The pace of technology is forever changing and with it comes opportunity for new businesses to emerge and existing businesses to transform. Distributed Ledger Technology (DLT) is one of these emerging technologies that are fast becoming an important platform for businesses to offer new value and evolve their operations. Despite the potential to greatly change they way we manage transactions through the use of smart contracts and storing of value, many people are still confused how to implement this vision. Existing businesses typically wish to avoid untested technologies, but now after 10 years of field testing it appears to be the time for distributed ledgers to finally shine in more spaces than just crypto-currency.
At TERRAFORM we are always excited about new software technologies and with DLT’s it’s no different. With interests and activities ranging from mining various cryptocurrencies for fun, to setting up an online ripple portal and building mobile integrations, we are always looking for new projects to get involved with. If you are interested in trying a DLT solution, we’d be happy to setup a consultation with you.
DLT is a useful solution for many modern business issues. We’ve compiled examples of various use cases to help see if DLT is for you.
- Smart contracts empower businesses to define strongly enforced logic that be deployed at scale and provide new sources of revenue and data as well as provide a backbone architecture for all manner of distributed apps (dApps) ranging from games to data storage and possible AI integrations within the future to help form a collective state of knowledge, who knows – that is part of the charm with this technology – there is lots of opportunity. Now not everything will apply, or is even suited for DLT’s but that doesn’t stop the remaining ones which do.
- With IoT fastly becoming one of the of largest categories soon to be online, DLT’s provide an appropriate means for devices to interact over the network to provide a means of microtransactions as well as distributed storage and computing power. Authorization and identity management can also be handled through DLT’s and can be used to verify the authenticity of a request allowing for distributed authorization across a global network.
- Currency isn’t the only thing that DLT’s can represent. They provides a means of automating the flow of various measurable commodities and their transactions. Examples include energy transfers between provinces along the electrical grids, purchases and transfers, and various packaging and shipping logistics, and airlines could help manage their flights and booking arrangements with an automatic reseating algorithm should someone get bumped and could even provide them a direct compensation for accidental delays.