Blockchain technology is the core of our Wrex payment service. Market trends indicate that distributed ledger solutions have emerged in recent years that go beyond the financial industry. In this overview, projects from 20 areas of blockchain use are presented. In the 1st part of the material, we will list services from 10 industries, including authorship and ownership, goods and raw materials operations, data management, diamonds, identity verification, energy, e-voting, etc. Blockchain is also called distributed registry technology because many independent users store the entire chain of transactions and the existing list of owners on their computers. Even if one or more computers fail, the information will not be lost.
We have collected concepts that are often used when discussing the Blockchain. They will help you understand how distributed ledger technology works. Even though interest in Blockchain technology is more related to finance, the scope of application of distributed ledger technology is not limited to it. Along with banks and fintech startups, players in other non-financial markets have also taken notice of the technology. They are looking for ways to capitalize on the opportunities it provides. Let’s look at some interesting examples of practical applications of blockchain technology outside the financial services industry.
Authorship And Ownership
Here Blockchain is used not only for the transfer of funds. You can use decentralized distributed ledgers to store data securely and openly make various transactions. Moreover, creating an identity on the Blockchain can give individuals greater control over access to their data and how they are exposed to others. Ascribe helps artists and creatives to verify and maintain copyright through Blockchain. The Ascribe marketplace allows you to create digital editions using unique identifiers and digital certificates to verify authorship and authenticity. In addition, a mechanism has been established for transferring ownership from an artist or author to a buyer or collector, including its legal aspects.
Operations With Goods and Raw Materials
The Real Asset Company allows individuals worldwide to purchase gold and silver bars safely and efficiently. The company has developed an investor-friendly platform powered by an international safe and vault infrastructure that provides buyers of gold, silver, or other precious metals with an online account. Goldbloc’s gold-backed internal cryptocurrency adds an extra layer of transparency to managing gold investments. According to the company, the ability to “tie” every gram of gold to a digital cryptocurrency will help return the gold to countries’ financial systems. Uphold— a platform for moving, converting, transacting, and storing any form of money, goods, or raw materials. The service links banking, credit, debit cards, and bitcoin wallets in the service’s internal digital wallet to facilitate financial services or transactions. Businesses and individuals can transfer funds to their accounts in the system using bank transfers, debit, credit cards, or bitcoin wallets.
Data Management
Faction is a notable blockchain company that uses distributed ledgers outside of the financial realm, in this case, in the data management realm. The company’s identification blockchains are used to implement a database management system and data analysis in various areas. Businesses and, governments, and non-profit organizations use faction to simplify the procedures for keeping records fixing information about business processes. Faction solutions enable customers to conduct their business to their market’s safety and regulatory requirements. All records in the faction are timestamped and stored on blockchains, reducing the cost and complexity of managing, auditing, and complying with regulatory requirements.
Diamonds
The diamond industry is one of the largest natural mining industries, contributing to the GDP of African and other diamond-producing countries. Its distinguishing characteristic is a high level of crime and law violations. Gemstones are very small in size and therefore readily amenable to hidden transportation. The best part for the criminals is that the transactions are done privately, and each sale allows you to make a profit for several years. Diamonds have a notorious reputation for money laundering and terrorist financing on a truly massive scale worldwide.
Conclusion
It makes blockchain technology one of the best for financial transactions. It is almost impossible to assume the sequence of characters of the digital code of cryptographic keys. But at the same time, there have already been cases of wallets being hacked, so it is better to connect them to the network only for the duration of transactions and keep them offline for the rest of the time.
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