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APPLICATIONS OF BLOCKCHAIN TECHNOLOGY BEYOND CRYPTOCURRENCY

Article · March 2023

DOI: 10.21058/gjecs.2023.81007

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 Gyancity Journal of Electronics and Computer Science,
Vol.8, No.1, pp. 1-17, March 2023
ISSN: 2446-2918 DOI: 10.21058/gjecs.2023.81007
1

APPLICATIONS OF BLOCKCHAIN
TECHNOLOGY BEYOND
CRYPTOCURRENCY
Jackie Chong Cheong Sin
International Institute of Applied Science of Swiss School of Management,
Switzerland
jackie@unies.my

Abstract
The idea of a blockchain was first conceived as the mechanism supporting Bitcoin. To
solve the double-spending problem associated with digital currencies, Satoshi
Nakamoto devised an immutable ledger of transactions that chains together block of
data using digital cryptography. While the idea works extremely well for Bitcoin and
other cryptocurrencies, there are loads of other useful applications of blockchain
technology. This paper will discuss the 15 of them. To date, there are roughly 6,700
cryptocurrencies in the world that have a total market cap around $1.6 trillion, with
Bitcoin holding a majority of the value. These tokens have become incredibly popular
over the last few years, with one Bitcoin equalling $60,000. The research found that
Blockchain applications go far beyond cryptocurrency and bitcoin. With its ability to
create more transparency and fairness while also saving businesses time and money,
the technology/application is impacting a variety of sectors in ways that range from
how contracts are enforced to making government work more efficiently.

Keywords: Bitcoin, Blockchain, Cryptocurrency, Technology, Applications, Electronic

Money
.

1. Introduction
Blockchain (BC), the technology behind the Bitcoin crypto-currency system, is
considered to be both alluring and critical for ensuring enhanced security and (in some
implementations, non-traceable) privacy for diverse applications in many other
domains including in the Internet of Things (IoT) eco-system. Intensive research is
currently being conducted in both academia and industry applying the Blockchain
technology in multifarious applications. Proof-of-Work (PoW), a cryptographic puzzle,
plays a vital role in ensuring BC security by maintaining a digital ledger of transactions,

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which is considered to be incorruptible. Furthermore, BC uses a changeable Public Key

(PK) to record the users' identity, which provides an extra layer of privacy. Not only in
cryptocurrency has the successful adoption of BC been implemented but also in
multifaceted non-monetary systems such as in: distributed storage systems, proof-of-
location, healthcare, decentralized voting and so forth. Recent research articles and
projects/applications were surveyed to assess the implementation of BC for enhanced
security, to identify associated challenges and to propose solutions for BC enabled
enhanced security systems.

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which

makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are
decentralized networks based on blockchain technology—a distributed ledger enforced
by a disparate network of computers. A defining feature of cryptocurrencies is that they
are generally not issued by any central authority, rendering them theoretically immune
to government interference or manipulation.

Blockchain technology has the potential to disrupt digital interaction in our economy
and society. The technology’s rapid and dynamic technical development is driven by
start-ups and incumbents alike, creating a myriad of applications across economic and
societal domains. However, the implications of this potential new technological
paradigm have not yet reached wider public debate, nor have economic and societal
implications been adequately explored. Distributed ledger technologies and
blockchains stem from an ideological open-source movement and facilitate the
exchange of assets via a complementary technical layer on top of the internet [1].
Current platform-based business structures like Facebook, Uber, Airbnb or Amazon
could be replaced by evolving decentralized ecosystems. At the same time, community-
owned neutral networks could facilitate a re-empowerment of individuals including but
not limited to the sovereignty over one’s data. It is likely that blockchain technology
will eventually affect everyone in our society. In this book the key concepts of
blockchain technology and an overview of the machinations of different blockchain
ecosystems are presented. The socio-economic impact of this new technology is
discussed including its impact on sectors such as energy, data, capital markets, logistics,
and gambling. Challenges of adoption and roll out will be discussed with a specific
focus on scalability and regulation. Non-technical and accessible, the book seeks to
demystify the functionalities of blockchains, their potential as well as their likely socio-
economic impacts.

