Blockchain: not just cryptocurrencies

Blockchain: not just cryptocurrencies

The blockchain immediately demonstrated its potential through the very first application case that revolutionized the concept linked to the traditional financial system: cryptocurrencies.

In fact, the creator(s) of Bitcoin developed the first form of a distributed public ledger on which the currency was based, thus giving birth to the era of cryptocurrencies. Just nine years after the release of Bitcoin and the blockchain that powers it, their total capitalization has reached the value of approximately $800 billion, thus gaining the attention of millions of investors. Some of those approaching the topic for the first time may still mistake the term Bitcoin and Blockchain as synonyms, but in reality, the blockchain is not just cryptocurrencies.

On the contrary, it can be applied to many different sectors some of which have not yet been fully explored, but which would benefit enormously from the implementation of this technology as a new infrastructure for their business models. Being a relatively young technology and in some respects that is fashionable so as to attract more customers, it is possible to run into the classic error of overwhelming, where processes are forced in which the blockchain would be useless and inefficient.

Rather, the advantages that this technology would bring if it were to be applied correctly should first be emphasized, so as to be able to make the most of the positive changes that your business would witness. There are three aspects that are always repeated by every platform that adopts the blockchain, and are always linked to the idea of ​​offering the customer security, transparency and immediacy, all values ​​that fall within the peculiarities of any permissionless blockchain.

DIP – Decentralized Insurance Platform

One of the sectors that is in a more advanced state than the others and certainly after the financial one is that of insurance, an evolution that has given birth to that still very niche branch called DIP, Decentralized Insurance Platform.

The term indicates all those platforms that offer solutions related to the coverage of pure risks, but which make use of the blockchain to develop new types of products that are more responsive to the needs of the public. Among the various platforms born, one seems to emerge more than the others and it is that of Etherisc, a project that is based on a protocol decentralized developed on the blockchain of Ethereum which allows the community itself to develop or request specific insurance products.

Among these, you can find multiple use cases that cover different types of risk related, for example, to natural disasters, death, up to the possibility of reimbursement for flight delays or thefts of cryptocurrency wallets.

Digital identities, the case of ONT ID

A further practical application of great importance falls within the field of digital identities; in fact, thanks to the blockchain, it is possible to register an identity and the data relating to it within the distributed ledger, in order to ensure the integrity, origin and security of the data itself.

A recent project still under development but which already offers a lot of potential is part of the sector; this is the case with Ontology, a platform that thanks to its public blockchain, developed ad hoc for this practical case, provides users with the possibility of registering their identities in the blockchain.

This particular activity is processed by ONT ID, a decentralized infrastructure provided directly by the platform, which allows users to create their own digital identities; once created, it will be possible to manage them through ONTO, a special wallet created by the developers themselves.

Thanks to ONT ID there will no longer be a need to provide all the credentials or related sensitive data that one would prefer not to disclose, but only the proof of one's identity impeccably provided by the blockchain on which it was registered.

Supply Chain

Finally, leveraging the incredible potential of traceability provided by a public blockchain, the entire field related to the activities of supply chain leaders can be revolutionized. Among the more interesting use cases, food products certainly make the list; in this way it would be possible to trace the entire supply chain, from the moment of production to that of sale on the shelves of a supermarket.  In addition to this particular case, it would also be interesting for a private company to adopt the blockchain for its supply chain activities, making management safer, faster and more effective. 

Conclusions

These are just some of the use cases in which the blockchain can find a vast field of application, but there are many others that require its use precisely because of the potential it can provide in the various strategic business areas. Certainly, among the most interesting, one cannot fail to mention the medical sector, renewable energy, the registration of intellectual property and copyright in the artistic field.

About the latter aspect, the platform sound reef has recently started registering its customers' music rights on the blockchain, so that, once they have been verified and validated, they become immutable and transparent for all to see.