The incoming of smart contracts has made the application of blockchain technology more extensive. UBS had used a Utility Settlement Coin to smoothen intra-bank settlements. Nasdaq through its Linq program enables people to trade unlisted securities using blockchain since 2015. Hyper Ledger framework is a major open-source project whose contributors include IBM, Intel, JP Morgan, ABN-AMRO, VMware, Red Hat, Wells Fargo and many others.

Energy markets:

Experiments have been successfully conducted where blockchain technology is addressing the issues of energy markets. Energy microgrids have been developed that is based on the blockchain. LO3 Energy has come up with a technology that uses a peer-to-peer blockchain solution that trades solar energy locally. In Brooklyn, 2016, LO3 Energy in cooperation with Siemens had conducted the first real experiment with 50 physical units. Named “Brooklyn microgrids”, the project includes the use of smart meters that tracked energy generation and consumption along with smart contracts that checked energy transactions between the actors on the grid. Wien Energy is also experimenting with blockchain technology for energy trading between utilities while Innogy is trying to automate the billing procedure at the charging stations of electrical vehicles.

Smart Property:

Blockchain technology can become the medium through which registration and property rights of land or any valuable asset can change hands and the records will be stored in the blocks. Swedish National Land Survey Lantmäteriet has already experimented it with banks Landshypoteket and SBAB, and telecommunication company Telia. Other companies currently involved in such projects are Pixsy, Blinded, and Ascribe.

Manufacturing Industry:

Blockchain technology is increasingly being applied for supply chain management and auditing. IBM and Maersk are using blockchain technology to track the shipment of containers. Provenance is currently recording product information throughout the entire supply chain, on the blocks. Everledger stores transaction history of diamonds and registers certificates using blockchain technology.

IoT and Industry 4.0 Applications:

The present method of authentication based on the certificates from authorities is quite expensive for Internet of Things (IoT). There is also the issue of scalability. Therefore, FactomIrisy is in the process of registering the devices on a blockchain. This also prevents the device from being manipulated. Moreover, the information about the device can also be updated. Super Computing Systems secures sensor data for Industry 4.0 applications with the help of blockchain technology.

3D printing:

Moog Aircraft Group is using blockchain technology to ensure safe 3D-printing of aircraft parts. The platform, Genesis of Things is experimenting 3D printing through smart contracts.

Hence, as the hype surrounding blockchain technology increases, the world will see more applications of the technology. It is in fact, difficult to go back to traditional advantages after tasting the benefits of blockchain technology.

The experts say that blockchain will play a crucial role in the transformation of industries in the next few years.

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