The Expanding Potential of Blockchain Beyond Cryptocurrencies

Although the blockchain came to the fore with Bitcoin, the transactions that can be carried out through the blockchain have gone beyond cryptocurrencies over time. So much so that blockchain is expressed as a potentially more powerful technology than the internet. The use of blockchain for cryptocurrencies is the first and most well-known application, but it is not the only and most important application.

In this context, it is possible to define the technological development of the blockchain in three phases: "Blockchain 1.0", "Blockchain 2.0" and "Blockchain 3.0".
Blockchain 1.0 covers all applications related to the transfer of cryptocurrencies and digital payment systems. Blockchain applications that enable smart contracts have created Blockchain 2.0. Blockchain 2.0 makes it possible to record, confirm and transfer contracts or property. Smart contracts, supported by most blockchain infrastructures, are programs that enable the automatic transmission of predetermined basic rules and standards. Although smart contracts are not directly related to legal contracts, they are transactions carried out with commands that will be automatically processed by the machines included in the blockchain when the conditions of the contract are met. It is not possible to change the transaction after it has been completed. It is possible to carry out many transactions such as stocks, bonds, futures, loans and mortgages with smart contracts, which have a very wide scope. The blockchain used by the cryptocurrency Ethereum enables smart contract applications. Blockchain 3.0 is blockchain applications beyond money and financial markets to the fields of health, science, culture and arts. These are blockchain applications that show successful use in many areas such as insurance, auctions, machine communication, and the internet of things. In addition to these developments in the blockchain, Blockchain X has begun to be discussed. Blockchain X is a vision of blockchain where one day we will have a public blockchain service that anyone can use like the Google search engine.

Blockchain technology can be used for all types of notarization. Moreover, the transaction does not have to be related to money. Similarly, a patent idea can be stored on the blockchain. A transaction can even be shared in the form of a code that will be executed automatically when the conditions are met.

Transactions that are/will be possible to be carried out with blockchain in the future;

• Elections will be held transparently and securely through decentralized web applications of blockchains.
• Activities related to immigration and border control will be recorded on the blockchain, and passport control will be able to be carried out through a blockchain shared between entry and border agencies at all ports in the world.
• Cryptography and distributed systems research will reach new levels, and universities and educational institutions will offer special courses on cryptoeconomics, cryptocurrencies and blockchains.
• Artificial intelligence will dominate blockchains and thus be able to make rational decisions on behalf of people.
• Blockchains will be used to provide DRM (digital rights management) services for arts and media and can be used to deliver content to consumers, enabling direct communication between consumer and producer. This will eliminate the need for licensing and rights management of valuable goods by a third party.
• Digital identities will be routinely managed on the blockchain, and different government functions such as voting, taxation, and fund distribution will be able to be performed through blockchain-enabled platforms.

All these applications for blockchain include developments that will be permanent in all areas of life, especially in the finance and banking sector, but also in healthcare, supply, e-commerce, e-notary and public sector. Such developments, which can enable a financial transformation at a global level, require a much greater understanding of the blockchain infrastructure. It seems that new trends that are likely to emerge in the future of blockchain technology will deeply affect the economic behavior patterns of economic units and bring about a deeper re-discussion of money forms.