Potential and prominent use cases in the blockchain

Key examples of prominent blockchain use cases include, but are not limited to, the following:

• Payment rails: The transfer of digital fiat currencies
• Cryptocurrencies: The creation and transfer of digital currencies independent of any bank or financial institution
• Micropayments: The cost-effective transfer of small amounts of money where the transfer fees would normally have been prohibitive
• Digital assets: The creation and transfer of digital items that have value in the real world (for example, a digital recording or artwork)
• Digital identity: Systems or mechanisms authenticating and proving the identity of entities based on unique digital items
• Notary services: Systems of digitising, storing, and verifying documents
• Compliance: Auditing activities of people, businesses, or organisations
• Taxation: The collection of taxes based on transactions, resulting in reduced tax avoidance and the elimination of double taxation
• Voting: The creation, distribution, and counting of digital ballot papers

(Drescher, 2017:338-339)