People unfamiliar with blockchain technology tend to think it is used exclusively for cryptocurrencies. However, this innovative method of storing and transmitting information has many more use cases than one may expect. Today's startups are applying it to the most unpredictable areas, and we will look at five such surprising business niches in the article.
Storage of information about sexual consent
Since the LegalThings startup operates in the field of digital contracts, it has created an app for keeping a record of sexual consent. A beta version of an app called LegalFling, which was launched in early 2018, relies on blockchain technology to store data. Thanks to this, users can confirm their consent to sex and various sexual practices that suit them. And they cannot change this information in the future.
Sharing solar power
Brooklyn-based Americans can participate in an exciting solar sharing program through the Brooklyn Microgrid app. The LO3 Energy startup collaborated with the Siemens company to test this application. The idea here is that people who have solar panels can sell renewable electricity to their neighbors without additional intermediaries. If this concept proves effective, the startup will build an independent power grid that will help the residents during sudden blackouts.
Trade-in of virtual cats
When the AxiomZen studio released the CryptoKitties game in 2017, it generated over $1.3 million in transactions within a single month. Based on the Ethereum crypto coin blockchain technology, this game is a real phenomenon in the world of decentralized software solutions. According to the TechCrunch report, a single CryptoKitty was worth roughly $12 to over $100 000 in 2017. And even if purchased “kitties” are less valuable today, players will own these digital assets for their entire lives.
Thanksgiving turkeys’ stories
To wow their customers on Thanksgiving in 2018, the Cargill food conglomerate also used blockchain. Some farms supplied turkeys in packages that had special tracking codes. When buyers received their bird, they could use this code on the Web and get useful information about their particular turkey. This data included not only high-quality photos but also some facts about the farms that raised the turkeys.
The more successful a brand is, the more profitable it is to produce its counterfeit products. The Chronicled startup is developing blockchain technology to help consumers distinguish authentic products from fake ones. It wants to create a register that would help buyers track original products using encrypted smart tags. This approach will allow consumers to verify the authenticity of expensive clothes and other items through a mobile application. In addition, people will be able to check how many owners the thing they are interested in already had without violating their anonymity.
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