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. The process is open and only one vote can be cast.
- Smart contracts that operate based on computer code triggering in set conditions. The 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.