2016 truly is the year of crypto, as blockchain technology is seeing more interest from both users and corporations than ever. Use case examples for blockchain technology, other than simple payment systems or asset platforms, are showing up at our front door and leaving us wondering how we ever got along without the blockchain in the first place!
The blockchain is basically a public ledger where all the transactions that happen within a cryptocurrency’s network (like Bitcoin or Ethereum) are registered, this public ledger cannot be tampered with, once a transaction is recorded on the blockchain it cannot be reversed or erased. This technology relies on the consensus system fueled by Miners, in which, in order to register a fake transaction one would need to own +51% of the network’s computational power. Blockchains can be used to store more than just transaction data, it can be used to store any kind of information, and that’s exactly what we are going to show you today:
Raketa – “Blockwatch” technology
A great example of a practical use case scenario for Blockchain technology is being developed by the Raketa Watches, in attempt to fight against counterfeit products. Raketa is a Russian watch manufacturing company and it’s taking a stab at the marvels of the Blockchain system to record the creation of their watches in a incorruptible blockchain, thus making physical certificates obsolete, as these can be easily forged, tempered with or lost unlike a blockchain that can never be altered or deleted.
Raketa has partnered up with Emercoin’s Blockchain Engine to create their blockchain backed watches, making them the first company to register the creation of a physical item on the digital blockchain and to create their own proof of ownership system, in which can be easily transferred to a new owner by the former one.
Blockchain watches are a great step forward in the fight against counterfeit products and is surely the first of many blockchain backed products to be released in the future.
Blocksafe – Smart Guns
A crowd sale is also taking place in order to fund the first Blockchain-Based Gun verification system by Smartdefense.tech. This system will be called Blocksafe, and will be built using the Lisk Virtual Machine (LVM).
Blocksafe will allow firearm owners to restrict their weapon’s access to specific users registered on the blockchain and to specify multiple locks for multiple activities depending on the gun type and manufacturer. Blocksafe’s system will also allow the weapon to register encrypted information about the use of the firearm like date, time and location, this information can only be decrypted by those who have the device data key.
This technology will add a third option concerning the firearm debate: Guns, No Guns or Smart Guns. Users should be allowed to choose, says Kevin Barnes, creator of Blocksafe:
“I do not support making the usage of the network or smart device mandatory. We feel that gun owners globally should be able to keep the liberty to use their firearm as they wish and should not be mandated to use a product or service.”
Blocksafe can change the way we view firearms and is certainly a great way to use blockchain technology, if done right.