Other blockchain solutions include applications and technologies that do not fit into traditional categories, such as smart contracts, decentralised applications (dApps), or cryptocurrency payment platforms. They can include solutions dedicated to specific sectors, such as digital identity management, electronic voting systems, intellectual property rights protection, and advanced consensus systems. These solutions extend the capabilities of blockchain technology into new areas and industries, increasing its adaptation and innovation.
Other Blockchain Solutions
Type of technology
Description of the technology
Basic elements
- Identity management: Systems to securely store and verify users’ identities.
- Voting systems: Platforms for secure elections and voting conducted in an unchangeable manner.
- Copyright schemes: Tools for registering and protecting intellectual property in blockchain.
- Hybrid consensus: Advanced consensus mechanisms that combine different models, such as PoW and PoS.
- Connecting blockchains: Protocols that enable communication and data exchange between different blockchain networks.
Industry usage
- Identity management: Storage and verification of digital identities.
- Electronic voting: Secure conduct of elections and referendums.
- Protection of intellectual property: Copyright registration and verification.
- Connections between networks: Protocols to enable communication between different blockchains.
- Automation of production processes: Creating hybrid consensus models.
Importance for the economy
Other blockchain solutions extend the technology’s capabilities into new areas, such as data management, contract automation, and intellectual property protection. They make it possible to create more secure voting systems, better manage personal data, and protect copyrights in an unchangeable and transparent way. They influence the development of the digital economy and strengthen confidence in transactions and business processes in the online world.
Related technologies
Mechanism of action
- These solutions are based on the creation of specialised applications and blockchain-based platforms that meet specific sector requirements. For example, digital identity management systems enable users to store and share their data in a decentralised manner and voting systems record each vote as an unalterable transaction, eliminating the possibility of manipulation. In many cases, these solutions use a variety of consensus mechanisms and integrate technologies, such as oracles, to obtain additional data from external sources.
Advantages
- Data security: Securing sensitive information and digital identities.
- Transparency: Participants’ ability to audit and verify records.
- Protection of intellectual property: Registering copyrights and tracking the digital resource use.
- Immutability of records: Storing data in an immutable and manipulation-resistant manner.
- Connecting networks: Ability to collaborate between different blockchains.
Disadvantages
- High implementation costs: Significant investment required at the design and implementation stage.
- Complexity of integration: Difficulties in connecting blockchain solutions to existing IT systems.
- Lack of market maturity: Some blockchain solutions are still at the experimental stage.
- Lack of standards: Interoperability issues between different blockchain platforms.
- Risk of attacks: Potential attacks on decentralised systems, such as Sybil attacks.
Implementation of the technology
Required resources
- Blockchain experts: Specialists in designing and implementing custom blockchain solutions.
- Blockchain platforms: Tools to create and manage advanced applications.
- Oracles: External data sources to support smart contract operations.
- Data management systems: Tools for data storage and analysis in decentralised environments.
- Computing servers: High-performance servers to support the operation of voting and data management systems.
Required competences
- System design: Creating advanced blockchain architectures.
- Digital security: Securing systems and applications against threats.
- Programming smart contracts: Knowledge of technologies such as Solidity and Rust.
- Identity management: Creating digital identity management systems.
- IT project management: Running implementation projects in large organisations.
Environmental aspects
- Energy consumption: High energy demand of blockchain-enabled systems.
- Emissions of pollutants: Emissions from the operation of advanced IT systems.
- Raw material consumption: High demand for electronic components used to build systems.
- Recycling: Problems with recovering materials from blockchain devices.
- Waste generated: Electronic waste from IT equipment upgrades.
Legal conditions
- Digital identity regulations: Regulations for the protection and management of digital identities.
- Protection of intellectual property: Patents and copyright regulations.
- Electronic voting regulations: Standards for conducting elections using blockchain.
- Digital security: Regulations for the protection of blockchain systems from cyber attacks.
- Interoperability regulations: Standards for connecting different blockchain networks.