A Briefer on Blockchain’s Other Applications
In a past article, we have talked about "Blockchain" and its benefits. To review, a blockchain is a decentralized database connected through a network of computers, or “nodes,” that can only be changed after being approved from all nodes in its system. It usually contains data, a hash (digital fingerprint of the block), and a hash of the previous block. Different types of data can be cached within blocks, such as the sender, receiver, and transaction amount, using Bitcoin as an example. A block’s hash, which is generated based on the data within that block, changes if its data is altered.
While there can be multitudes of systems where BlockChain can be applied, here are some of the applications where you may find it after 2019 according to SingularityHub's interview with Eric Pulier, Founder & CEO of vAtomic.
Security Tokens
Security tokens are programmable, cryptographic securities. These tokens serve as an asset that can also take action. Through them, you can pay interest, pay dividends, or even invest in other assets, among other functionalities. An example of these are smart contracts, which allow assets to automatically pay dividends.
Non-Fungible Tokens (NFTs)
NFTs are Ethereum blockchain type of tokens that store unique data differently from others. They can be utilized to store individual-specific information even if currency is interchangeable and transferrable. A good example of these are government documents such as certificates, licenses, and titles, which can all be tokenized through NFTs.
Sovereign Identity
With cyberattacks continually happening and evolving, new forms of verification need to be developed in order to protect the users. Self-sovereign identity, defined by IBM as a “lifetime portable identity for any person, organization, or thing that does not depend on any centralized authority and can never be taken away,” allows users to keep a singular digital identity across multiple platforms and at the same time be able to select the information they wish to share on each. Eric Pulier says that this mode of interaction theoretically would transform the current digital marketplace which has exploited personal data into a commodity.
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