The continued evolution of cryptocurrencies and the underlying exchanges on which

they trade has generated tremendous urgency to develop our understanding of a product
that has been identified as a potential enhancement of and replacement for traditional
cash as we know it. The market efficiency of Bitcoin and found through a battery of
tests that Bitcoin was inefficient, although it was becoming less inefficient over time
[2]. Much research continues to identify this asset class to contain exceptionally high
levels of volatility when compared to more established counterparts. However,

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cryptocurrencies as a new asset class are not without its substantial issues, particularly
that of the provision of a platform for criminality and, indeed, major cybercriminal
events. While much debate surrounds the process in which this product can be
regulated, there exists a wide variety of channels in which criminality can develop and
thrive. Regulatory bodies and policy-makers alike have observed the growth of
cryptocurrencies with a certain amount of scepticism, based on this growing potential
for illegality and malpractice. Around $76 billion of illegal activity per year involve
Bitcoin (46% of Bitcoin transactions) [3]. This is estimated to be in the same region of
the U.S. and European markets for illegal drugs, and is identified as ‘black e-
commerce’. While the volatility of cryptocurrency price returns has been studied, the
potential for market manipulation appears to have been broadly identified in
cryptocurrency cross-correlations and market interdependencies. Such researches have
fine-tuned the focus of regulators, policy-makers and academics alike, broad trust in
both cryptocurrencies and the exchanges on which they trade cannot be sustained with
such significant questions of abnormality remaining unanswered. Developing
understanding of these new products and how to mitigate cybercriminal and their illicit
use is an exceptionally important task in order to validate their further use and
development [4].

Crypto currency is a collection of technologies based on Satoshi Nakamoto's 2009

invention, Bitcoin, which is counterfeit-proof and decentralized. Several cryptographic
technologies (hash sums, asymmetric keys, and proof-of-work) are combined to make
this possible via a global, peer-to-peer network. The currency is in use today: It can be
traded for other currency, or used to buy goods and services. Bitcoin is an electronic
currency designed to use public protocol that implements it in a totally decentralized
manner, so as not to need the control of any central issuing organization that manages
it. Though still in development, it has been proven to be a modern payment system
referred to have been used in some procedures commonly associated to money
laundering or trafficking of illegal substances of various kinds [5].

2. Types of cryptocurrency and tokens

While Bitcoin was the first operational public cryptocurrency, it is not the only type,
and there certainly are many variations of cryptocurrencies [6]. We can identify at least
four types of cryptocurrencies depending on how they are formulated or code design,
application or use case, and other factors.

You might get coins, payment tokens or altcoins, security tokens, non-fungible tokens
or NFTs, decentralized finance tokens, utility tokens, and other categories.

This tutorial teaches about the different types of cryptocurrency and tokens. We also
include information like how cryptocurrencies are differentiated, ways they are utilized,
and rich examples of the different types [7].

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Although the term cryptocurrencies are used to define all the different types of
cryptocurrency or digital currencies, it is commonly interchanged with coins [8]. They
are commonly regarded so despite many of them not serving as a unit of account, store
of value, and a medium of exchange, although Bitcoin does.

However, coins can be differentiated from altcoins. The term altcoins are also a
common reference to cryptocurrencies of all types apart from Bitcoin, in that they are
seen as an alternative to Bitcoin [9].

• Coins:
Coins can be differentiated from altcoins because they are based on their blockchain.
On such a blockchain, they act as the native token as well as gas or fuel payment token,
although a blockchain can have the gas paid in a different cryptocurrency [10]. A good
example is Bitcoin on the Bitcoin and Ether or ETH on the Ethereum blockchain.

In terms of constructing or developing a cryptocurrency, it starts or comes along with

developing a blockchain.

• Altcoins:
Although these can be regarded as coins, they are all understood to be alternatives to
Bitcoin as the first cryptocurrency. Also known as shitcoins, apart from Ethereum, most
of the first ones were forked from Bitcoin. These include Namecoin, Peercoin, Litecoin,
Dogecoin, and Auroracoin [11]. That said, some altcoins like Ethereum, Ripple, Omni,
and NEO have their blockchains. Others do not.

