As blockchain technology continues to evolve, so do the possibilities for its use. Blockchain applications are being developed for a wide range of industries, from healthcare to finance to supply chain management. If you are looking to develop an app for blockchain, here are six ideas for applications of blockchain technology that could have a major impact.
- Smart Contracts
One of the most popular applications of blockchain technology is the use of smart contracts. Smart contracts are self-executing contracts that are stored on the blockchain. This means that they can be executed automatically, without the need for a third party. This could potentially revolutionize the way businesses interact with each other, as well as the way contracts are enforced.
- Decentralized Marketplaces
Another popular application of blockchain technology is the development of decentralized marketplaces. A decentralized marketplace is one where there is no central authority controlling the transactions. Decentralized marketplaces can be used for a wide range of transactions, from buying and selling goods to exchanging currency.
- Identity Management
One of the potential uses of blockchain technology that has already begun to be implemented is identity management. Blockchain can be used to store digital identities, which could then be used for authentication purposes. This could be used to streamline the process of authentication and reduce the risk of identity theft. We have already seen the emergence of two-factor authentication and single sign-on, and now it is time for blockchain-based identity management to take off.
- File Storage
Another potential use for blockchain technology is the storage of files. This could be used to create a secure, decentralized file storage system that would be immune to hacking. Another benefit of a file storage app built on blockchain technology is that it would be much more difficult to lose data, as it would be stored on a distributed network.
One of the most exciting potential applications of blockchain technology is its use for voting. Blockchain could be used to create a secure, transparent voting system that would be immune to fraud. This could revolutionize the way elections are conducted around the world. A big problem of the voting industry is that some people vote multiple times, or their votes are not cast because they were not able to physically be at the voting polls. With blockchain, every vote could be securely stored and tallied, ensuring that everyone’s voice is heard.
- Supply Chain Management
Another area where blockchain technology could have a major impact is supply chain management. Blockchain can be used to track the movement of goods throughout the supply chain, from production to delivery. This would allow businesses to ensure that their products are being delivered on time and would also allow them to identify any issues in the supply chain. This could potentially save businesses billions of dollars per year.
These are just a few examples of the potential applications of blockchain technology. As this technology continues to evolve, we can expect to see even more innovative and impactful applications emerge. Blockchain technology and blockchain-based apps have the potential to change the world as we know it.
Zara Raza is the Head of Marketing at Sunvera Software. She has written several technology blogs covering anywhere from software to emerging tech trends.