Blockchain technology is a fresh concept in the entire world of Information Technology (IT) – which has made it possible for innovative forms of businesses to spawn from it says Peter DeCaprio. Here are the top five business applications of blockchain technology today:
1) Remittance and Micropayments
Blockchain came on the scene by means of a financial transaction service known as Bitcoin, which has helped pioneer a brand new profession going by cryptocurrency. Since then, more advanced blockchain-based digital currencies have evolved that offer a faster and low-cost solution for global remittances – making it possible for anyone with an internet connection to send or receive real money quickly, securely, and at minimal costs. The key here is in Blockchain allowing you to trust the payment being made without having already been paid yourself. Blockchain itself is not just about sending or receiving payments but also creating smart contracts, which allows both parties to agree and set out rules and regulations at outset, storing them in a decentralized ledger.
2) Cloud Storage
One of the greatest benefits that blockchain technology offers is its decentralized nature – where it shares files across thousands of independent nodes to ensure that data stays secure. Peter DeCaprio says this has made it possible for cloud storage platforms such as Storj, Sia, and Filecoin to be developed – where users can bypass centralized cloud storage services like Dropbox or Google Drive by means of peer-to-peer file sharing through the blockchain.
3) Digital ID Management
Platforms like SelfKey and Civic allows people to store digital identities on their smartphone and use them for purposes such as opening bank accounts in faraway countries without having to travel there personally. This has helped bring to fruition the realization of a digital identity that can be used across borders and for different purposes without having to compromise on security.
4) Transportation and Ride-Sharing
With companies like Arcade City and LaZooz, we will soon see in our very own Singapore. The rise of blockchain-based ride-sharing and carpooling applications. Ushering us into an era where unused taxis or cars are no longer left parked around town doing anything. But taking up space but are put back into use by being shared with other people looking to get from point A to point B. Blockchain technology makes this possible by recording all transactions made on these platforms. Onto its decentralized ledger – preventing any form of tampering or unauthorized access through malicious means explains Peter DeCaprio.
5) Art and Collectibles
Lastly, we have the Internet of Value, particularly in the art and collectibles industry. This is especially useful for fine artists and their creations. Where they can now earn a passive income from digital sales through platforms such as Maecenas. Interested buyers also gain access to quality art investment opportunities. That would previously be available only to financial institutions or large corporations. Blockchains allow users to buy these pieces using cryptocurrencies within a decentralized marketplace. Where prices are transparent to other users who can all see how much others are willing to pay for similar pieces. This provides both transparency and trust between buyer and seller without having to use conventional methods. Like auction houses with high transaction fees says Peter DeCaprio.
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Blockchain technology is already being apply in many different areas of business today. However, blockchain applications are still in their early stages. And there are likely to be plenty more that have yet to be conceive or discovered. Blockchain for business is just starting out. But it’s only a matter of time before the rest of the world takes notice.