But first, what is Blockchain?
Blockchain technology allows for the creation of a decentralised public record of digital information. The data (the block) is stored in a public database (the chain) and can consist of any information. It is the first digital technology that offers a way for unsecured parties to refer to a common, indelible (append-only) digital record. Blockchain already has many varied applications, and here’s some examples:
1.Bitcoin
One of the more famous examples of Blockchain in action is Bitcoin. This is a digital currency (commonly called a cryptocurrency). This entirely electronic form of funds can be transferred securely directly from user to user without the need for intermediaries - essentially there is no central bank or administrator needed. Bitcoin is not the only currency based on Blockchain technology. Bitcoin Atom (BCA) is a fork of Bitcoin and provides a truly decentralised way of exchanging cryptocurrencies without trading fees and no exchange hacks.
2.Spotify
Following acquisition of Mediachain Labs in late 2017, Spotify are using a decentralised database (blockchain technology) to correlate artists with license agreements and tracks. Use of Blockchain in music looks to create a more transparent record of rights ownership that will solve long-standing issues within the industry, whereby artists and labels have not been fairly acknowledged.
3.Maersk
A cooperative Blockchain effort called TradeLens has been created by Maersk and IBM. An open and neutral industry solution, it is underpinned by Blockchain technology and supported by major industry players. The platform promotes a more efficient, predictable and secure exchange of information across the global supply chain. What’s more, TradeLens also sports a custom smart-contract service for executing complex shipping orders with fewer middlemen.
4.Aeternity
æternity is a scalable Blockchain platform, that can be used for many applications requiring high-speed transactions. These can include smart contracts, secure document exchanges and nano/micro payments. The technology promises to facilitate mass adoption of Blockchain to support everything from IoT, IoV, FinTech, Video Gaming, The Unbanked and Trust-free Exchanges.
5.Matchpool
The Matchpool platform incentivises ‘matchmakers’ to connect members of communities such as Airbnb, Uber or dating services. Matchpool uses cryptocurrency payments as a means for incentivising the communities, to provide value to the rest of the network. Guppy tokens, also known as GUP, are used to make payments inside the Matchpool app. Guppy tokens can be purchased and earned on the platform or traded on exchanges.