Blockchain’s potential is becoming gradually more recognised in society. Yet real-life implementations are ostensibly hard to find.
There are successful blockchain projects out there: IBM, Everledger, our own STAMP platform. Bitcoin is perhaps the most well known, among other cryptocurrencies. There’s a blockchain solution for every problem.
So, where are they?
The ‘boring’ solutions
For the average technology user, the best applications of blockchain are, well, a bit boring.
Supply chains. Data security. Audits and contracts. All of these are vitally important in the corporate world, but many people don’t see the applications in their everyday lives.
Yet these changes will benefit everybody.
You just might not even notice or know that it is, in fact, blockchain that is securing your data.
You might have heard about blockchain’s applications in supply chains. It is perhaps one of the most notable, and widespread, applications. Everledger are tracking diamonds with their blockchain platform, and IBM are tracking a variety of supply chains, including shipping cargo, with their platform Tradelens.
At Blockhead, we can track a variety of commodities with our blockchain-enabled platform STAMP, though we are largely in the fuel, streaming and supply chain sectors.
The best applications of blockchain technology are the practical ones, and these are not necessarily the flashy ones you might see in mainstream media. However, they are important: blockchain’s potential for securing data permanence is one of its most beneficial attributes.
So, blockchain can demonstrate that a company is sourcing ethically and sustainably, so that you, as a consumer, can ensure your purchase are ethical. Or it can secure your personal data, and give you more control over its use, so that companies cannot steal your information without your explicit consent.
These might not sound as important as powerful cryptocurrency or decentralised gaming; however they will be key players in the future of innovation.
The creative applications of blockchain
This isn’t to say blockchain won’t become popularised in other, more creative spheres. It also isn’t to say that these applications are any less important.
Rather, it is likely that blockchain will be implemented in supply chains and data management first. Then, widespread adoption will allow for other, more creative applications, such as in gaming, music and movies. One day, your favourite music could be on the blockchain, and it could allow artists to have more control of their own music rights and get direct value without intermediaries.
First, we’ll start with corporate data.
And you probably won’t even notice.