A future version of the blockchain could make it simpler to create localized currencies. Already some are using basic bitcoin software to create their own localized money for transactions inside organizations, much like companies create their own store credit cards. Some stores or businesses may want to use a similar process to certify their own currency for use by their customers.
Reward points
Many companies have set up reward programs, like airline miles, that build loyalty by rewarding frequent customers. These well-established programs are tracked by basic ledgers running on standard databases.
Moving these rewards program over to a blockchain can increase trust of the users by making the transactions public. It can also allow organizations to open up transactions so that users may trade points among themselves. Many of the current rewards programs strictly limit the way that points can be traded, sometimes keeping them to spouses or people living at the same address. Others prohibit transfers altogether. A more open, blockchain-mediated marketplace can unlock some of the value, make it easier for customers to trade points, and vastly increase interest in your rewards program.
Related articles
- Download: 11 signs you've been hacked -- and how to fight back
- Download: The Encryption Deep Dive Report
- Download: 29 tips for succeeding as an independent developer
- 9 ways developers can rebuild trust on the Internet
- Safeguard your code: 17 security tips for developers
- Security through obscurity: How to cover your tracks online
- 7 reasons why frameworks are the new programming languages
- 7 timeless lessons of programming 'graybeards'
- 9 cutting-edge languages worth learning now
- 10 battles raging for the hearts and minds of developers
- Attack of the one-letter programming languages
This story, "Beyond bitcoin: 7 ways to capitalize on blockchains" was originally published by InfoWorld.
Next read this:
- Top 9 challenges IT leaders will face in 2020
- Top 5 strategic priorities for CIOs in 2020
- 7 'crackpot' technologies that might transform IT
- 8 technologies that will disrupt business in 2020
- 7 questions CIOs should ask before taking a new job
- 7 ways to position IT for success in 2020
- The 9 new rules of IT leadership
- 20 ways to kill your IT career (without knowing it)
- IT manager’s survival guide: 11 ways to thrive in the years ahead
- CIO resumes: 6 best practices and 4 strong examples
- 4 KPIs IT should ditch (and what to measure instead)