• Tokens:
Tokens are the digital representations of a particular asset or utility in a blockchain. All
tokens can be termed altcoins, but they are differentiated by residing on top of another
blockchain and not being native to the blockchain on which they reside [12].

They are coded to facilitate smart contracts on blockchain networks like Ethereum, and
we can transfer some from one chain to another. The tokens are embedded in self-
executing computer programs or codes and can operate without a third -party platform.
They are also fungible and tradable. They can be used to represent loyalty points and
commodities or even other cryptos.

When designing or coding a token, the developer will require following a given
template. The developer does not need to edit or code the blockchain from scratch [13].
All they have to do is follow a given standard template. It is faster to come up with a
token.

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It used to be Initial Coin Offering or ICOs and initial exchange offering as a method of
distributing and initially raising capital for the projects issuing tokens. However, they
can be issued without IEO or ICOs [14].

• Types of Cryptocurrencies
Bitcoin is the most popular and valuable cryptocurrency. An anonymous person called
Satoshi Nakamoto invented it and introduced it to the world via a white paper in 2008.
There are thousands of cryptocurrencies present in the market today.

Each cryptocurrency claims to have a different function and specification. For example,
Ethereum's ether markets itself as gas for the underlying smart contract platform.
Ripple's XRP is used by banks to facilitate transfers between different geographies [15].

Bitcoin, which was made available to the public in 2009, remains the most widely
traded and covered cryptocurrency. As of May 2022, there were over 19 million
bitcoins in circulation with a total market cap of around $576 billion. Only 21 million
bitcoins will ever exist [16].

In the wake of Bitcoin's success, many other cryptocurrencies, known as "altcoins,"

have been launched. Some of these are clones or forks of Bitcoin, while others are new
currencies that were built from scratch [17]. They include Solana, Litecoin, Ethereum,
Cardano, and EOS. By November 2021, the aggregate value of all the cryptocurrencies
in existence had reached over $2.1 trillion—Bitcoin represented approximately 41% of
that total value [18].

• Cryptocurrencies Legal
Fiat currencies derive their authority as mediums of transaction from the government
or monetary authorities. For example, each dollar bill is backstopped by the Federal
Reserve [19].

But cryptocurrencies are not backed by any public or private entities. Therefore, it has
been difficult to make a case for their legal status in different financial jurisdictions
throughout the world. It doesn't help matters those cryptocurrencies have largely
functioned outside most existing financial infrastructure. The legal status of
cryptocurrencies has implications for their use in daily transactions and trading. In June
2019, the Financial Action Task Force (FATF) recommended that wire transfers of
cryptocurrencies should be subject to the requirements of its Travel Rule, which
requires AML compliance. [20]

As of December 2021, El Salvador was the only country in the world to allow Bitcoin
as legal tender for monetary transactions. In the rest of the world, cryptocurrency
regulation varies by jurisdiction.

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Japan's Payment Services Act defines Bitcoin as legal property. Cryptocurrency

exchanges operating in the country are subject to collect information about the customer
and details relating to the wire transfer. China has banned cryptocurrency exchanges
and mining within its borders. India was reported to be formulating a framework for
cryptocurrencies in December [21].

Cryptocurrencies are legal in the European Union. Derivatives and other products that
use cryptocurrencies will need to qualify as "financial instruments." In June 2021, the
European Commission released the Markets in Crypto-Assets (MiCA) regulation that
sets safeguards for regulation and establishes rules for companies or vendors providing
financial services using cryptocurrencies [22]. Within the United States, the biggest and
most sophisticated financial market in the world, crypto derivatives such as Bitcoin
futures are available on the Chicago Mercantile Exchange. The Securities and
Exchange Commission (SEC) has said that Bitcoin and Ethereum are not securities
[23].

