The crypto story started with the Bitcoin blockchain as a new global monetary system. Today, cryptocurrency spans many industries, and the expansion is not slowing down. The underlying custom blockchain solutions have many advantages. It’s faster, cheaper, and more secure than the traditional exchange. Also, there is no intermediary and no centralized management.
All this has triggered the expansion into some of the most unexpected and unusual blockchain usage cases collected in one piece by Geniusee experts. Read on to learn what they are.
10 Most Unusual Blockchain Use Cases
As a digital, decentralized ledger platform, blockchain verifies identities and transactions. An extra benefit is that it creates multiple records of each transaction. Manipulating the data to hide the origin of the traded item or the parties involved is virtually impossible. The blockchain system is immune to intentional attempts, human factors, data breaches, and computer errors. As such, this emerging technology increased in popularity. It secures data integrity, even in the most bizarre of transactions.
1. Marriage And Relationship
Sybille and Alexandra from Switzerland were the first couple to get married on the blockchain. Their country doesn’t recognize same-sex marriage. Thanks to Björn Borg’s initiative under the slogan “Love for all”, Superblocks has built a blockchain platform Marriage Unblocked. There, people can make their relationships official. It lets you propose, exchange vows, and get married through the blockchain network.
2. Legal Cannabis Exchange
California State Treasurer John Chiang advocated for having a public bank for the cannabis industry. As the legal cannabis trade remains on a steep rise, it makes sense to err on the side of caution. Blockchain technology can ease supply chain management and the logistics industry, making transactions transparent and easy to track. Traditional financial institutions can’t match this degree of accountability. Blockchain-based transactions also offer anonymity. This means individuals will be taxed as property, not currency, resulting in lower taxes.
3. Solar Power Transactions
If you live in Brooklyn and have solar panels, you can share your energy with other residents. Thanks to Siemens and LO3 Energy, solar panel owners can use the Brooklyn Microgrid app. They can transfer energy to fellow consumers without third-party involvement through blockchain-based contracts.
4. Sustainable Energy Certification
For those that want to be sure their energy comes from sustainable sources, the Iberola group has launched a pilot program in Spain. It digitizes purchasing and selling energy. Blockchain technology makes it easy to certify the power sold comes from renewable sources and with minimal carbon emissions. In addition to making the process simple and straightforward, this blockchain application also provides transparency and security while reducing the associated costs.
5. Buying Virtual Cats
Have you heard of CryptoKitties? People have been breeding and trading virtual cats to improve their gaming experience since 2017. The AxiomZen studio used the Ethereum blockchain to create this particular application which resulted in 5 million transactions.
6. Tracking The Origin Of Your Food
The initial idea came from a company called Portlandia. It allowed buyers to track where their Thanksgiving turkeys came from. You could enter a tracking code online and see which farm your turkey came from, how it was raised, and by whom. This blockchain application is useful in the food supply chain management. It addresses key concerns around food safety in case of a recall.
7. Converting Your Time Into A Digital Currency
This may be a good solution for highly sought-out professionals who constantly get requests for consultations or interviews. The first person to experiment with this concept was Evan Prodromou, who sold 20 EvanCoins in 2017. This startup founder allotted one hour of his time for each coin sold, and the price tripled two weeks after the initial coin offering.
8. Tracking Medical Records
Tracking medical data within the healthcare industry is a tedious task with many patient privacy concerns. Blockchain technology was used to create Dentacoin to ensure the safe exchange of information between healthcare providers and patients. Patients could also use the currency to pay for dental procedures, reducing their healthcare costs. Another application of this is as a compliance tool, ensuring the proper sourcing and use of materials.
9. Creating Digital IDs
Having your identity stolen is a very painful topic for many people who have been the victims of malicious data breaches. The good news is you can easily create and verify identities through a decentralized database on the blockchain network.
With IBM’s blockchain technology, you can prevent identity theft and keep your private data safe, whether it’s your employee identification, vaccination record, or government documents. Users can curate their own information and choose who they share it with. Then, you can use blockchain relationships and multi-factor authentication to verify identities.
10. Real Estate Transactions
As a more transparent and secure system, blockchain technology has found its use in real estate applications. Owners can register properties, verify ownership, and record all transfers and transactions on the blockchain. The first blockchain-based land titling project was used in 2017 through a partnership between Bitfury and the Republic of Georgia.
World’s Leading Companies That Use Blockchain Technology
Some of the biggest companies in the world have adopted the use of blockchain in their operations. The reasons are clear: blockchain enables data transparency, decentralization, security, and cost reduction. These global giants have found compelling use cases for blockchain technology:
- Walmart – partnered with IBM to add transparency and ensure food safety. They made their supply chain process digital.
- IBM – their blockchain platforms span many industries, from healthcare to banking.
- P. Morgan – the company created Quorum as an enterprise-level version of Ethereum. It found its use in smart contracts for private transactions.
- Gucci – created digital collectibles for their augmented reality sneakers. It prevents counterfeit scams.
- Alibaba – uses Kaola as a means of tracking orders and products on a global level.
This proves that blockchain technology can enhance the operations of any organization.
Conclusion
As a technology that emerged in 2008, blockchain has continued to evolve and find interesting applications. It’s used by tech giants, IoT companies, advertising agencies, government agencies, and others. The biggest advantage it offers is transparency, whether displaying votes during an election process or verifying the authenticity of an art piece.
Even the businesses involved in the oldest industries, such as agriculture, can partner with experienced tech companies like Geniusee to build a custom blockchain product or service to improve their security, scalability, and performance. Technological advances can improve each sector of our lives. The evidence lies in some of the most innovative and unusual blockchain usage cases, as new applications continue to emerge every day.