As Blockchain technology matures, its next-generation use cases carry the potential to change everything from automotive travel to foreign currency exchange as well as green energy investment.
The enterprise Blockchain has experienced a subtle, yet prominent shift in the past year: this shift from Blockchain experimentation to full-scale industry Blockchain implementation has represented the next step-change for enterprises. Top organizations like J.P. Morgan have focused on implementing Blockchain by advancing the initiatives that help to drive the technology forward. A recent example of such development is the implementation of J.P. Morgan Digital Coin for simplified payment systems to bridge traditional payments rails with Blockchain networks. Still, Blockchain as a technology is at its early stages, with much more to prove. But, it has added value by easy information sharing or creating value by code generation, it’s no wonder industry experts refer to Blockchain as the foundation for the future Internet of Value.
Next-Gen Blockchain Use Identification Cases
Below are the top next-generation use cases that are expected to leverage Blockchain to create a digital revolution uniquely.
Green Energy Registration and Trading: The world’s focus has shifted to sustainability, focusing on the decentralized nature of green energy generation from natural sources such as solar panels and wind farms. This positive progress is witnessed with large power companies shifting around the measurement, registration, trading, and settlement of eco-friendly megawatts. Leveraging the ability to measure green energy generation at the project level, sustainable energy investors need to monitor the megawatts generated from each of the discrete green project investments. They will also have tokenized project equity ownership and proper financing to ensure a verifiable and quantifiable return on green investment.
Decentralized Digital Identity: Decentralized, self-sovereign, digital identity will enable a person or business enterprise to have control over their data, promising full transparency of who can access specific data attributes and commercialize them. Large-scaled, global organizations are now rolling out the first versions of such solutions. For example, Accenture and the World Economic Forum have developed a prototype of Known Traveller Digital Identity. This allows more secure and seamless identity validation for travel using biometrics and distributed ledger technologies.
Vehicle Identity and Telematics: There has been a series of activities experimenting with a variety of Blockchain use cases from the automotive industry. These cases include supply chain tracking of vehicle parts, vehicle-to-vehicle payments, vehicle co-ownership, dashboard digital wallets, and ride-share tracking. While some use cases sound like science fiction now, as autonomous vehicles are in a rush paying other autonomous vehicles to get rid of the traffic, some practical and promising applications available today may improve processes related to financing and registration.
A Multi-Blockchain World
Given the broad range of applications, the various networks that are created at different stages of the rapidly evolving technologies available for use, it is unlikely that enterprises converge to a one-Blockchain-network world. Instead, experts envision multiple Blockchain networks of various protocols meshed together.
Industry-leading firms have long back acknowledged that interoperability between Blockchain would be critical to the technological transition. Leaders like J.P Morgan are working closely on projects aimed to develop technology that enables the Monetary Authority of Singapore and the Central Bank of Canada to execute a cross-currency, cross-blockchain swap using Hash Time-Locked Contracts (HTLC). This particular technology enables two independent Blockchain networks to communicate in a standard message format, triggering escrow of funds and subsequently transfer them.
Leading firms are also developing a gateway layer above the core protocol, making it simpler to interact with multiple Blockchain. All firms should follow similar protocols to identify the future of the Blockchain and implement it to future-proof the industry.