• Advantages and Disadvantages of Cryptocurrency

o Advantages [24]
▪ Cryptocurrencies represent a new, decentralized paradigm for
money. In this system, centralized intermediaries, such as banks
and monetary institutions, are not necessary to enforce trust and
police transactions between two parties. Thus, a system with
cryptocurrencies eliminates the possibility of a single point of
failure, such as a large bank, setting off a cascade of crises
around the world, such as the one that was triggered in 2008 by
the failure of institutions in the United States.
▪ Cryptocurrencies promise to make it easier to transfer funds
directly between two parties, without the need for a trusted third
party like a bank or a credit card company. Such d ecentralized
transfers are secured by the use of public keys and private keys
and different forms of incentive systems, such as proof of work
or proof of stake.
▪ Because they do not use third-party intermediaries,
cryptocurrency transfers between two transacting parties are
faster as compared to standard money transfers. Flash loans in
decentralized finance are a good example of such decentralized
transfers. These loans, which are processed without backing
collateral, can be executed within seconds and are used in
trading.
▪ Cryptocurrency investments can generate profits.
Cryptocurrency markets have skyrocketed in value over the past

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decade, at one point reaching almost $2 trillion. As of May 2022,

Bitcoin was valued at more than $550 billion in crypto markets.
▪ The remittance economy is testing one of cryptocurrency's most
prominent use cases. Currently, cryptocurrencies such as Bitcoin
serve as intermediate currencies to streamline money transfers
across borders. Thus, a fiat currency is converted to Bitcoin (or
another cryptocurrency), transferred across borders and,
subsequently, converted to the destination fiat currency. This
method streamlines the money transfer process and makes it
cheaper.
o Disadvantages [25]
▪ Though they claim to be an anonymous form of transaction,
cryptocurrencies are actually pseudonymous. They leave a
digital trail that agencies such as the Federal Bureau of
Investigation (FBI) can decipher. This opens up possibilities of
governments or federal authorities tracking the financial
transactions of ordinary citizens.
▪ Cryptocurrencies have become a popular tool with criminals for
nefarious activities such as money laundering and illicit
purchases. The case of Dread Pirate Roberts, who ran a
marketplace to sell drugs on the dark web, is already well known.
Cryptocurrencies have also become a favourite of hackers who
use them for ransomware activities.
▪ In theory, cryptocurrencies are meant to be decentralized, their
wealth distributed between many parties on a blockchain. In
reality, ownership is highly concentrated. For example, an MIT
study found that just 11,000 investors held roughly 45% of
Bitcoin's surging value.
▪ One of the conceits of cryptocurrencies is that anyone can mine
them using a computer with an Internet connection. However,
mining popular cryptocurrencies requires considerable energy,
sometimes as much energy as entire countries consume. The
expensive energy costs coupled with the unpredictability of
mining have concentrated mining among large firms whose
revenues running into the billions of dollars. Accord ing to an
MIT study, 10% of miners account for 90% of its mining
capacity.
▪ Though cryptocurrency blockchains are highly secure, other
crypto repositories, such as exchanges and wallets, can be
hacked. Many cryptocurrency exchanges and wallets have been

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hacked over the years, sometimes resulting in millions of

dollars’ worth of "coins" stolen.
▪ Cryptocurrencies traded in public markets suffer from price
volatility. Bitcoin has experienced rapid surges and crashes in its
value, climbing to as high as $17,738 in December 2017 before
dropping to $7,575 in the following months. Some economists
thus consider cryptocurrencies to be a short-lived fad or
speculative bubble.
Any investor can purchase cryptocurrency from popular crypto exchanges such as
Coinbase, apps such as Cash App, or through brokers. Another popular way to invest
in cryptocurrencies is through financial derivatives, such as CME's Bitcoin futures, or
through other instruments, such as Bitcoin trusts and Bitcoin ETFs [26].

Cryptocurrencies are a new paradigm for money. Their promise is to streamline existing
financial architecture to make it faster and cheaper. Their technology and architecture
decentralize existing monetary systems and make it possible for transacting parties to
exchange value and money independently of intermediary institutions such as banks.

