Alternative Uses of Blockchain Technology in 2018

-A +A


Photo by Tumisu, CC0 Creative Commons
Blockchain technology is to thank for the explosion of cryptocurrencies in 2017, and this year, it’s the turn of blockchain itself to take center stage and help to revolutionize far more than the world of digital currencies. A digital, decentralized ledger, the blockchain can be updated without the need for intermediaries and third parties. In other words, the blockchain is the 21st-century way of recording data or transmitting funds in real time.
It would be doing the blockchain a disservice to suggest that it’s a banking or finance mechanism. In fact, it’s far from a one-trick pony, and there are many other sectors this year that are benefiting from its implementation. The energy industry is perhaps one of the most surprising adopters of blockchain technology, as it seeks to give its markets and processes a 21st-century overhaul. The implementation of a blockchain-powered peer-to-peer (P2P) trading platform will revolutionize the way in which energy is bought and sold by service providers. For example, in recent years, the rise of renewable energy has allowed homeowners to generate a surplus of energy and become the next generation of producers. Homeowners can sell back their surplus to the grid via new distributed energy resources (DERs) without the need for intermediaries. Marubeni Power Retail Corporation, which powers three central regions of Japan, has agreed to partner with Coincheck and eNet Systems to offer homeowners an incentive of 4-6 percent off their energy bills if paying using cryptocurrency.
There are two main areas in which blockchain technology can enhance the retail sector. While e-commerce has almost destroyed the face-to-face human element of shopping, making it tougher for retailers to earn trust from consumers, the blockchain will improve the transparency and integrity of e-commerce operations, with the ability to track and trace a product’s journey from the warehouse to the customer. The blockchain makes payments more frictionless and transparent, with no need for transaction fees and all transactions recorded on the public ledger.
Currently, U.S.-based chain Walmart is exploring the possibilities of blockchain technology within its food department. The corporation is using the blockchain to pinpoint and remove products from their shelves that have been recalled by producers. Using the blockchain, Walmart will ensure an overview of critical supplier data and food sources so that all necessary food standards are consistently satisfied. The blockchain has also helped online poker take a significant step in the right direction in ensuring a fair game for players. CoinPoker’s online poker platform operates using its cryptocurrency, Chips (CHP), used exclusively to play at their poker tables safely and comfortably. Poker players don’t need to have purchased any CHP prior to setting up their CoinPoker accounts. The site also offers a choice of freerolls that allow new customers to try and build up their CHP bankrolls for free. Unlike traditional poker rooms, CoinPoker is designed to be rake-free, meaning players can take a higher percentage of winning pots. Its blockchain-powered operations have had a solid start, and the site is trying hard to tap into the Asian market by becoming the official sponsor of 2018’s Asian Poker Tour.
There are plenty of other small-scale projects and demonstrations using the blockchain occurring as we speak. It’s great to see that blockchain technology can be used to do good in the real world as well as the digital world. The fourth industrial revolution is well and already upon us, and blockchain is leading the charge.

Also Check Out...

Lessons about Overcoming
Lessons on Love from Martin