest.
With the increased demand for network-connected devices throughout the home, blockchain can help to improve the way that devices interact. Tracking the unique history of a device and its interaction with users can help to improve products overall. When we know how a product has been used when it demands repair, we can see user and device failure.
One of the problems that users raise with IoT devices is the fact that they might be hackable. With the help of blockchain, data are written and recorded with the device wouldn’t be able to be manipulated. In these cases, information exchanged between the devices will be unique and hard to hack.
One of the reasons it’s hard to run your own independent ride-sharing service is that you need an intermediary. Uber and Lyft handle all the technology and manage all the transactions between users and drivers. This is what allows them to take such a big bite out of every ride.
With the help of the blockchain, people can share rides and make payment using cryptocurrency. Without a central solution to broker the deals between them, all parties would save money and enjoy the control of a truly free market.
There is a Growing Number of Use Cases
As more companies dabble with blockchain, other brands and companies will come up with use cases to benefit their customers. For more innovative ways that blockchain technology is being used, check out our latest coverage.