Cryptocurrencies are generated by mining. For example, Bitcoin is generated using

Bitcoin mining. The process involves downloading software that contains a partial or
full history of transactions that have occurred in its network. Though anyone with a
computer and an Internet connection can mine cryptocurrency, the energy- and
resource-intensive nature of mining means that large firms dominate the industry [27].

Bitcoin is by far the most popular cryptocurrency followed by other cryptocurrencies

such as Ethereum, Binance Coin, Solana, and Cardano [28]. The SEC has said that
Bitcoin and Ethereum, the top two cryptocurrencies by market cap, are not securities.
It has not commented on the status of other cryptocurrencies.

3. The blockchain technology

Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott
Stornetta, two researchers who wanted to implement a system where document
timestamps could not be tampered with. But it wasn’t until almost two decades later,
with the launch of Bitcoin in January 2009, that blockchain had its first real-world
application [29].

The Bitcoin protocol is built on a blockchain. In a research paper introducing the digital
currency, Bitcoin’s pseudonymous creator [30], Satoshi Nakamoto, referred to it as “a
new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

The key thing to understand here is that Bitcoin merely uses blockchain as a means to
transparently record a ledger of payments, but blockchain can, in theory, be used to

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immutably record any number of data points [31]. As discussed above, this could be in
the form of transactions, votes in an election, product inventories, state identifications,
deeds to homes, and much more.

Currently, tens of thousands of projects are looking to implement blockchains in a

variety of ways to help society other than just recording transactions—for example, as
a way to vote securely in democratic elections [32]. The nature of blockchain’s
immutability means that fraudulent voting would become far more difficult to occur.
For example, a voting system could work such that each citizen of a country would be
issued a single cryptocurrency or token. Each candidate would then be given a specific
wallet address, and the voters would send their token or crypto to the address of
whichever candidate for whom they wish to vote. The transparent and traceable nature
of blockchain would eliminate both the need for human vote counting and the ability
of bad actors to tamper with physical ballots [33].

Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the

history of any digital asset unalterable and transparent through the use of
decentralization and cryptographic hashing, see Figure 1 [34].

Figure 1
Blockchain Explained

A simple analogy for understanding blockchain technology is a Google Doc. When we

create a document and share it with a group of people, the document is distributed
instead of copied or transferred. This creates a decentralized distribution chain that
gives everyone access to the document at the same time. No one is locked out awaiting
changes from another party [35], while all modifications to the doc are being recorded
in real-time, making changes completely transparent.

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Of course, blockchain is more complicated than a Google Doc, but the analogy is apt
because it illustrates three critical ideas of the technology [36], [37]:

• Blocks
Every chain consists of multiple blocks and each block has three basic elements:

o The data in the block.

o A 32-bit whole number called a nonce. The nonce is randomly generated
when a block is created, which then generates a block header hash.
o The hash is a 256-bit number wedded to the nonce. It must start with a
huge number of zeroes (i.e., be extremely small).
When the first block of a chain is created, a nonce generates the cryptographic hash.
The data in the block is considered signed and forever tied to the nonce and hash unless
it is mined.

• Miners
Miners create new blocks on the chain through a process called mining.

In a blockchain every block has its own unique nonce and hash, but also references the
hash of the previous block in the chain, so mining a block isn't easy, especially on large
chains.

Miners use special software to solve the incredibly complex math problem of finding a
nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash
is 256, there are roughly four billion possible nonce-hash combinations that must be
mined before the right one is found. When that happens, miners are said to have found
the "golden nonce" and their block is added to the chain [38].

Making a change to any block earlier in the chain requires re-mining not just the block
with the change, but all of the blocks that come after. This is why it's extremely difficult
to manipulate blockchain technology [39]. Think of it as "safety in math" since finding
golden nonces requires an enormous amount of time and computing power.

When a block is successfully mined, the change is accepted by all of the nodes on the
network and the miner is rewarded financially.

• Nodes
One of the most important concepts in blockchain technology is decentralization. No
one computer or organization can own the chain. Instead, it is a distributed ledger via
the nodes connected to the chain. Nodes can be any kind of electronic device that
maintains copies of the blockchain and keeps the network functioning [40].

