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Figure: Left: old model of centralized ledger, Right: blockchain technology of de-centralized ledger
Most people know blockchain as the underpinning technology behind bitcoins. In simple terms, blockchain is a distributed ledger without needing to have a trusted third-party. It is protected by cryptography. While the ledger is open to everyone, its records are protected against tampering. We picked top 5 non-bitcoin uses of blockchain technology as follows.
- Digital assets – Examples include stocks, bonds, and frequent flyer miles. Companies: chain, slock.it, openchain, Protocols: openassets
- Identity – Identity can be uniquely authenticated in an irrefutable, immutable, and secure manner. Companies: onename, shocard, keybase, factom iris
- Distributed cloud storage – You do not have to depend on one storage provider – decentralized storage. Companies: storj, factom hera
- Smart Contracts – legally binding programmable digitized contracts. Companies: ethereum, rsk
- Verifiable data – A verifiable record of any data. Companies: tierion, proofofexistence, factom apollo