In the wider public community, blockchain technology may be best known as the engine powering cryptocurrencies. But while there may be growing understanding about what the technology does do, many outside the crypto industry may not grasp what it could do.
Blockchain technology doesn’t need to be locked into cryptocurrency. Instant, open and secure digital transactions could be leveraged by governments, businesses and consumers to simplify and secure a variety of processes and functions. Here, 10 members of Cointelegraph Innovation Circle discuss ways blockchain technology is (and could be) revolutionizing a variety of transactions and interactions.
We’re working on using blockchain to improve the resiliency, security and auditability of election systems. Traditional election processes and their trust institutions have been severely challenged and undermined over the past few years. A data-driven, evidence-based approach backed by a zero-trust blockchain infrastructure that enables every citizen to anonymously and privately audit the ballots can help restore trust in the system. - Nimit Sawhney, Voatz
Supply chain management
Blockchain is ideal for tracing and tracking goods across a supply chain that must be audited/monitored by multiple parties. Blockchain provides transparency and traceability of goods for participants in a supply chain as well as regulators and consumers. Blockchain-backed supply chain software increases public trust in consumer goods and efficient demand forecasting for upstream organizations in the supply chain. - Brian Platz, Fluree
We’re using blockchain to support verifiable credentials for digital identity. This is a key element in the evolution of empowering individuals and entities to control their identities and data. Using blockchain technology to support the issuance, verification and management of verifiable credentials, users can prove that they are who they say they are without disclosing private information. - David Lucatch, Liquid Avatar Technologies Inc.
Blockchain is supporting financial inclusion with the emergence of robust decentralized finance infrastructure alongside scalable solutions, enabling low-cost, high-velocity transactions. This advances the use of crypto-based payments, remittances, and savings and loans. Additionally, there are use cases for managing universal basic income with blockchain, especially in emerging markets that are underserved by traditional financial services. - Shiran Herzberg, eToro
We recently built a blockchain-based ticketing platform for a client. It’s a primary and secondary marketplace, in which each event/ticket is a smart contract/NFT — think TicketMaster on blockchain. The platform allows event owners to track first and secondary sales along with resale value, preventing the sale of fake tickets and price hikes. Blockchain is helpful in places where transparency and traceability are required. - Vinita Rathi, Systango
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Blockchain integration is happening in many places. Tokenization gives physical assets a digital identity while simultaneously challenging the legacy definitions of property, ownership and authority. It enables physical assets to adopt the benefits of blockchain. This enables increased liquidity, transparency, decentralization, efficient transactions and the democratization of access to those assets. - Oleksandr Lutskevych, CEX.IO
“Play-to-earn,” or GameFi, works when someone cracks a Triple-A game title through play to earn additional mechanics. This is the silver bullet for the industry. Adoption will soar, utilization will skyrocket and a new generation will be able to earn through a new job sector that will be created. - Rupert Barksfield, Amulet
Public sector transparency
There’s lots of potential for blockchain in the public sector. Transparency can combat institutional corruption by making budgeting decisions accessible to the public, forcing officials to behave more responsibly with public funds. During elections, blockchain can create a decentralized voting process that’s less vulnerable to electoral fraud and allows for greater voter participation in remote areas. - Sheraz Ahmed, STORM Partners
Blockchain can help cut out legacy middlemen waste. We’re focused on using blockchain to provide transparency in charitable giving. Most 501(c)(3)s use up to 60% of funds donated for overhead (as can be seen on IRS Form 990). We believe by bringing this process into the blockchain we can keep more money going to the intended recipients, instead of to bigger offices and bonuses. All transactions would be transparent, protocol-driven and at a fraction of the cost. - Ben Knaus, Sch0lar
Recently, Vitalik Buterin, the creator of Ethereum, contributed to a white paper that teased out a future use case for NFTs that he dubbed “Soul Bound Tokens.” These SBTs would be granted from one “soul” to another in recognition of an achievement or affiliation — an extended résumé of sorts. Companies including POAP and my venture, Tokns, are busy proving out use cases. - Jamie Tedford, Tokns Commerce
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.