Tech
Beyond Cryptocurrencies: Blockchain Uses You May Have Never Heard Of
Blockchain is much more than just cryptocurrency.
Not just cryptocurrencies
Whether you think cryptocurrencies are the future of money or the biggest bubble since the tulip craze, we can all agree that cryptocurrency news is seemingly inevitable. The Earth/Moon Crashwarnings on the riskiness of cryptocurrency tradingand even countries that adopt Bitcoin as legal tender – these are just a few examples of how cryptocurrencies are everywhere.
However, if you look beyond the flashy appearance of cryptocurrency, you discover an underlying technology that has greater potential than just digital currency: blockchain.
Indeed, a deeper analysis will reveal that blockchain technology has fueled numerous impactful applications that have unfortunately not met with the same level of interest as cryptocurrencies.
Coordinating aid for millions of people
When a crisis strikes, assistance (food, shelter, and other necessities) usually comes from several organizations whose efforts overlap.
Building Blocks, a blockchain network, enables collaboration and real-time information sharing in an environment where all members have equal voice and responsibility. Organizations are able to coordinate humanitarian action and improve efficiency and impact.
Through this network, over $325 million worth of aid has been distributed, benefiting more than one million people each month.
Vehicle Emissions Monitoring Across Europe
With the growing effects of climate change, reducing the environmental impact of motorized transportation has become even more urgent. One current obstacle is the inability to accurately measure vehicle carbon emissions because a standardized measure cannot be implemented across borders and jurisdictions.
To address this issue, the European Commission has partnered with MOBI, a provider of connected vehicle technology, to test a blockchain solution for the European Union’s 280 million vehicles across 27 states.
The pilot found that sharing vehicle information, such as fuel economy or emissions, with a blockchain system is feasible. Such data will enable officials and other stakeholders to develop policies and incentives to reduce the carbon footprint of vehicles.
Singapore Registered Business Information Verification
All business transactions are subject to due diligence that must be performed on potential partners. Therefore, a reliable repository of information about companies is necessary.
The Accounting and Business Regulatory Authority (ACRA) TrustBar Platform allows the public, including potential investors, to verify information such as a company’s name, directors and registered office address.
This information is stored on the blockchain, allowing for real-time verification and making tampering or inaccuracies highly unlikely.
COVID Vaccination Validation
Nowadays, travel requires a variety of medical documents, such as COVID vaccination status, swab results, and other certificates.
HealthCerts, developed by GovTech in collaboration with the Ministry of Health, uses blockchain technology to provide verifiable and tamper-proof digital health records.
Travelers can upload their digital documents and, once authenticated and validated, they will receive a digital certificate containing a QR code. These digital certificates are recognized by immigration checkpoints abroad.
Cryptocurrencies Beyond Speculation: Rewarding the Creation of Data Hotspots
Our last example concerns cryptocurrencies, but it does not fall within the world of speculation on financial markets that we are familiar with.
Helium is a wireless data network that encourages the public to create so-called “Helium hotspots” that share their internet connectivity. When you do, Helium rewards you with its cryptocurrency. The more people who connect and use your hotspot, the more cryptocurrency you get.
The company is committed to spreading Internet connectivity and enabling more devices to connect as the Internet of Things becomes more widespread.
Blockchain is just getting started
Whatever the current use case for blockchain, one thing is for sure: things are just getting off the ground, and there will likely be future uses that no one has thought of today.
After all, when ordinary people first started connecting to the Internet, it was hard to imagine things like social media and online gaming. Yet here we are today.
So, while you may (rightly) be wary of all the hype surrounding cryptocurrencies, it would still be wise to keep an eye on the development of blockchain technology.