Blockchain Part IV: Even More Blockchain ApplicationsJuly 7, 2020
We previously delved into the use of blockchain technology in the food chain, energy, healthcare and defense industries. But blockchain has even further reaching applications.
Used Car History Tracking
PlatOn, a blockchain company, has created a platform for storing used car data such as maintenance and accident history. Through this tool, a potential buyer knows the exact history of a car. The platform also uses the data to calculate the market value of a vehicle, ensuring a fair price. Though the platform is only used for business vehicles at Beijing Mercedes-Benz Sales Service, there are plans to expand use to authorized used car dealerships throughout China. A similar blockchain platform for used cars has been developed in the UK.
Video Game Engagement
Blockchain has created a new genre of video games. Through a combined immutable ledger and cryptocurrency, players can engage in games that allow them to breed exotic virtual animals or level RPG adventurers or craft fantasy islands. The blockchain records every detail – the specific genetics of the animals; every fight, stat boost and gear item the adventurer ever had; and every detail that has been crafted or removed from the island. Players can pay digital currency to breed their animals with those of other players, recruit other adventurers or visit uniquely crafted fantasy worlds. Blockchain enables new opportunities for player interactivity and unique features that are handcrafted by those who play them.
Fair Payment to Music Artists & Fan Engagement
Blockchain has the potential to change the music industry in many ways. For independent or rising artists, it can be difficult to be paid or credited fairly. Blockchain keeps a record of everyone who contributes to a song and their role, ensuring credit. Blockchain also guarantees funds are distributed equally between parties. With the ability to use blockchain instead of costly distributers, artists pay fewer fees and receive a greater return for their work.
Blockchain provides more insight for music fans on artist roles in collaborative work and how much an artist earns. Blockchain also provides a history for identifying super fans who regularly purchase and promote their favorite artists and attend shows. Artists could choose to reward these fans with free merchandise or exclusive events.
Health Insurance Efficiency
It’s estimated billions of dollars are spent every year in the health insurance industry handling paperwork and administrative box checking. Blockchain could save time and money by having all medical files, member information, code lists and billing documentation in one secure location. Processes that take hours or days could instead be completed in seconds. A blockchain could also provide transparent cost breakdowns for members and providers.
As a follow up to part three of our blockchain series, it’s clear blockchain has applications in many industries. Realizing the technological advancements blockchain offers makes the future of industry exciting to consider.
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