Not Just Cryptocurrencies: Uses of Blockchain You May Not Have Heard Of

Blockchain is much more than just cryptocurrency. Photo by Shubham Dhage ON Unsplash

Much more than just cryptocurrencies

Whether you think cryptocurrency is the future of money or the biggest bubble since tulip mania, we can all agree that cryptocurrency news is seemingly inevitable. The Earth/Moon crashalerts 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.

Looking beyond the headliner of cryptocurrency, however, you will find an underlying technology that has greater potential than just digital currency: blockchain.

Indeed, a deeper exploration will reveal that blockchain technology has powered several impactful applications that have unfortunately not met the same level of interest as cryptocurrencies.

Coordinate aid for millions of people

When a crisis occurs, assistance – food, shelter and other needs – usually comes from several organizations whose efforts overlap.

Buildings, a blockchain network, enables real-time collaboration and information sharing in an environment where all members have equal say and responsibility. Organizations are able to coordinate humanitarian action and improve its efficiency and impact.

Using the network, aid worth over $325 million has been distributed, benefiting more than one million people per month.

Monitoring of vehicle emissions across Europe

With the growing effects of climate change, reducing the environmental impact of motor transport has become even more urgent. A current obstacle is the inability to accurately measure vehicle carbon emissions because a standardized measure cannot be implemented across borders and jurisdictions.

To solve this problem, the European Commission worked with MOBI, a provider of technology for internet-connected vehicles testing a blockchain solution for the 280 million vehicles of the European Union in 27 states.

The pilot found that it is feasible to share vehicle information, such as fuel consumption or emissions, in a blockchain system. Such data will allow officials and other stakeholders to develop policies and incentives to reduce the carbon footprint of vehicles.

Verification of business information registered in Singapore

All business dealings involve due diligence that must be performed on potential partners. Therefore, you need a reliable repository of information about companies.

The Accounting and Corporate Supervision Authority (ACRA) TrustBar platform allows the public, including would-be investors, to verify information such as a company’s name, directors and office address.

This information is stored on the blockchain, allowing it to be monitored in real time and making tampering or inaccuracies very unlikely.

Validation of the anti-COVID vaccination

Traveling nowadays requires numerous medical documents such as COVID vaccination status, swab results, and other certificates.

Health Certificates – 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 approved, they will receive a digital certificate containing a QR code. These digital certificates are recognized by immigration checkpoints abroad.

Livestock identification in South Africa

How do you know if the food you are eating really comes from the supposed source and has really passed safety tests?

BeefLedger, a blockchain project in South Africa, seeks to address concerns around food fraud and security issues. As well as providing a platform for consumers to validate the credentials of beef products, it also allows all parties to access the same information, leveling the information playing field. The more than 22,000 beef cattle farmers across South Africa hope that such transparency and adherence to public standards will strengthen confidence in their products and help them penetrate new markets.

Cryptocurrencies beyond speculation: Rewarding the creation of data hotspots

Our final example concerns cryptocurrencies, but not in the world of financial market speculation that we know.

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 connect and use your hotspot, the more cryptocurrencies you get.

The company is looking to popularize Internet connectivity and allow more devices to connect as the Internet of Things becomes more common.

Blockchain is just getting started

Whatever the use case for blockchain is right now, 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, normal people began to connect to the Internet, it was difficult to imagine such things as social media and online games. Yet here we are today.

So even if you’re (rightly) cautious about all the hype around cryptocurrency, it will still be wise to keep your eyes on the development of blockchain technology.

https://www.tech.gov.sg/media/technews/blockchain-uses-you-might-not-have-heard-of

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