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Every node has its own copy of the blockchain and the network must algorithmically
approve any newly mined block for the chain to be updated, trusted and verified. Since
blockchains are transparent, every action in the ledger can be easily checked and viewed
[41]. Each participant is given a unique alphanumeric identification number that shows
their transactions.

Combining public information with a system of checks-and-balances helps the

blockchain maintain integrity and creates trust among users. Essentially, blockchains
can be thought of as the scalability of trust via technology.

4. Applications for blockchain technology

The idea of a blockchain was first conceived as the mechanism supporting Bitcoin. To
solve the double-spending problem associated with digital currencies, Satoshi
Nakamoto devised an immutable ledger of transactions that chains together block of
data using digital cryptography. While the idea works extremely well for Bitcoin and
other cryptocurrencies, there are loads of other useful applications of blockchain
technology, see Figure 2 [42].

Figure 2
Technology Partners of Blockchain

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Here are 15 of them [43], [44], [45], [46], [47], [48]:

1. Money transfers
The original concept behind the invention of blockchain technology is still a great
application. Money transfers using blockchain can be less expensive and faster than
using existing money transfer services. This is especially true of cross-border
transactions, which are often slow and expensive. Even in the modern U.S. financial
system, money transfers between accounts can take days, while a blockchain
transaction takes minutes.

2. Financial exchanges
Many companies have popped up over the past few years offering decentralized
cryptocurrency exchanges. Using blockchain for exchanges allows for faster and less
expensive transactions. Moreover, a decentralized exchange doesn't require investors
to deposit their assets with the centralized authority, which means they maintain greater
control and security. While blockchain-based exchanges primarily deal in
cryptocurrency, the concept could be applied to more traditional investments as well.

3. Lending
Lenders can use blockchain to execute collateralized loans through smart contracts.
Smart contracts built on the blockchain allow certain events to automatically trigger
things like a service payment, a margin call, full repayment of the loan, and release of
collateral. As a result, loan processing is faster and less expensive, and lenders can offer
better rates.

4. Insurance
Using smart contracts on a blockchain can provide greater transparency for customers
and insurance providers. Recording all claims on a blockchain would keep customers
from making duplicate claims for the same event. Furthermore, using smart contracts
can speed up the process for claimants to receive payments.

5. Real estate
Real estate transactions require a ton of paperwork to verify financial information and
ownership and then transfer deeds and titles to new owners. Using blockchain
technology to record real estate transactions can provide a more secure and accessible
means of verifying and transferring ownership. That can speed up transactions, reduce
paperwork, and save money.

6. Secure personal information

Keeping data such as your Social Security number, date of birth, and other identifying
information on a public ledger (e.g., a blockchain) may actually be more secure than
current systems more susceptible to hacks. Blockchain technology can be used to secure
access to identifying information while improving access for those who need it in
industries such as travel, healthcare, finance, and education.

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7. Voting
If personal identity information is held on a blockchain, that puts us just one step away
from also being able to vote using blockchain technology. Using blockchain technology
can make sure that nobody votes twice, only eligible voters are able to vote, and votes
cannot be tampered with. What's more, it can increase access to voting by making it as
simple as pressing a few buttons on your smartphone. At the same time, the cost of
running an election would substantially decrease.

8. Government benefits
Another way to use digital identities stored on a blockchain is for the administration of
government benefits such as welfare programs, Social Security, and Medicare. Using
blockchain technology could reduce fraud and the costs of operations. Meanwhile,
beneficiaries can receive funds more quickly through digital disbursement on the
blockchain.

9. Securely share medical information

Keeping medical records on a blockchain can allow doctors and medical professionals
to obtain accurate and up-to-date information on their patients. That can ensure that
patients seeing multiple doctors get the best care possible. It can also speed up the
system for pulling medical records, allowing for more timely treatment in some cases.
And, if insurance information is held in the database, doctors can easily verify whether
a patient is insured and their treatment is covered.

