Uses

Based on the concept that blockchain transactions cannot really be changed, there are a number of areas that applications are being developed:

  • Land registry to publicly show owners of land
  • Music royalty payments can automatically be split between the people involved
  • Verification of financial transactions – records are less open to modification.
  • Diamond certification recording chain of ownership and the physical characteristics of the diamond.
  • Shareholder voting where a “Votecoin” is cast. ┬áThe process is open and only one vote can be cast.
  • Smart contracts that operate based on computer code triggering in set conditions. ┬áThe code making up the smart contract is examinable by all but unalterable, eg when money is paid over, transfer of ownership of property takes place without fail.

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