What are the Alternative Uses of Bitcoin Blockchain?

Blockchain has many use cases. However, first of all, you should see the blockchain technology as something separately from Bitcoin, because there are many blockchain applications completely different from Bitcoin’s one. For example, Ethereum operates with a blockchain technology that allows smart contracts, unlike Bitcoin. So you can simply mention blockchain without Bitcoin.

I will start with a recent news post which says that Dubai is to have the world’s first blockchain-based government.

#1 Governing

In Dubai, it is expected that the use of this innovative technology would save 25.1 million man-hours, which is the equivalent of 1.5 billion dollars a year. The move will also allow the emirate to abandon approximately 100 million paper transactions thanks to the transition to electronic documents.

Could blockchain run a city state? Inside Dubai’s blockchain-powered future | ZDNet

Dubai wants to become a business hub, which is why it implements the latest technologies, including the blockchain.

However, Dubai is not the first administration to do so. Ukraine has started the E-Government project, which supports many blockchain-based initiatives related to the management of different tasks and sectors.

#2 Land Registration

I will mention this use case because of the same Dubai and Ukraine, which is a nice coincidence. On October 9, Dubai announced that it moves land registry on the blockchain. The same thing was announced by Ukraine on October 4. The State Land Cadastre will apply blockchain to manage its registry of farmland, which translates into less corruption and more transparency.

In fact, blockchain can be used pretty much everywhere where you need a transparent database that has to be updated with every new entry.

#3 Voting

Once we have referred to Dubai’s blockchain government, let us maintain the tune a bit. Can you imagine a completely transparent voting system based on the blockchain? This is surely possible in theory, but nations should walk a long road until fully implementing it. As they say: “if voting changed anything, they’d make it illegal.”

“If Voting Changed Anything, They’d Make it Illegal”

Well, there are some services today that seriously think about this issue. Follow My Vote offers a platform for anonymous online voting, using blockchain of course.

#4 Financial and Stock Trading

The blockchain can totally change stock trading by getting rid of intermediaries, add security, and speed up orders.

The Australian Securities Exchange (ASX), NASDAQ, and Japan Exchange Group (JPX) are already working with this technology.

These are only a few use cases. At the moment, there are dozens of sectors and thousands of successful implementations of the blockchain technology.

Hope this helps!



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