Practical Use Cases Of Blockchain Everyone Should Know About

Blockchain technology is a time-stamped series of immutable records managed by a cluster of computers not owned by any single centralized entity. Each of these blocks of data are secured and bound to each other using the principles of cryptography. Here is a list of some Practical Use Cases Of Blockchain which you must know, exist.

Blockchain Use Case No. 1: Charity

Below are the list of projects that combines philanthropy with blockchain technology:

  1. Giveth

  2. GiveTrack

Giveth

Built on – Ethereum

Giveth wants to improve the non-profit space by bringing in new governance models. Giveth’s “Giveth Galaxy” is the scope of projects they are working on. By expanding Giveth Galaxy, the company might be able to disrupt the future of philanthropy. The community behind Giveth is called “Giveth DAC.”

Issues to be resolved:

  1. Create an entirely free, open-source platform on top of the Ethereum Blockchain.

  2. Cut through bureaucracy and allow makers to create a high level of transparency and accountability.

  3. Allow for the creation of governance experiments and make them accessible to the outside world through blockchain technology.

  4. The Giveth DAC diligently documents everything that could be useful for future communities similar to themselves.

Objectives:

  1. Create a completely free, open-source platform for DACs in multiple iterations and decentralize the platform.

  2. Develop the platform for a wider audience and build communities around different. In the process, allow these communities to get the necessary funding as well.

GiveTrack

Built on – RSK

GiveTrack aims to revolutionize charity by allowing one to track donations in real-time. The platform can provide transparency and accountability to donors by sharing financial information and direct project results in real-time. Deploying blockchain technology at scale and leveraging all of its benefits can help in making charitable donations more efficient.

Issues to be resolved:

Charities working in third-world countries are often suffering from a variety of issues such as:

  1. Losing up to 30% of funds in transaction and service fees.

  2. Transactions take a long time to go through and vulnerable to fraud.

  3. No tools to maintain internal or external transparency.

Objectives:

  1. Improve the overall cost, speed, and security of moving NGO funds cross-border.

  2. Adding accountability via transparency while helping build trust and engagement with donors and the public.

  3. Enable real-time adaptive management and faster, more productive emergency response.

Blockchain Use Case No. 2: Finance

Below are the list of projects that combines finance/ financial inclusion with blockchain technology:

  1. IBM World Wire

  2. SeSocio

IBM World Wire

Built on – Stellar

Stellar teamed up with IBM to create World Wire. The World Wire network directly connects banks across the globe without any intermediaries to engage in near-instant transactions. According to IBM, the World Wire platform has already secured 72 payment locations across the world, leveraging 48 currencies and 44 banking endpoints (including banks and ATMs).

Issues to be resolved:

  1. International transactions usually happen via SWIFT. SWIFT is a method by which money gets transferred from Bank A to Bank B through a series of intermediary banks. Each of these banks charges a fee of their own, which bloats up the overall transaction fees.

  2. Since the money goes through so many intermediaries, it also spikes up the overall transaction time. International transactions can take as much as five business days to go through.

  3. There is a severe lack of transparency, making it near impossible to track down the transactions.

Objectives:

  1. Since there will be no intermediaries, the transactions will be significantly faster and incur minimal fees. Cross-border payments will be settled between institutions in mere seconds.

  2. Stellar and IBM will use a stablecoin, a central bank digital currency, or any other digital asset as the bridge asset between their respective fiat currencies.

  3. The digital asset is instantly converted to the target fiat currency to complete the transaction.

  4. Since the system is based on a blockchain, the transactions conducted will have complete transparency. This will help in tracking and auditing.

  5. The system is secure and supports transactions of any size.

SeSocio

Built on – RSK

SeSocio is the leading Latin American investment marketplace that allows small and medium investors to access investment opportunities that were previously unavailable. Investments that were considered impossible before such as buying a one dollar-worth of a Manhattan apartment or 1/8th of a truck to generate monthly passive income can now be possible with SeSocio.

Issues to be resolved:

High-value assets have long been the investment choice of the wealthy. The barriers for entry have been so high that the common man can’t get his slice of the pie.

Objectives:

  1. SeSocio democratizes the field of investments allowing everybody to take part.

  2. Projects seeking investments can benefit significantly from having so many different sources to invest in them rather than just depending on traditional financial institutions.

Blockchain Use Case No. 3: Logistics

Below are the list of projects that combines logistics/traceability with blockchain technology:

  1. IBM-Walmart food chain

  2. Carnes Validadas

IBM-Walmart food trust

Built on – Hyperledger Fabric

Walmart is presently using Food Trust, IBM’s blockchain built on the Hyperledger Fabric.

