Technology

How Blockchain Applications Will Move Beyond Finance

“But the practical applications for blockchain technology go way beyond financial assets. Essentially, any type of digital asset can be tracked and traded through a blockchain. Information about the provenance of goods, identity, credentials, and digital rights can be securely stored with a distributed ledger. Experiments in this space tend to be in early stages, but they range from medical records (MedRec, Pokitdok) to digital rights and micropayments (the Brave browser, Ascribe, Open Music Initiative), identity (Uport), and supply chain (Everledger, Hyperledger).

A challenge for many of these applications is to securely and reliably record the properties of physical assets, individuals (credentials), resource use (energy and bandwidth through an internet-of-things device), and other relevant events taking place through a supply chain on a blockchain. The immutability offered by a blockchain is only useful if the original information entered on it is accurate.”

Source: How Blockchain Applications Will Move Beyond Finance

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