Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-graphql domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/stas-backend/public_html/bitcoinsv_io/wp-includes/functions.php on line 6114
Blockchain use cases for businesses

My Blog

Blockchain use cases for businesses

Dr Wright began the final session by splitting the audience into groups.

The Bitcoin Masterclass (Slovenia) Day 1

Dr Craig S. Wright, Chief Scientist at nChain, held the second edition of his Bitcoin Masterclass series at an exclusive venue in Slovenia in February. The Masterclass course forms part of a monthly series aimed at helping attendees understand the fundamentals of Bitcoin and the technology behind it.

The Bitcoin Masterclass series will give you a comprehensive overview of Bitcoin’s history, theory and design. Wright discussed the future of Bitcoin and the unbounded scalability of nChain’s blockchain solutions, with potential use cases across several industries.

In the final session on day one, Dr Wright discussed how blockchain can be used across a variety of sectors, including the food industry and hotels.

Brainstorming use cases for blockchain

Dr Wright began the final session by splitting the audience into groups and asking them to brainstorm different use cases for blockchain. Some of the responses are outlined in more detail below:

Blockchain for food traceability

This group discussed how blockchain can be used to track food from the ground to the table. This can be done using a combination of IoT sensors and blockchain which monitor everything from temperature, to where the food is stored, and even what pesticides/chemicals are used.

An alternative to Airbnb on blockchain

Blockchain can offer a true alternative to the Airbnb model by placing available properties on-chain. Visitors exploring specific cities have the opportunity to participate in multicast groups, where landlords promote their vacant rooms and apartments. Subsequently, keys can be exchanged in return for accommodation access.

This arrangement offers numerous benefits, such as the ability for all parties involved to provide anonymous feedback and ratings on each other and the services rendered. Additionally, micropayments can serve as incentives for past travellers to respond to inquiries regarding lodging.

Blockchain as alternative to car insurance

The group discussed how placing vehicles (and other assets) on the blockchain would revolutionise the insurance industry, as buyers can access the full history of the car. This would allow buyers to see if the vehicle has been in an accident, what parts have or have not been replaced, and even detection systems to identify faulty parts.

Loans and reputation systems via blockchain

Blockchain would make peer-to-peer loans far safer and more efficient, as both the borrower and lender can be given more assurance that the terms of the contract will be enforced. The group noted that this can be done by building a reputation system on the blockchain which can track user activity and allow for a ratings system.

Micro-lending and investments on blockchain

The group explained how blockchain can be used to develop a new form of crowdfunding using smart contracts. The smart contracts would specify key details such as the amount and terms of the contract, as well as more granular information such as conditions where funds should be returned and timelines for repayments.

Verifying educational certifications and identity via blockchain

The group noted that using blockchain can make it much easier to verify school and university qualifications, combating fraud. This can be extended into the world of business, where people could prove that they are exactly who they say they are.

Social media on blockchain

This group discussed how blockchain and IPv6 could fundamentally change how social media is used by linking people’s profiles to individual IPv6 addresses. The group also noted that hosting a social media platform on the blockchain would also make it far easier to track anonymous users and combat the spread of misinformation.

Improving travel and luggage security with blockchain

The final group noted that one of the biggest issues facing the travel industry right now is lost and stolen luggage. They recommended using a combination of technologies such as Apple’s Airtags and NFTs so that luggage can easily be identified and traced. The group also talked about how blockchain can replace physical passports by storing and maintaining all necessary information on-chain.

Ryan Brothwell

,
, , , ,