Issues to be resolved:

  1. There is a severe lack of transparency in the system, which makes it impossible to track the food.

  2. Each node in the supply chain is a centralized entity that can be easily hacked by anyone.

  3. It is impossible to know if the individual cogs in the system are acting in the best interest of the whole system or not.

Objectives:

  1. Since the whole system will be transparent, none of the suppliers will risk sending sub-par food.

  2. Since every single item is accounted for, there is less overall wastage.

  3. Procurement officers and individual components of the system can’t get away with underhand dealings and corruption since the system is transparent.

  4. The consumers will be fully confident about the quality of food they are eating since they will be able to trace it to its origins.

Carnes Validadas

Carnes Validadas is a solution developed by Koibanx on top of RSK that looks to improve the Argentinian meat supply chain. The chain allows different companies to be linked together to allow efficient procurement and transportation of meat. It can be made possible using the blockchain technology to impart transparency, clarity, and confidence in the meat production process.

Issues to be resolved:

Tracing the meat right back to its very source. The tech is based on the individual identification of animals and Blockchain technology.

Objectives:

  1. Improve overall transparency and efficiency of the meat traceability system.

  2. Continually improve the meat chain with the integration of improvement tools and market intel.

  3. Provide more clarity in food production.

Blockchain Use Case No. 4: Government

Below are the list of projects that combines governance with blockchain technology:

  1. Follow my Vote

  2. OS City

Follow my Vote

Built on – Original

Follow My Vote uses blockchain technology and Elliptical Curve Cryptography (ECC) to bring voting into the 21st century. Their goal is to make the election process as transparent as possible.

Issues to be resolved:

  1. The system is hugely labor-intensive.

  2. The time taken to count the votes is too high.

  3. Manual errors in counting the vote cannot be avoided and the system to verify the counting of the votes is not systematic or transparent.

  4. The election can be hijacked via the insertion of bogus ballot papers.

  5. There have been many instances of elections getting rigged. Powerful parties can use their influence to tamper the results.

  6. The cost of expenditure on paper ballots is very high.

  7. It is impossible to keep track of your vote

Objectives:

  1. Allows voters to register themselves by creating two ECC key-pairs.

  2. The voter reveals their identity to a verifier who certifies the first key pair.

  3. The voter then registers their second key pair anonymously as belonging to the first pair.

  4. The first key-pair is called “identity key-pair,” while the second is called “voting key-pair.”

  5. The voter can vote by creating a transaction and sign them off with their private key.

  6. The vote is recorded on the blockchain.

OS City

Built on – RSK

The current structure of the government is extremely fragmented and consists of individual silos. OS City can allow creation of a more sustainable and urban future through the creation and curation of software technology.

Issues to be resolved:

  1. Government technology or “GovTech” has generally been lagging.

  2. Improve the overall government efficiency and trust to increase the productivity of government workers and plug revenue leakage.

  3. Use Cloud Computing, Artificial Intelligence, and Blockchain to solve issues previously not possible.

  4. Provide better work experience for both workers and constituents to improve constituent satisfaction and government revenue.

Objectives:

  1. OS City has partnered up with RSK since it combines the benefits of the most secure network with the virtues of a strong organization.

  2. The software allows cost reduction, avoid vendor lock-in, and building scalable and sustainable IT environments.

Blockchain Use Case No. 5: Entertainment

Below are the list of projects that combines entertainment with blockchain technology:

  1. Cryptokitties

  2. Watafan

Cryptokitties

Built onEthereum

Gaming is one of the most active sectors in the crypto space. Cryptokitties is a fun little collectible game, which once became so popular that it clogged up the Ethereum blockchain. Cryptokitties is a blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats. The game was made by Vancouver-based blockchain company Axiom Zen. The virtual cats are non-fungible ERC-721 tokens. Users can nurture their cats and trade them with others.

Watafan

Built on – RSK

Watafan allows celebrities to create their own digital trading cards, aka watacards.

  1. Celebrities can give away the watacards to their fans as a gift or autograph.

  2. personal wallets can be used to sign these cards cryptographically.

  3. Smart contracts protect the intellectual property of the idols.

  4. Every time fans trade watacards in the secondary market among each other, the concerned celebrity will receive a chunk of the shares.

Issues to be resolved:

Celebrities often lose out on revenues because of copyright infringements. The cryptographically secure watacards will allow them to profit from their likeness.

Objectives:

It allows for the creation of an open, global market where users can verify the authenticity of the cards and trade them in a fast and transparent way.

Blockchain Use Case: Conclusion

The reason why RSK has garnered so much interest is that it brings smart contract functionalities into Bitcoin through a sidechain. Developers and companies around the world have started leveraging the RSK sidechain to bring several fascinating blockchain use cases.

Source: blockgeeks.com

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