Explore the potential of blockchain technology beyond conventional sectors such as finance, healthcare, and supply chain management. Discover the unexpected use cases that could materialize in 2023 and beyond.
For a number of years now, blockchain technology has been upending sectors, and it shows no signs of stopping down. There are a number of unexpected use cases for blockchain that could materialize in 2023, despite the technology’s well-known potential in conventional sectors like finance, healthcare, and supply chain management.
In this post, we’ll look at four odd blockchain use cases that have the potential to have a big impact in the years to come.
- Electronic identity confirmation
Blockchains might verify digital identities. Blockchain technology creates a decentralized and secure digital identity verification system that protects user data. Since the worldwide digital identification sector will reach $49 billion by 2026, blockchain-powered digital identity verification technologies are viable. The digital identity verification method could improve data security and benefit refugees and underprivileged people without government ID.
- Distributed energy systems
Blockchain could establish decentralized electricity networks. Selling surplus energy to other grid consumers using blockchain smart contracts might create a peer-to-peer energy market. Decentralized energy systems could lessen reliance on conventional power networks, which are prone to outages and hackers. Decentralized grids are more resilient to system breakdowns, according to a 2019 IBM study. Remote places without electricity may benefit from this autonomous method.
- Autonomous Decentralized Organizations
Smart contracts run DAOs. These groups, which members own and run, decide expenditures and project scope.In the Fifth Industrial Revolution, decentralized, community-owned enterprises and organizations that make decisions transparently and democratically are crucial. These groups are young. DAOs provide community-controlled, trust-based partnerships with new, more democratic ownership and governance forms.
- Voting procedures
Finally, blockchain technology could create safe, tamper-proof voting systems. Blockchain-based voting systems record every vote on the blockchain, assuring transparency and unchangeability. This would reduce electoral fraud, a major issue in many countries. Local and regional elections may employ blockchain-based voting systems by 2028.
In the end
Blockchain technology has the ability to transform many industries, including unlikely ones.
Logistics for humanitarian aid. Organizations may better aid refugees thanks to blockchain-based digital identity verification technologies, which also give residents of developing nations new options to protect their identities when dealing with businesses and communities abroad.
By utilizing blockchain technology, businesses may build more autonomous power grids that can keep running even if a section of the system is damaged.
Building voting systems on blockchain platforms enables the introduction of quicker and more dependable methods for voter registration and vote counting, potentially reducing the danger of election fraud.
New community-managed business models that are committed to more just decision-making and human-centered policies are introduced by the growth of decentralized autonomous organizations.