Blockchain technology made an appearance available on the market in ’09 by means of the very first cryptocurrency, bitcoin, and also, since then has almost completely developed by means of several types of DeFi solutions. Despite the fact that decentralized platforms with different distributed ledger have existed for twelve years, only lately products according to them have started to come in other locations, including trade, data storage, logistics, games, medicine, etc. Our article is dedicated to such non-financial blockchain-based applications, the way they vary from the typical centralized solutions, and also the benefits they are able to provide users.
What’s blockchain today?
You will find fifth generation platforms available on the market now, for instance, Relcitum PRO. The developers were able to solve several problems typical for systems with different distributed ledger, including elevated power consumption, low bandwidth, complex interface, issues with scale, the necessity to buy effective machines for mining, etc. These types of the items of history. Simultaneously, using smart contracts and distributed applications made it feasible to considerably expand the functionality and introduce products for that real sector from the economy. What exactly are these items? Let us have a look.
A short overview of blockchain-based products
For example, we are able to think about the products from the already pointed out Relictum PRO platform:
Distributed data storage. The files aren’t stored on one server, because it is usually done, but on storage devices of countless users within an encrypted and divided form. This arrangement enables you to obtain super protected and guaranteed storage in the cheapest cost.
Secret chat. The impracticality of blocking and restricting accessibility system, plus complete anonymity and confidentiality, have the ability to condition that chat with different decentralized platform is the greatest possible solution when it comes to security.
NFT marketplace. The opportunity to organize all stages of NFT token buying and selling on one platform, including the development of the token itself and it is storage, the business from the change in possession legal rights, and all sorts of this within an automated mode makes the product indispensable for those parties, both consumers.
Lottery and casino. 100% transparency and honesty from the drawing process (because of the distributed ledger), ease and speed of withdrawal of funds and the opportunity to earn on bonuses from asked buddies – these functions distinguish decentralized gambling from the centralized video game.
Additionally towards the systems described above, there’s also solutions available on the market for:
Logistics. Just one blockchain can perfectly describe the movement of products along logistics routes having the ability to instantly track the positioning and safeguard against counterfeiting/fraud.
Medicine. Transferring an individual’s record to some decentralized storage facility will give you the next advantages: reliable protection of private data, the opportunity to access them anytime everywhere, and defense against loss or accidental damage. Someone can use his “single card” with no problems in almost any institution, anywhere all over the world.
Voting process. The opportunity to combine identification systems and also the transparency from the voting process with complete anonymity is a perfect combination to have an online voting system, which was already proven by the expertise of some countries, for instance, Estonia.
Comprising land sources. Land plots, like every other products, are purchased and offered, and using a distributed ledger can make the entire process of registering and transferring property legal rights simple, fast, reliable, and guarded from fraud.
Development prospects
The applying examples described above are not even close to an entire listing of possible applying blockchain technology. When we look at the benefits of a distributed system, including reliable protection, confidentiality, speed, and uninterrupted access, the opportunity to implement everything in one platform, plus a payment system having a minimum commission of % (as with the Relictum PRO ecosystem), we are able to state that soon blockchain solutions will end up real competitors for typical centralized solutions on the global scale.
