Three Legitimate Use for the Blockchain

As more business professionals gather together in what is quickly becoming known as the "industry of tomorrow" in the field of private industry, there will be a need for ever-increasing amounts of technologies and tools that allow for faster, easier, and affordable sharing of basic transaction information.

One such technology is called the "blockchain".

This emerging technology has the potential to have three broad yet highly important uses for all of societys distributed networks.

Here are the three main uses for the "blockchain":

The value transfer system of the Blockchain is primarily designed to permit users of the system to exchange value between themselves without having to carry out such transfers physically. The potential use of this value transfer system is very broad. A common use is for the transfer of real goods from one person to another. For instance, one might want to sell his car to another who needs it for work on a temporary basis. He could simply arrange for the transfer of the value of his car to the buyer using the Blockchain.

Another potential use is a value exchange between two or more entities.

For instance, if a business professional owns a vacation home which he intends to sell in order to pay for some of his travel expenses, but instead uses the money to make a purchase, then he can simply arrange for the exchange of his vacation homes value to that of a currency which he wishes to convert. In this way, the value of his vacation home will be correspondingly increased. This value transfer does not require the transfer of physical property. Thus, it can be applied to a wide range of value-related issues. Again, the potential for value transfers like these is only limited by the imagination.

Perhaps the most widely known and perhaps the most profitable uses for the Blockchain are for use in the commercial world.

The use of the technology for the purposes described above provides for the possibility of creating and monitoring a digital network of interconnectivity. This digital network could then be used for the purposes of business. Businesses could use the Blockchain to facilitate the exchange of information and for the prevention of the transmission of fraudulent or damaging data. Some of the possible uses include secure credit card transactions, real-time inventory management and the management of employee payroll.

Like any other technology, the use of the Blockchain has potential uses which are only limited by the imagination and the creativity of those who use it.

Thus, it is up to entrepreneurs, companies and other businesses to find the uses for the Blockchain which will allow them to reap its full benefits. It is also up to entrepreneurs to decide whether or not they will embrace the three non-coin and legitimate uses for the Blockchain. If they do, then they will reap the benefits that will allow them to create value, improve their business and expand their business into new markets.

One of the first uses of the Blockchain is for the purposes of payment.

Almost all businesses and other organizations have a need to make payments for services or products that they purchase from other businesses. In most cases these payments would be made in cash or through physical money. However, if you think about how much time and effort it takes to make a single payment in cash, then you would agree that a faster and more efficient way of payment is needed. This is where the use of the Blockchain comes into play. The Blockchain can be applied to the use of virtual currencies such as the Digital Wallet and Maidsafe Virtualized Currency.

Another one of the three non-coin and legitimate uses for the Blockchain is for the purpose of asset management.

Asset management is a process by which an organization manages the assets which are part of its portfolio. For instance, real estate assets are managed by real estate organizations. Through the use of the Blockchain you can make secure transactions of the ownership of such assets so that there is no risk of loss of these assets to entities outside the organisation.

The last of the three non-coin and legitimate uses for the Blockchain is for the purposes of intellectual property ownership management. Intellectual property is a term which covers any kind of property including literature, inventions, innovations, trade names, logos and the like. When you own a particular copyright, you will need to apply for a patent which requires prior authorization from the creator of that work. However, in the past the cost of doing this was prohibitively high. In the last few years, the cost of doing a patent has gone down significantly because the Blockchain has been applied to this process. The use of the Blockchain is therefore very beneficial for the purposes of intellectual property management and in the overall sense of the matter, it is a great thing to know about.