Even though Bitcoin (BTC) is the best-known application of a decentralized ledger or block chain, there are a wide range of other uses for blockchain technology. For example, blockchain technology can be used in various financial services, including remittances, digital assets, and online payments, as it allows payments to be settled without a bank or other intermediary.
In addition, the next generation of Internet interaction systems, including smart contractsreputation systems, public services, Internet of Things (IoT) and security services are some of the most promising applications of blockchain technology.
A blockchain without cryptocurrency refers to a distributed ledger that tracks the state of a database shared among many users. The database may include cryptocurrency transaction history or confidential voting data related to elections, for example, which cannot be updated or deleted once added.
Therefore, blockchain technology is not only relevant for cryptocurrencies. Blockchain, however, is primarily about decentralized storage of information and consensus on particular digital assets, which may or may not be cryptocurrencies. So, can blockchain be used for anything?
Ideally, blockchain technology has the potential to replace business models that rely on third parties and centralized systems for trust. For example, NFTs were initially introduced on the Ethereum network in late 2017 and are one of the disruptive blockchain-based innovations — beyond cryptocurrencies — influencing intellectual property. However, be aware of risks and returns associated with NFTs before making any investment.