8 USES OF BLOCKCHAIN OTHER THAN BITCOIN

When we talk of blockchain, we invariably think of cryptocurrencies and then the famous or infamous (depending on how you view it) Bitcoin. However that is only a small application of this technology even though it has sucked the air out of most of the debate when it comes to this new way of doing things

- Sunil Rajguru

While Bitcoin is a public blockchain, you can also have a private one and a combination of the two called hybrid blockchain. All this can be used by individuals, corporations and governments. Here’s looking at 8 uses of blockchain other than cryptocurrencies…

1. IoT Networks: The Internet of Things is expected to be really big in the 2020s. The current IoT systems have a centralized architecture, but how effective will that be if the number of IoT devices touches say 500 billion, the very upper estimate? How safe will such gigantic networks be? There is a way to secure and decentralize this via blockchain. In fact, when it comes to Distributed Ledger Technology (DLT), there is something called Directed Acyclic Graph (DAG), which is seen as a successor to blockchain tech. IOTA (IoT + iota) is already looking at Tangle (DAG) technology to work with IoT networks.