The blockchain technology has overtime proved to be an invaluable tool in our rapidly developing digital world. It has been adopted by many countries because it is decentralized, transparent, and cryptographically stores data.
It is being used globally to process payments, create digital IDs, share data, and regulate taxes, to mention but a few. Countries like the United States of America, China, Japan, Australia, and many more have adopted the blockchain technology in their various sectors.
In this article, however, we go over some use cases reported by Coinfomania in recent times, perhaps suggesting that the technology’s potential applications are truly endless.
5 Peculiar Blockchain Use Cases
Blockchain for Football Ticketing: While there are already several partnerships united blockchain technology with the soccer world, one recent application catches the eye.
The Royal Dutch Football Association ( KNVB) tested a new blockchain-based ticketing app during a qualifying match held in Amsterdam on Nov. 19.
The blockchain-powered app could grant users access to the stadium via a barcode that activates once the person is close to the stadium. The Association reported that it helps to prevent the counterfeiting and illegal resales of tickets as well as reducing the cost and stress of ticket printing.
Blockchain for Car Verification: Just last week, the Italian car manufacturing company Automobili Lamborghini, adopted a blockchain-based system of car verification, which will reduce the time spent in the car certification check
By making use of the blockchain platform of Salesforce, the verification process can be carried out quickly and also, the authenticity and security of the cars will be increased as well.
Blockchain for Storing Learning Credentials: The Learning Credential Network (LCN), which was built on IBM blockchain, was launched by a group of leading educational and professional institutions a few weeks ago.
The platform was developed to combat cases of resume fraud and to enable employers to verify the mastery of skills by their prospective employees accurately. LCN reportedly could store credentials for non-academic skills that learners acquire even after joining the workforce.
Blockchain for Film Rights Distribution: Alibaba Pictures, the Chinese film company under Alibaba Group, has recently turned to blockchain technology to improve its company’s growth.
The company tokenized the distribution rights of its new film and sold it to SingularDTV’s blockchain distribution portal EtherVision. Using that channel purportedly allows Alibaba’s new movie, “Striding into the Wind,” to get to people overseas and eventually increase the growth of the company.
Blockchain for Tax Refunds Issuance: In a bid to speed up the tax refund process, the Excise Department of Thailand plans to adopt a blockchain-based system for tax refunds.
This system will make the department fully aware of every detail regarding the export of oil in the country, including the verification of tax payments made by oil exporters, thus, reducing the occurrence of oil tax fraud.
As evidenced by the latest blockchain uses cases discussed above, the application of the technology in everyday life is something that cannot be overlooked because it is evident all around us.
It may no longer be a question of if, but when blockchain will reach mainstream adoption.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.