Blockchain: 6 great non-cryptocurrency uses | Opinion

Blockchain is well-known for being Bitcoin’s underlying technology, but many believe blockchain has the power to radically transform whole industries. Here are six non-cryptocurrency blockchain (distributed ledger) uses to help you form your own opinion.

1. Smart contracts

Overview: Smart contracts are self-executing programs that automatically check the rules of the transaction, verify and process the transaction, and, in some cases, enforce the obligations of the parties. This type of automation can dramatically increase productivity and lower costs.

In my article “What Is a Smart Contract?” I suggest that

vending machines are a good metaphor for smart contracts. You identify the item you wish to obtain. You put your money in the slot. The vending machine determines if it is the correct amount of money. If it is not the correct amount, the vending machine asks you for more or offers to return the money you have already inserted. If it is the…