10. Artist royalties

Using blockchain technology to track music and film files distributed over the internet
can make sure that artists are paid for their work. Since blockchain technology was
invented to ensure the same file doesn't exist in more than one place, it can be used to
help reduce piracy. What's more, using a blockchain to track playbacks on streaming
services and a smart contract to distribute payments can provide greater transparency
and the assurance that artists receive the money they're owed.

11. non-fungible tokens

Non-fungible tokens, or NFTs, are commonly thought of as ways to own the rights to
digital art. Since the blockchain prevents data from existing in two places, putting an
NFT on the blockchain guarantees that only a single copy of a piece of digital art exists.
That can make it like investing in physical art but without the drawbacks of storage and
maintenance.

NFTs can have varied applications, and ultimately, they're a way to convey ownership
of anything that can be represented by data. That could be the deed to a house, the
broadcast rights to a video, or an event ticket. Anything remotely unique could be an
NFT.

12. Logistics and supply chain tracking

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Using blockchain technology to track items as they move through a logistics or supply
chain network can provide several advantages. First of all, it provides greater ease of
communication between partners since data is available on a secure public ledger.
Second, it provides greater security and data integrity since the data on the blockchain
can't be altered. That means logistics and supply chain partners can work together more
easily with greater trust that the data they're provided is accurate and up to date.

13. Secure Internet of Things networks

The Internet of Things (IoT) is making our lives easier, but it's also opening the door
for nefarious actors to access our data or take control of important systems. Blockchain
technology can provide greater security by storing passwords and other data on a
decentralized network instead of a centralized server. Additionally, it offers protection
against data tampering since a blockchain is practically immutable.

14. Data storage

Adding blockchain technology to a data storage solution can provide greater security
and integrity. Since data can be stored in a decentralized manner, it will be more
difficult to hack into and wipe out all the data on the network, whereas a centralized
data storage provider may only have a few points of redundancy. It also means greater
access to data since access isn't necessarily reliant on the operations of a single
company. In some cases, using blockchain for data storage may also be less expensive.

15. Gambling
The gambling industry can use blockchain to provide several benefits to players. One
of the biggest benefits of operating a casino on the blockchain is the transparency it
provides to potential gamblers. Since every transaction is recorded on the blockchain,
bettors can see that the games are fair and the casino pays out. Furthermore, by using
blockchain, there's no need to provide personal information, including a bank account,
which may be a hurdle for some would-be gamblers. It also provides a workaround for
regulatory restrictions since players can gamble anonymously and the decentralized
network isn't susceptible to government shutdown.

5. Beyond bitcoin: Ethereum blockchain

Blockchain’s most well-known use (and maybe most controversial) is in
cryptocurrencies. Cryptocurrencies are digital currencies (or tokens), like Bitcoin,
Ethereum or Litecoin, that can be used to buy goods and services. Just like a digital
form of cash, crypto can be used to buy everything from your lunch to your next home
[49]. Unlike cash, crypto uses blockchain to act as both a public ledger and an enhanced
cryptographic security system, so online transactions are always recorded and secured.

To date, there are roughly 6,700 cryptocurrencies in the world that have a total market
cap around $1.6 trillion, with Bitcoin holding a majority of the value. These tokens
have become incredibly popular over the last few years, with one Bitcoin equalling

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15

$60,000 [50]. Here are some of the main reasons why everyone is suddenly taking
notice of cryptocurrencies [51], [52], [53], [54]:

