Blockchain and Distributed Ledger Technology Applications
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In about a decade of its existence, blockchain technology has seen some level of innovation diffusion to many sectors other than its genesis application of cryptocurrencies (see Figure 4-1). This chapter presents an objective view of the developments of blockchain and distributed ledger technologies beyond the cryptocurrencies. By drawing from the current states of the tech, I will present a detailed analysis of existing and potential use cases including ecommerce, Vickrey auction, self-sovereign digital identity management, and vital statistics recording. The chapter further lends key points to consider for applying blockchain and distributed ledger technologies in businesses. Here, starting from justifying why blockchain is a potential solution concept for a business, I will cover points such as asset digitization, participants identification and the degrees of permission, tokenization, decentralized applications, smart contracts and robust consensus algorithm, scalability of data throughput, payment channels, as well as a business model development for token sales.