Most people around the world know about Blockchain thanks to it powering a revolution in the way we trade. Blockchain technology gives life to Bitcoins and other forms of cryptocurrency around the world. As we all know, such modes of digital transactions have the power to change modern-day economics. But is this truly the only use of Blockchain, or is there something we are missing?

Blockchain isn’t limited to just being a framework for coin exchanges, but rather has the capacity to be so much more. The underlying fundamental principles of blockchain such as decentralization of control, security, and accessibility help in its application across businesses. Read on to know more about ways we can fully utilize Blockchain technology and make it even more useful.

Sustainable Energy

Today’s world is continually talking about the need to conserve energy and switch to more green options for energy production. In such a scenario, it is interesting to look at how Blockchain can help commercialize solar power.

Solar power hasn’t yet become mainstream, because they’re expensive to install, require time to turn cash positive and are not very efficient. However, advancements in science and technology are helping in improving such solar devices. This will remove intermediary companies and reward rates, and make it easier for everyone to rely on more sustainable energy sources.

Cloud Storage

Cloud storage powers most modern businesses by granting unlimited storage space and security. We are all guilty of dragging and dropping files into cloud folders for later use. However, though most cloud servers have multiple back-ups and security checks, none of these are fool-proof.

Since all these functions come under the responsibility of a singular entity, their power is highly centralized. Therefore, by attacking a SaaS company, you can take down their entire cloud service. However, by using Blockchain technology, Storage is proving that security in place can be further improved. While most cloud servers utilize CDNs to cache files, usage of Blockchain can help take cloud computing to the next level.

Powerful Processing

The best way Blockchain can be used to derive processing power is illustrated by the supercomputer Golem. The machine has no central processing unit of its own, but rather derives its power from blockchain mining. The proof-of-work calculations that it does to verify transactions, may, in essence, be used to calculate just about anything.

Hence, the same power that makes Bitcoins possible helps Golem calculate physical values. Companies and research institutions both need enormous processing power to run their calculations. Hence, instead of investing in their own technology, they can make use of Blockchain to calculate things for them effectively.

Verification Tool

With everyone taking their lives digital, one of the biggest problems of the 21st century is identity theft. When so much regarding our lives is available online, making sure that data stays safe remains critical. We protect sensitive data using personal information, and then share things about us on social media.

Similarly, we store our most valuable and important documents on clouds, but try to keep them safe using the weakest of passwords. When miscreants get their hands on such data, they can cause severe damage to our lives. Blockchain can help us handle such lack of security, by adding another layer of encryption and verification.

All important actions, such as altering bank account details and governmental dealings may be decentralized via Blockchain. Such decentralization of identity proofs ensures a lack of a single point of failure which allows the compromising of data. Security company Civic accesses biometric data using blockchain, making it a secure process that does not need complex logins.

Gem Trading

In the business world, gem trading has quite a name for being one of the most unethical services due to the large influx of illegal money. The sheer distance separating buyers and dealers, coupled with the massive amounts of money involved, makes this business extremely risky and dirty. However, all this can change by introducing Blockchain into the mix.

By introducing a blockchain ledger into the mix, we will be able to access records regarding every transaction, helping to make everything more transparent. Moreover, the system would become extra robust and secure preventing any hacks and illegal takeovers. This is exactly what the Finnish company Everledger does in the field of the diamond trade. IBM project TrustChain wants to design a blockchain-enabled supply chain for the gems industry to track gems and precious metals.

Furthermore, people are relying on smart contracts at weddings and even funerals. Rather than using written documents attested with signatures, people are opting for smart contracts that are executed via software. Similarly, startups such as Votem, Follow My Vote and Democracy Earth, are bringing life to blockchain-powered voting platforms to eliminate fraud. Meanwhile, facial recognition startup Faceter is focusing on the prevention of crimes by using blockchain. Faceter aims to automatically trigger alarms as soon as crimes occur through facial recognition.

With businesses spending over $2.9 billion on Blockchain products, and with investments in the field set to cross $12.4 billion by 2022, it is safe to say that Blockchain is here to stay. Blockchain technology will slowly grow to have bigger roles to play in the fields of government services, healthcare, and even real estate. Right now, as you read this, more and more startups are starting to rely on blockchain-enabled platforms. Therefore, make sure you don’t get left behind and jump on in yourself.