Picture Credit: Cienpies Design & Communication
The system behind cryptocurrencies like Bitcoin, known as blockchain, is now being explored for other potential applications, according to NASDAQ. A blog post in the Wall Street Journal offered a basic definition of blockchain:
A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority.
‘Facebook’s Yann LeCun, the AI team’s director, boasted that a different algorithm could identify people 83 percent of the time even if their faces were not in the picture. The program instead works from a person’s hairdo, posture, and body type.’
- A blog on Bytecoin noted numerous alternative uses for blockchain, starting with Namecoin’s pioneering application of distributed DNA in which its goal is to allow registering standard DNS records, performing updates on them, and gaining access to these records. Others like Datacoin and Storj have suggested that blockchain could be used for cloud storage (peer to peer file sharing networks) or Satoshi Nakamoto’s suggestion that it could serve as a “distributed timestamp server” to protect data from being changed or deleted. Bitmessage and Twister both suggest that blockchain might be useful for communication platforms.
- Startups like MyPowers is using blockchain technology as the basis to create a marketplace for digital content or any digital asset that can be traded online. It is pushing for the idea that the mass consumer audience can enjoy a decentralized marketplace for all types of products, merchandise, subscriptions and even influencers’ time.
- Since blockchain has been used to authenticate transactions, an interesting application is to extend this to other applications like voting or any situation that needs authorization, such as for political parties or even proxy voting used by shareholders.
- Identity management is another application in which tamper-proof digital identities can be created like those being developed by Onename. This is similar to Bitnation’s creation of digital identities both of which are now viewed as a potential replacement for the use of usernames and passwords in the online environment.
- Records for businesses can be kept in a much more organized and succinct fashion through the use of blockchain technology, according to companies like Factom. At the same time, it addresses security and compliance issues based on the precedent set by blockchain’s original financial-based use.
- An infographic created by Let’s Talk Payments offers these applications and other alternatives for blockchain technology. These other options include smart contracts, reviews and endorsements, real estate, precious metals and diamonds, Internet of Things (IoT) applications, app development, patient medical records, network infrastructure, gaming, ride sharing and numerous financial uses.