Is blockchain finance related?
People criticizing blockchain often point out that the technology is only used for a narrow range of applications, most of which are finance related. However, if we change our perspective of view and do some minor research, we can discover that right now blockchain is evolving with more and more industries involving it as a solution that regular financial institutions can’t offer due to the restrictions and regulations they have. This article will show our vision of the services blockchain can offer to the public. 🤟
There is a clear trend of communities starting to implement blockchain going on. We are talking about any organizations striving for transparent and decentralized management models at any stage of their functioning. The processes of voting, making funding or any other types of decisions can be simplified. Another way of using blockchain are giveaways and lotteries, where the smart contract randomizing the winner or analyzing the voting results has public access. 📢
Let’s imagine there is an artist contest, where the winner is chosen by voting. The bias towards the organizer is extremely high, because no one really knows whether the votes will impact the decision or if someone has bribed the judges. If we introduce blockchain into this complicated equation, a publicly accessible smart contract removes all doubt about how honest the organizers are, since everyone is able to clearly see how the votes were counted. 🗳️
So, can it be used for elections too?
Well, it could be used to remove any interference and make the process as fair as it could possibly get, but knowing the government opinion on crypto, this will most likely not happen in next few decades (honestly speaking, we are sure that using blockchain for elections would cause even more hate from uneducated people, so we are against that at this point).
Allowing interaction between different unrelated businesses and organizations
This statement isn’t too self explanatory, but let us give you an example.
Say there is some popular coffee-shop, that is using recycled cups, bags, etc. The founders want to incentivise people, who are still causing pollution to care more about the environment, so they sign a contract with a local eco-activist organization, saying they will give coffee vouchers to people, helping that eco-organisation clean a local beach and sort the rubbish. How do they ensure that a person has participated in the event? 🤔
The solution seems quite obvious - just make a register or give the participants a physical coupon. However, if the move becomes too mass, signing everyone or distributing vouchers might take too much effort and result in a less efficient work flow. 🎟️
Why not use regular or even soulbound tokens? We all know that currently a token can be transferred by a simple QR-code and some don’t even require a dedicated wallet. If the coffee shop questions the legitimacy of a token, blockchain is always there to help track it and prove whether the person is trying to fool someone or not. 🔍
Apparently, soulbound tokens can solve loads of complicated questions with some solutions being truly out of this world and sounding rather cyberpunk-ish. You can explore the topic in one of our articles. 🙌
There are dozens of other more niche variations of using the technology, but we will stop here. The main idea is clear - blockchain doesn’t mean finance!
Stay tuned 📻