Blockchain has started to become pervasive as use-cases appear across business domains.
Here are some more for discussion.
Distributed Autonomous Companies (DACs)
DACs run without any human involvement under the control of an set of business rules (self-enforcing smart contracts on blockchain). These rules are generally implemented as publicly auditable open source software distributed across the computers of their stakeholders.
DACs work in areas such as banking, lottery, voting, music or even auctions. These companies run without any human management for governance. They are governed by set of autonomous rules moderated by community of users.
DAO (as discussed in previous article) , Digix.io , Steemit are some of the examples.
Steemit is very interesting DAC which combines social media with blockchain. It is platform where you can get paid for generating the content. Launched in Mar’16, it’s market cap skyrocketed from $14 MN to $400 MN.
Crypto stock exchanges
They allow companies to issue company stock directly to general public, skipping investment banks. It allows crowdsourcing of new/existing ventures in blockchain space.You can also do peer-to-peer derivatives and trades using crypto-currencies on exchange.
Blocksign is a system for digitally signing a document, encoding it within the blockchain . Just like in a bitcoin, public key can confirm the ownership of a private key, a blocksign-converted document creates a public hash that can be proven to have originated from a specific document uploaded by a specific person at a specific time. This proof is impossible to erase or alter just like digital signatures in traditional world.
Domain name registration
Namecoin works like cryptocurrency with same proof-of-work algorithm and is limited to 21 million coins. If you are surprised with 21 Million number, it is included in set of rules (smart contracts) drafted during initiation of currency. It also means that you can not issue higher than this number without community approval.
Namecoin’s flagship use-case is the censorship resistant top-level domain name ending .bit. You can also use namecoins for – identity systems, messaging systems, personal namespaces, timestamps systems, issuance of shares/stock.
They provide a useful way to prove that a particular vote was cast by someone with a specific private key, and thereby guarantee the integrity of the votes once they were cast.
BitCongress is using the Ethereum platform to build a scrypt-based altcoin called votecoin, that will use its network to hash and verify votes. It will use an application, Axiomity, both to organise and decide the parameters for votes, and to handle the voting process. If you are wondering about real-world use, Danish political parties already start using blockchain for voting mechanisms.
Identity Management Systems
Bitcoin enthusiast Christopher Ellis has developed the world’s first crypto-passport built on the blockchain technology. Ellis has created software that enables anyone create a passport based on PGP encryption and the bitcoin blockchain that makes faking it next to impossible.
The goal of this project is to learn and layout a simple process for anyone in the world to create their own Private Passport Service that can be used to validate and prove the existence of other persons using nothing but available tools.
So, you can grant another World Citizenship by virtue of their being witnessed in space and in time. It can be documented with photography and video, that content can be signed with PGP signatures, hashed and time stamped. It can then be joined with Social Network Validation services like Onename.io& Keybase.io before being plugged in to more dynamic reputation systems.
Proof of Existence
It is a service to anonymously and securely store an online distributed proof of existence for any document. Documents are NOT stored in their database or in the bitcoin blockchain, so data are not being accessed by others. It allows people to publicly prove that certain information exist without revealing the data or identities.
The key advantages are anonymity, privacy, and getting a decentralized proof which can’t be erased or modified by anyone (third parties or governments). Document’s existence is permanently validated by the blockchain even if the site is compromised or down, so there is no need to depend or need to trust any central authority.
It can be used for establishing copyrighted data or patents.
Internet of things
Paul Brody, the head of mobile and internet with IBM, is proposing a system called Adept, which will use three distinct technologies to solve what he sees as both technical and economic issues for the internet of things. The Adept platform is not an official IBM product, but was created by researchers at IBM’s Institute for Business Value (IBV).
When it comes to the internet of things, Brody envisions it as a way for devices to understand what other devices do and the instructions and permissions different users have around these devices. In practice this can mean tracking relationships between devices, between a user and a device and even between two devices with the consent of a user.