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Five Uses of the Blockchain You Have Never Heard About

There are a lot of hot discussions growing exponentially on the internet about Blockchain. Blockchain was initially devised as a method to monitor the use of Bitcoins. However, today this technology is on the verge of changing pretty much that can be managed online. The major impact is going to be in the financial industry. This technology will completely change the way financial transactions have been managed to date.

The impact of cryptocurrency has been felt across all sectors including the gambling industry especially the online casino domains. Many reputed UK casinos are waking up to the advantages that the Blockchain technology provides.

Ever heard of solar coins?

Well, you could very soon be hearing about this. It is predicted that going forward the need for service providers in the energy sector would be zero. This is because the generation, storage, and distribution of energy can be controlled through this technology. Solar cons will come into use and individuals will be able to claim them. The only requirement would be proof that you own the solar device. These solar coins can be exchanged for Bitcoins and then on to real currencies. Imagine the impact this would have on the society. Power would become accessible to everyone who cannot access it now. There would be complete transparency.

Land registries will become transparent

You have come across many instances wherein people have been thrown on to the streets because of fake land transactions. The use of Blockchain technology will ensure that all land deals become transparent. The buyer, seller, and any other interested parties will have clear access to the details of land transactions. This will prevent fraud and misuse. Developing countries have already welcomed this idea. In fact, Sweden is already testing this.

Data Storage

Another key sector where Blockchain technology could create a deep impact is in data storage. You will no longer have to store data in the cloud or on rented servers. Now data would be stored in bits and portions across billions of computers worldwide. Worried about the security angle in this? Well, you needn’t be as only a fraction of the data would be accessible at one point. Hence this brings down the security risk that current facilities like cloud have.

Social Media, music and much more

What if someone told you that you could exchange the likes on your Facebook for actual money. Well, this could become a reality soon with Blockchain technology. Users can now generate revenue from the popularity of the content that they have created on social media. Another major use of this technology is going to be in the music industry. Musicians can now sell their music directly to consumers and eliminate the need for middlemen. Imagine the changes that could happen.

Blockchain technology is just entering the online domain. However, its impact will soon be felt across all major domains bringing many acute changes in the way things work.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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