The blockchain is well known for the bitcoins underlying technology but there is a belief that blockchain has the power to transform the complete industry very firstly. Here are the six noncryptocurrency blockchain uses to help you to form your own opinion. The blockchain is also known as a distributed ledger
1. Smart contracts:
Smart contracts are self-executing programs that automatically check the rules of the transactions, verify and process the transactions and in some cases enforce the requests of the parties or clients. This type of information can drastically increase productivity and decreases costs. A smart contract is just like an old-fashioned verbal or paper contract except that its conditions can be met digitally. Smart contracts are not new, but they are newly relevant because they are an awesome and non-crypto currency use of blockchain technology.
The uses of smart contracts are limited only by the imagination. They will reduce costs, human error, paperwork, and manual record keeping. They have the potential to increase margins, improve business intelligence, and dramatically increase productivity. Few companies use smart contracts to automate payments for renting electric vehicles charging stations when flights delay and automatically refunds passengers when flights take off more than two hours late.
2. Tokenization of content:
Tokenization allows you to take an asset and fractionalize its ownership by creating digital tokens. Each token will show a percentage of ownership in the asset and the use of blockchain makes the chain of custody and proof of ownership more strong. In practice, you can do with both digital and physical assets but in the absence of laws or regulations, claiming title to the physical property without proper government records shows you many unexpected results. So it is said that there are only few tokenization projects in the works. Simple tokens empower companies to easily create branded tokens without having worry about regulatory issues or creating an ICO.
3. Eliminating counterfeit products:
Because that the block chains are permanent, and immutable ledgers it is easy to identify and trace the chain of ownership of assets. Storing serial numbers or other products identify information on a blockchain allows all the parties like manufacturers, distributors, consumers, and retailers to verify that the item in question is authentic. Block verify uses blockchain technology to boost anti-counterfeit measures by helping to identify counterfeits and prevent counterfeit duplication of the products and enabling the companies to verify their products and monitor their supply chains.
4. Supply chain improvement:
By identifying production components and processes and storing that information on a blockchain, you can monitor and optimize your supply chain from raw materials to finished goods. Walmart uses the blockchain to scan goods in the store’s app and track every step. British Airways use a blockchain to ensure the information it shares on its site and app and also on the airport displays.
5. Digital twin:
A digital twin is a virtual representation of a physical asset through sensor data, artificial intelligence, and human input. Digital twins mirror their real-world counterparts and create value by allowing for training, maintenance, troubleshooting, simulation and more. Deloitte uses digital twins to detect physical issues sooner, predict outcomes more accurately and build better products.
6. Encrypted messaging:
Encrypted messaging has become table stakes for the business communication. There are many traditional solutions for end to end encryption but blockchain has inspired a new approach that leverages decentralization.