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Common Use-Cases of Blockchain Technology.
There is a wealth of new opportunities and applications being unlocked by blockchain technology, that are changing the way we think about finance, identity and governance. These opportunities are not only limited to those in developed counties, but rather include anyone who has a connection to the internet, regardless of social or economical status. Below are some examples of applications enabled by blockchain technology.
Digital Currencies
Also known as cryptocurrencies, such as Bitcoin, are designed to be scarce, with controlled inflation, to ensure their value is preserved over time. They are secured by the blockchain network, which enables trust and transparency without the need for intermediaries such as banks. Cryptocurrencies can be used as a digital store of value and as a medium of exchange.
24/7 Borderless Money Transfer
By leveraging the decentralized and immutable nature of the blockchain, individuals and businesses can transfer funds across borders quickly and securely, without the need for traditional financial intermediaries such as banks or wire transfer services. Blockchain-based money transfer services are often faster, cheaper, and more secure than traditional methods. Furthermore, since there is no notion of an intermediary such as traditional banks that have limited operating hours, these services are available 24/7/365.
Smart Contracts
Self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a decentralized blockchain network, making them immutable and transparent. This allows for the creation of decentralized applications (dApps) that can be used for a wide range of purposes, from supply chain management to voting systems.
Decentralized Money Markets
A type of dApp which allows individuals to lend or borrow funds without the need for traditional financial intermediaries such as brokers. These markets operate on a decentralized blockchain network, utilizing smart contracts to automatically execute transactions and distribute funds to borrowers and lenders. Unlike traditional finance, these markets are generally fully-collateralized and secure.
Decentralized Identities
Also known as DIDs, allow individuals to create a unique digital identity that is secured by the blockchain. Since entries on the blockchain are immutable, these DIDs cannot be tampered with. They can be accepted globally without the need for auditing, and can be used for a wide range of purposes, from secure login credentials to digital voting systems.
Non-fungible tokens (NFTs) are a new application of blockchain technology, allowing for the creation and ownership of unique digital assets. These assets can be anything from digital art to virtual real estate, and their ownership is secured by the blockchain. The use of NFTs is still in its early stages, but they have the potential to revolutionize the way we think about ownership of digital assets.
Supply Chain Management
By leveraging the transparent nature of blockchains, supply chain participants can track the movement of goods from their origin to their final destination in a secure and transparent manner. This creates greater accountability and trust between parties, as each participant can view the entire transaction history of a product, ensuring that it has been ethically sourced and has not been tampered with.