FX.co ★ Five innovative scenarios of blockchain technology use

At present, many people use the blockchain technology in the cryptocurrency sphere. It is widely used in the process of working with digital currencies, in particular with bitcoin. However, there are other options for using this technology which experts are willing to share.

Scalable cloud computing

One of the options for using the blockchain technology, offered by experts, is the possibility of cloud processing of a vast amount of information. During this process, the so-called Proof-of-Work (PoW) algorithm is used. It are also used by cryptocurrency miners in order to verify transactions. This process is similar to crowdsourcing or file sharing in P2P networks. If the entire mining of bitcoin is implemented in such a manner, users will not need significant amounts of energy.

New transportation model for high-value goods

Experts believe that the second method of the innovative use of the blockchain technology is the creation of an updated version of the transportation of high-value goods over long distances. According to specialists, this technology is intended to solve the problem of ineffective international trade, as well as to provide a secure exchange of values. This is not just about gadgets transportation, but also about the delivery of organs for transplantation, museum artifacts, and everything that is in need of absolutely safe transportation.

Free international trade

Experts consider the possibility of international trade without the intervention of any centralized authority controlling this process to be the third method of using the blockchain systems. However, bitcoin is still perceived as a toy for high tech lovers and a means of enrichment for investors and speculators.

Favorable energy saving

The next method of constructive use of the blockchain technology, according to experts, is its inclusion in the program of distribution of global power plants. This mainly applies to solar panels. Many companies strive to make solar energy more competitive and profitable, and the blockchain technology can cope with it. Using a smart system that connects the solar panels with the power grid through the blockchain network, users can sell and buy energy in line with current needs.

Means of facilitating housing rental and purchase

Another use of the blockchain technology is to include it in the work of numerous Internet services for renting and purchasing housing. The introduction of network services has fundamentally changed the tourism industry. Now, any user can plan his trip by booking suitable accommodation through websites. However, a number of issues related to the rental and purchase of real estate remain unresolved. Many companies seek to influence the situation with the help of smart locks and control systems in the blockchain technology. The first steps in this direction are encouraging.