Top 7 fascinating uses of Blockchain
Blockchain, the technology behind the Bitcoin and several other cryptocurrencies can be the next big thing, as per many Fintech gurus. Although, majority of the people currently think that blockchain can be just used for digital transactions, but there are many more exploits of blockchain. Cryptocurrencies are just a start for the blockchain. Pretty much every industry can be benefited by the Blockchain technology. Slowly but surely, the blockchain is getting into several major industries. In this article, you’re about to read about the 7 interesting uses of the Blockchain.
- Riot Bitcoin:
This former biotech company became the first ever completely Blockchain based public stock after getting listed on the NASDAQ. RIOT is the ticker symbol of this stock. Riot bitcoin has re-branded itself from its former self, Bioptix. Currently, they’re not doing any research and development on the Blockchain, but they’re providing an opportunity for the people to invest in the blockchain ecosystem that’s based on Bitcoin and Ethereum.
Africa being the least advanced segment of the world is not an unknown fact, especially financial wise. Most of the African trade is conducted through cash. Bitpesa, a new blockchain based company is trying to resolve the liquidity and money transfer fragmentation of the Africa. The Bitpesa application lets the users to carry out business throughout the Africa with the integrated forex payment features.
Miners contribute to the mining of cryptocurrencies by utilizing their computing power in the blockchain network. Computing power is in high demand for many industries. Golem is a blockchain-based company which connects the computing power to the people who’re in need of it. Golem has a large network of data centers and individual users who’re willing to offer their computing power in return for cryptocurrencies.
You must have been aware of the cloud storage systems, if you ever use Dropbox or Google drive. In the last decade, there’s been a massive increase in the cloud storage usage. Storj’s primary focus is to build and upgrade the cloud storage technology. Usually, most of the cloud storage services save the data in central servers which are heavily prone to cyber attacks. Storj aims to solve this problem by eliminating the central server concept by introducing the blockchain technology which is decentralized.
You may have some funds in cryptocurrencies which you fail to use it in reality. Yes, that’s a major issue with the cryptocurrencies. Many people are stuck with their cryptocurrencies for not being usable practically. But, OpenBazaar aims to solve this problem. The OpenBazaar is a blockchain-backed marketplace that allows people to make purchases with their cryptocurrencies. You can buy a lot of things, rent an apartment or even buy a digital course with your cryptocurrencies.
The above-mentioned uses are just a few examples of several blockchain uses. With time, the blockchain technology is set for much bigger applications in our lives.