• Blockchain’s security makes theft much harder since each cryptocurrency has
its own irrefutable identifiable number that is attached to one owner.
• Crypto reduces the need for individualized currencies and central banks- With
blockchain, crypto can be sent to anywhere and anyone in the world without the
need for currency exchanging or without interference from central banks.
• Cryptocurrencies can make some people rich- Speculators have been driving up
the price of crypto, especially Bitcoin, helping some early adopters to become
billionaires. Whether this is actually a positive has yet to be seen, as some
retractors believe that speculators do not have the long-term benefits of crypto
in mind.
• More and more large corporations are coming around to the idea of a
blockchain-based digital currency for payments. In February 2021, Tesla
famously announced that it would invest $1.5 billion into Bitcoin and accept it
as payment for their cars.
Of course, there are many legitimate arguments against blockchain-based digital
currencies. First, crypto isn’t a very regulated market. Many governments were quick
to jump into crypto, but few have a staunch set of codified laws regarding it.
Additionally, crypto is incredibly volatile due to those aforementioned speculators. In
2016, Bitcoin was priced around $450 per token. It then jumped to about $16,000 a
token in 2018, dipped to around $3,100, then has since increased to more than $60,000
[55]. Lack of stability has caused some people to get very rich, while a majority have
still lost thousands.

Whether or not digital currencies are the future remains to be seen. For now, it seems
as if blockchain’s meteoric rise is more starting to take root in reality than pure hype.
Though it’s still making headway in this entirely-new, highly-exploratory field,
blockchain is also showing promise beyond Bitcoin.

Originally created as the ultra-transparent ledger system for Bitcoin to operate on,
blockchain has long been associated with cryptocurrency, but the technology's
transparency and security has seen growing adoption in a number of areas, much of
which can be traced back to the development of the Ethereum blockchain.

In late 2013, Russian-Canadian developer Vitalik Buterin published a white paper that
proposed a platform combining traditional blockchain functionality with one key
difference: the execution of computer code [56]. Thus, the Ethereum Project was born.

Ethereum blockchain lets developers create sophisticated programs that can

communicate with one another on the blockchain.

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16

Ethereum programmers can create tokens to represent any kind of digital asset, track
its ownership and execute its functionality according to a set of programming
instructions.

Tokens can be music files, contracts, concert tickets or even a patient's medical records.
Most recently, Non-Fungible Tokens (NFTs) have become all the rage [57]. NFTs are
unique blockchain-based tokens that store digital media (like a video, music or art).
Each NFT has the ability to verify authenticity, past history and sole ownership of the
piece of digital media [58]. NFTs have become wildly popular because they offer a new
wave of digital creators the ability to buy and sell their creations, while getting proper
credit and a fair share of profits.

Newfound uses for blockchain have broadened the potential of the ledger technology
to permeate other sectors like media, government and identity security [59]. Thousands
of companies are currently researching and developing products and ecosystems that
run entirely on the burgeoning technology.

Blockchain is challenging the current status quo of innovation by letting companies

experiment with ground-breaking technology like peer-to-peer energy distribution or
decentralized forms for news media. Much like the definition of blockchain, the uses
for the ledger system will only evolve as technology evolves.

6. Conclusion and recommendations

Blockchain technology has only been around for a dozen years, and businesses are still
exploring new ways to apply the technology to support their operations. With the
growing amount of digital data used in our lives, there's a growing need for the data
security, access, transparency, and integrity blockchain can provide.

Here, we discussed all the different types of cryptocurrencies. For those asking how
many types of cryptocurrencies are there, we have listed the common types. Of all types
of cryptocurrencies, the main ones are payment tokens.

Based on these categories, security tokens are the best to invest in, although basically
all payment tokens are ideally fit for that purpose. Only that utility tokens are not
backed by regulation and so no one to hold accountable if an investment goes bad.

If it is a scam, it would be known long before it goes far. Most utility token projects
survive in the market based on keeping their word to their investors because that affects
demand and usability or utility directly.

A potential solution to this could be the Enigma Project, an off-chain network serving
as an extension to conventional blockchain platforms.

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Gretton adds: “It allows code to be processed both publicly on the blockchain,
maintaining a public ledger of a transaction, and on Enigma’s off-chain network where
the data is encrypted. By processing data off-network, the Enigma network can process-
intensive comutations that remain publicly verifiable on the blockchain.”

Imogen Farham, a researcher Reform, sums up blockchain’s use in the healthcare

industry, explaining: “What blockchain does well is present a way forward to transform
the relationship patients have with their healthcare data.

“To achieve this, standardising how healthcare data is formatted to facilitate meaningful
interoperability between systems would be a good place to start.”.

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