Blockchain has limitless potential. The blockchain can be used to make obsolete current methods of centralized management that often allow for fraud and corruption on an institutional scale.
By cutting out the middleman and creating a decentralized platform that can be used for just about any purpose, everything can be accomplished with increased efficiency, transparency and independence.
When people think of blockchain technology, they typically think of financial services. After all, that’s what has created the most sensational headlines over the past year or two.
While much of the focus and discussion around crypto and blockchain has been about financial services and economics, the exchange of value between two parties is only one potential function of the blockchain.
Myriad other use cases exist for blockchain technology. Many of these have yet to be developed or even conceived of. A few being used now include blockchains for e-commerce and government services.
Benefits of the Avesta Blockchain
Avesta, for example, represents a significant improvement over the original bitcoin blockchain. Avesta allows for a wide variety of uses beyond traditional financial services.
For example, travel services typically associated with the average rewards miles credit card can be accomplished using Avesta. Media storage and file exchange for various communication endeavors are also possible.
An online marketplace can even be created whereby artists and e-commerce entrepreneurs can sell their products in a cheap, efficient, and secure manner. Copyrights can be acquired automatically because each work of art has its own unique transaction ID. And fraud or counterfeiting becomes impossible for the same reason.
Additional Benefits of Blockchain Use Cases
There are more and more promising blockchain projects being created all around the world with each passing day. There’s no telling how blockchain technology will change our world in the years to come.
— CoinDesk (@coindesk) June 21, 2018
But even now things have begun to change rapidly – and not just with regard to the financial services landscape. Governments also have many use cases for blockchain technology.
The government in Kenya has already been working on capturing the benefits of blockchain technology for some time.
In an effort to prevent academic certificate fraud, the Kenyan government has joined forces with IBM to create a blockchain that will contain a database of legitimate academic degrees. This prevents the creation of fake degrees, something that has become a rather large problem for Kenya in recent years, with thousands of students acquiring academic certificates they did not earn.
In addition to academic degree fraud, voter fraud can also be dealt with using the blockchain.
Imagine every single ballot being cast into a blockchain-based system. Everyone could see the ballots that have been cast. The need for central overseers of the process would disappear, as would the potential for voter fraud.
But the greatest thing about blockchain is that it makes centralized systems of management completely obsolete. There is no longer any need for central banks, centralized social services, centralized information centers, or anything else with a central overseeing body. It’s possible that the blockchain could even make government itself obsolete one day.
The Full Benefits of Blockchain Have Yet to be Realized
— AVESTA.IO (@AVESTA_AVE) June 20, 2018
In short, the benefits of blockchain are too numerous to list. Entire books have been written on the subject and more will continue to be written. We have yet to witness the full potential of blockchain technology. The blockchain can be adapted for government use cases, financial services, e-commerce, and much more. What other benefits of blockchain have yet to be realized? Only time will tell.