The most common use for blockchain technology is in the financial sector, but it also is impactful in other ways. There are many potential uses for blockchain that go beyond finance and cryptocurrencies.
Blockchain technology has many applications outside of cryptocurrency and money transfers. This article will discuss six popular uses of blockchain in 2022 that you may want to explore further.
Cryptocurrencies are the most common use of blockchain technology. Bitcoin, the most well-known cryptocurrency, was first released in 2009 by an anonymous programmer or group of programmers known as Satoshi Nakamoto. It is currently the most valuable cryptocurrency, with a market capitalization of $122 billion (as of March 2019)Blockchain oversees cryptocurrency markets and how they run. It does not dictate cryptocurrency prices or any particular cryptocurrency value. However, because of blockchain, transactions are faster. They are also more secure, and there is a low chance of manipulation.
Decentralized Cloud Storage
Blockchain technology can be used for decentralized cloud storage. That means the data is stored across a network of computers rather than in one central location. The benefit of this system is that it has no single point of failure and is much more secure than traditional cloud storage.
However, decentralized cloud storage is not without its challenges. One drawback to the system is that it is slower than traditional centralized systems because there are more steps involved in getting the information from computer A to computer B—it does not just happen instantly like with traditional systems.
There are many components involved in making this type of system work properly (multiple computers). So, there is a higher chance of bugs happening or things going wrong at any given time when compared with centralized systems where fewer variables are at play (just one).
Supply Chain Management
Blockchain can be used to secure and automate the flow of information between supply chain partners. It can also help with transparency, security, efficiency, fraud, and compliance.
Blockchain technology offers a way to record transactions without needing third-party verification. That provides transparency throughout a company’s supply chain network while protecting sensitive data from breaches or hacks.
Because blockchain relies on distributed ledgers that are stored in multiple locations rather than one centralized database, it’s less vulnerable to cyberattacks since there isn’t just one point of attack for hackers to target.
If you’re using an ERP system (which most companies do), then you’ll want your ERP vendor to integrate it into your blockchain network. That is so they can read all the relevant data without compromising security by opening up an entire window into every company’s private data vault (which would expose their personal information).
It’s no secret that our voting systems are susceptible to fraud and manipulation. Blockchain technology can be used to verify votes, preventing voter fraud. Blockchain technology can also be used to prevent voter suppression by verifying identity and allowing people who have been underrepresented or disenfranchised due to their lack of access or simple ignorance of the process a better chance at casting a vote.
Finally, blockchain technology can also be used to prevent voter intimidation by providing transparency around the voting process itself: who voted when, and where they voted from. That would give voters peace of mind knowing their vote is secure both physically and digitally while remaining anonymous if they so choose (which is what most people want).
In 2022, collectibles/point systems will be an industry worth over $100 billion. While many companies have already started experimenting with blockchain technology to track collectibles and loyalty points, there are still several challenges that need to be overcome before they can fully realize their potential.
- Collectibles: The most popular use of blockchain technology in the collectibles space is in tracking digital assets like game items, crypto kitties, and artwork. In 2022, we will see even more companies come on board with this method of tracking their digital goods as they aim for greater transparency around ownership rights and provenance records for each item.
- Point Systems: Blockchain has also been used by several point systems such as Uber and Airbnb have found success using this platform due to its ability for recording transaction history without having any central authority holding all the data which can lead to privacy concerns or fraud issues (Uber).
Charity and fundraising
Blockchain technology has been used to help charities raise funds since the early days of the technology. Various organizations have been using blockchain technology to support fundraising efforts for years now.
BIn a nutshell, blockchain technology is an efficient way for organizations that need more funding than they can get through traditional means (like grants and donations) to raise money.
As the technoloy keeps evolving, we will soon realize more uses and advantages of blockchain.