8 Surprising Business Uses for Blockchain Technology

Pardon the cliché, but blockchain technology could just be the greatest thing since sliced bread for businesses.

For those of you unaware, blockchain is the digital, distributed, and decentralized ledger that often, but not always, underlies cryptocurrencies and is responsible for recording all transactions without the need for a financial intermediary. That long definition basically means it’s a new way of sending peer-to-peer or business-to-business payments without the need for a bank.

The evolution of blockchain, which was first pushed into the spotlight in 2009 when bitcoin debuted, is the result of perceived flaws with the existing banking system. Namely, excessive fees from banks acting as third parties during transactions, and lengthy processing times, especially in situations where a payment is moving across borders.

Blockchain aims to resolve these flaws for the financial services industry in three key ways. First, blockchain networks are decentralized, which means there’s no central area where transaction information is stored. This prevents any business, person, or hacker, from gaining control of a network. Secondly, it eliminate banks as the intermediary, which could lower transaction fees. Finally, it aims to dramatically speed up processing and settlement times. Rather than waiting up to five days for an overseas payment to validate and settle, blockchain offers the possibility of completing transactions almost instantly.

But for all the notoriety blockchain receives as a solution for the financial services industry, it overlooks its potential in non-currency applications. Here are eight surprising business uses for blockchain technology that you probably weren’t aware of.