Asset tokenization
Using blockchain technology, previously illiquid assets can now be converted into its tokenized form and cheaply and efficiently fractionalized, traded and settled on chain (rather than go through the lengthy process of clearing and settlement process through third parties like clearing houses). It is estimated that the total value of illiquid assets, including gold, real estate and more, is $11 trillion. Tokenization is envisioned as a biggest area for blockchain technology application.
Necessary features:
- High throughput
- High transaction speed
- Reasonable transaction fees
- Enterprise grade reliability
- Verifiable security and attack resistance, any attack should be more expensive than its potential profitability
Supply Chain Management
One of the biggest problems that firms face when managing their supply chain is the issue of transparency. Blockchains allow multiple parties to access a database to act as the single source of truth. Blockchain technology helps enhance transparency into an otherwise opaque network, helps stop counterfeits and thefts, improves regulatory compliance, reduces paperwork and lessens costs significantly. From a consumer’s point of view, blockchains can empower end consumers to find out precisely if products are what they claim to be. Permissioned blockchains are applicable for this case.
Necessary features:
- Smart Contracts
- High throughput
- Flexible data privacy / access control (achived in Channel Layer)
- Low infrastructure fees
- Enterprise grade reliability
- Enterprise grade security
Online Gambling
The decentralized apps, which are governed by a smart contracts sitting on a blockchain, continue to pull in users. Non-blockchain-based, legal site PokerStars -- the most popular online venue for poker -- attracted around 8,600 people on an average day over the last week, according to traffic tracker PokerScout.com. More than 10,000 people were playing application Fomo3D on a recent day in late July, according to DappRadar. The $40 billion-plus market for online gambling is already growing at the compound average rate of 11 percent a year, according to Transparency Market Research. Public blockchains represent a good fit to ensure trust and transparency for gambling applications.
Necessary features:
- Smart Contracts
- High throughput
- High transaction speed
- Reasonable transaction fees
- Verifiable security and attack resistance, any attack should be more expensive than its potential profitability
Digital Identity
A self sovereign ID can be used to verify identity without needing an individual to produce numerous documents and paperwork each time they need their identity verified. This could be done with a single key that can be matched against an immutable ledger.
Necessary features:
- Smart Contracts
- Flexible data privacy / access control (achieved in Channel Layer)
- Low infrastructure fees
- Enterprise grade reliability
- Enterprise grade security
Energy Market
Blockchain technology enables the smart metering of electricity generated through an individual’s solar panels to be recorded, traded and settled on a ledger. If electricity can be traded like any other commodity, energy prices instead of being a fixed regulated price, will respond to forces of demand and supply in a fully functioning distributed electricity market.
Necessary features:
- Smart Contracts
- High throughput
- High transaction speed
- Reasonable transaction fees
- Enterprise grade reliability
- Verifiable security and attack resistance, any attack should be more expensive than its potential profitability
Healthcare
Using blockchain technology to record patient information on a distributed ledger can allow different stakeholders conditional access to a single source of truth where each interaction with a patient’s health data can be recorded on a ledger as a transaction with a time stamped audit trail. This makes access to a patient’s health information more secure (patient data is encrypted), can take out the inefficiencies with current data management practices and offers patients more control over their own health data (including monetizing their own health data for research purposes). Permissioned blockchains are applicable for this case.
Necessary features:
- Smart Contracts
- High throughput
- High transaction speed
- Reasonable transaction fees
- Enterprise grade reliability
- Verifiable security and attack resistance, any attack should be more expensive than its potential profitability
