The majority of people associate the word ‘blockchain’ with cryptocurrencies. True, this technology was first used in the financial sector, and now there are hundreds of cryptocurrencies and other DeFi products on the market. But the good news is that a non-distributed registry and a network based on it can become the basis not only for various financial products. In this article, we’ll take a look at various blockchain-based non-financial solutions.
How and where to apply blockchain?
As an example, we will look at the multifunctional Qchain platform and its products: Qstorage, Magic Lotto, and Qchain Place.
Decentralized Qstorage. The following approach is used here — the document is encrypted, divided into parts, and stored in the system in this form. This allows getting a number of advantages, such as the highest degree of protection, uninterrupted reliable access to data, low storage cost (compared to traditional ones). Besides, centralized blocking of a resource is impossible.
Decentralized Magic Lotto. Since the decentralized registry is stored by all users of the system, it is impossible to carry out manipulations with drawings in a decentralized lottery, as it will immediately become noticeable. This is an exceptional advantage for gambling. In addition, thanks to the use of smart contracts, all interactions are automatic. The system itself has no extra commissions or fees — only 1% when transferring funds (in lotteries, as a rule, up to 30% of the winnings go in the form of taxes and commissions when they are withdrawn). Moreover, the affiliate program enables receiving additional passive income.
Decentralized exchange for goods and services — Qchain Place. As part of a single Qchain ecosystem, the exchange offers a number of benefits for its users, including minimal fees for transfer/withdrawal of funds, trading NFT tokens, and automatic copyright protection thanks to smart contracts.
Where else can blockchain be used?
But these are far from all use cases for blockchain technology. Here are some other possibilities:
Public administration. Blockchain allows organizing a transparent voting process, and a distributed registry reduces the level of corruption, thereby increasing the efficiency of government institutions.
Logistics and supply chain. Tracking the entire process of creating and distributing goods, transparent and immutable records, reducing costs, creating interoperable data thanks to smart contracts.
Healthcare. Blockchain simplifies the management of data on patients, making the tracking of any data easy and fast as well as the exchange of information between institutions and protection against insurance frauds. It increases the general quality and efficiency of clinical trials.
Charity. More transparency, no accountability issues, more ways to receive donations. Less taxes and costs for cryptocurrency donations.
Digital identification and copyright protection. With the introduction of blockchain, there will be more secure methods for storing, transferring, and verifying confidential data.
Internet of Things. Blockchain allows maintaining an unchangeable and transparent register of IoT devices, the data they collect, and their interactions, which provides high accuracy and data security.
As you can see, blockchain is not only about cryptocurrencies. The good news is that everything described above can be implemented on a single platform, in a single ecosystem, which means additional benefits from simplifying the interaction of different dApp applications. We are probably on the verge of a real revolution in decentralization and change will come even earlier than we think.