Apex IT Group

4 Uses for Blockchain that Don’t Involve Cryptocurrency

With the meteoric rise of Bitcoin’s value, and just as sudden decline to less than half of its highest value, cryptocurrency has been pulled into the public eye. However, cryptocurrency is only one use of blockchain technology. We’ll examine a few of its other potential applications.

Automated Contracts
Blockchain technology can ensure that the agreements made in contracts are kept, triggering when the conditions of these agreements have been met. This is possible through the use of smart contracts that have the involved parties’ information, terms, and payment processes populated, allowing the entire process to be securely automated.

Identity Authentication
Since it serves as a permanent record, of sorts, the blockchain may soon be used as an identification and authentication tool. Rather than continuing to use the assorted insecure methods that we do today to identify ourselves, as well as birth certificates, passports, and other digital identities, we may soon rely on the blockchain to verify that we are who we say we are.

Voting
The blockchain can also be used to help fight potential voter fraud as well. If applied to the voting process, the blockchain would not only allow the identity of each voter to be verified, their vote couldn’t be altered by someone else afterwards. As a result, the democratic process becomes more transparent.

Notary Functions
In order for many documents to be properly signed, they require a notary to be present. This is to confirm that all parties are willfully signing the document at a given time, the notary acting as a neutral third-party witness. The blockchain can serve a similar purpose. By adding a timestamp to the blockchain along with data, the entire chain becomes a witness of sorts to the agreement.

There’s no denying that focus is currently on cryptocurrency, but it likely won’t be long between the blockchain is used for many other purposes. What do you think the blockchain should be used for? Share your ideas in the comments!

Close Menu

CUSTOMER CENTER

LIVE SUPPORT

To submit a support ticket online click on the ‘Client Login’ button on the right or Click Here.

Service Desk Hours of Operation:

Monday to Friday:
8:00 a.m – 6:00 p.m. EST

EMERGENCY SERVICE
& SUPPORT

Calls after 6:00 p.m. Monday through Friday, and on weekends and holidays, will be answered by our dispatch team. We will take your information, and then contact the on-call Service Engineer via phone and e-mail to begin resolving your service request.

CONTACT INFORMATION

Office Address:
525 Fellowship Road, Suite 300
Mount Laurel, NJ 08054

Sales: (877) 799-APEX (2739)
Fax: (866) 253-2690

COVID-19

MESSAGE FROM OUR CEO

Dear Valued Business Partner of Apex IT Group: I am writing to inform you that our teams are working around the clock to engage emergency response plans in order to operate in a safe, healthy and efficient manner to support the collateral impact of the COVID-19 pandemic situation.