Blockchain technology seems to be reshaping the world. From creating new industries to offering solutions no one thought possible. It seems to be breaking barriers daily.
While this innovative tech has been around for over a decade, only a fraction of its use is known. LI.FI knowledge hub aims to fix that! So, buckle up, let’s explore some unpopular applications of blockchain tech.
Little-known uses of blockchain tech
While blockchain tech’s popularity seems to be on the rise, there are tons of little-known uses. Some of them include;
Makes sourcing ethical and perfect
Before blockchain tech, it was almost impossible to trace the sources of products. But today, using distributed ledgers, one can easily trace the entire supply chain of products, from raw materials to the finished product.
While this is a not-so-popular use of blockchain tech, it does not just enhance ethical sourcing but helps consumers to make informed choices.
Offering digital IDs
With blockchain tech, you can completely control your digital identity. You get to choose which information you wish to share and with which entity. Individuals get access to a secure and decentralised digital identity solution.
This boosts privacy and reduces the risk of identity theft.
Aids creation of sustainable energy
Blockchain technology is the future of renewable energy. It allows peer-to-peer energy trading. Here individuals buy and sell excess energy generated from renewable sources.
This approach empowers communities to become self-sufficient and promotes the transition to more sustainable energy.
Authenticating luxury goods
Blockchain tech can be used to differentiate fake items from original ones. Whether designer bags or rare artworks, it uses unique digital identifiers to validate goods.
This unique identifier records every transaction and ownership change, ensuring transparency and cancelling out all risks of counterfeits.
Making quality foods available
Blockchain tech aims to reduce food fraud scandals. This is done by monitoring every step of a food product’s journey. From farm to fork, consumers get a chance to check the quality and safety of their food.
This reduces the risk of food fraud, improving food safety standards.
Decentralised cloud storage
Blockchain technology allows for decentralised storage networks. This gives users a chance to securely store their data. The data is encrypted and distributed, providing enhanced security.
Decentralised cloud storage eliminates the risk of data loss or unauthorised access.
Gaming and Digital Assets
Games are now a feasible way to make money off crypto space. Last year coinbase hosted a 5-day gaming event, this shows how swift gamers are in the adoption of blockchain tech. The industry used this tech to make more profits. Blockchain-based platforms allow players to own and trade in-game items, characters, and virtual real estate.
This opens up new avenues for creativity, player autonomy, and value creation even as we have fun.
Now you’ve uncovered these hidden gems of blockchain technology. Let LiFi show you how to take full advantage of it.
Effects of blockchain tech
Here are some key effects of blockchain technology in today’s world;
- Increased security.
- Improved transparency and accountability.
- Simplified processes and enhanced efficiency.
- Enhanced supply chain management.
- Financial inclusion and disintermediation.
- Data privacy and ownership.
- Innovations in digital assets and tokenization.
Conclusion
The impact of blockchain technology in today’s world is profound and far-reaching. As technology continues to blossom, we can expect further advancements and applications that will shape the future of our interconnected world.
Embracing the potential of blockchain technology can lead to increased efficiency, trust, and opportunities for innovation in various sectors of society