21 Promising Blockchain Use Cases
When one talks about technology that could potentially change the way we live, blockchain is a term that is constantly brought up. And for good reason, blockchain technology promises to fundamentally change the way we live in a multitude of areas. It can often be difficult to conceptualize the transformative impact that blockchain can have on our lives, which is why I have decided to compile a list of potential blockchain use cases. Hopefully this list will give you a clearer insight as to the potential of this piece of technology. Just to add, this list is by no means an exhaustive one.
What Is Blockchain?
Before we delve into this list of blockchain use cases, just what exactly is blockchain?
Blockchain technology can simply be thought of as a ledger that keeps a record of economic transactions. Each group of transactions that is made on a blockchain can be referred to as a block, with each block then being combined chronologically to form a chain, hence the term blockchain. Each block on the chain contains a cryptographic hash of the previous block, a timestamp, and batched transactions. The cryptographic hash included in a block solidifies the integrity of the previous block, making the blockchain architecture extremely tamper-resistant and secure. A blockchain possesses certain characteristics that make it an interesting piece of technology. Firstly, information that is recorded on the blockchain is made public, thus, it is possible for everyone on the peer-to-peer network to have a copy of the blockchain. This also means that all transactions that have ever taken place, or will take place on the blockchain are made accessible to everyone.