Bitcoin has undoubtedly become the face of the cryptoasset world and holds a prime position in the digital asset market. However, coins that serve as alternatives to Bitcoin, known as Altcoins, also provide exciting new ways to use the blockchain technology, that don’t just facilitate transactions; they dare to go beyond.
Bitcoin roughly constitutes 45% of the total cryptoasset market and has seen one of the biggest rises in value. However, there’s plenty, plenty you can do with the blockchain without having to delve into bitcoins. Here are some fairly obvious uses of the blockchain!
Security is an essential use and function of the blockchain technology. It is automated using a code rooted in the ledger or chain to trigger denying or granting access. This ensures minimum or no involvement of third parties and maximum security. Both the lock and the key have become one to give access to users of a shared, incognito network.
Bookkeeping outside the library
Bookkeeping and accounting is one of the rare features provided by the technology behind all cryptoassets. Wealth management is one of the most unique ways to make use of cryptoassets. Companies provide their own tokens for investment solutions, giving investors a chance to manage their wealth without any boundaries or restrictions. It also serves as a censor less and incorruptible digital ledger that tackles financial issues and frauds.
A deterrent to electoral malpractices
An interesting and ethical application of blockchains can be their use to help battle electoral malpractices and frauds. The technology gels itself with voting through applications developed by visionaries such as Santiago Siri, who work to make political practices more ethical. This system can also secure other important parts of an election, such as voter registration and voter identification. According to Siri, the blockchain is incorruptible, where no one can modify or subvert how votes are stored, which is vital for any democracy.
Getting clean and green!
Do you wish to save the environment? Cryptoassets make it easier and more doable than it might sound! Systems such as the Brooklyn Microgrid enable people who already have solar panels to sell ‘environmental credits’ through a phone application to residents who cannot have direct access. This encourages them to switch from carbon based power to solar based energy.
Cryptoassets make travelling a bliss, by serving as a platform for easy, secure and fast digital transactions, saving travellers from tedious fiat currency exchange rates and hassles. This is due to the growing acceptance of cryptoassets, by retailers all over the world for transactions.
Bitenation, a revolutionary project, aims at using blockchain technology to decentralise governance. It offers victims of the refugee crisis an emergency digital identity and a Bitcoin based credit card, which makes it possible for an individual in grave circumstances to prove their existence and identity through family relations using crypto, by recording it on a blockchain based distributed public ledger. In addition to this, they can also receive funds from friends and family without having any bank accounts.
Cryptoassets and blockchain technology are slowly emerging as solutions to biting problems, with their broad spectrum of applicability and uses. They redefine traditional uses of blockchain, by providing remedies to problems and issues in various fields such as corruption and environmental protection. The direction and magnitude to which this technology will be disseminated and used, with its already rapid and massive expansion, is yet to be established, and shows a promising potential to solve major problems that disrupt the well-being of the society.