The surging popularity of bitcoin and cryptocurrencies offers a vision of a more efficient world where individuals can deal directly with each other without trusted centralised institutions.

That’s the positive narrative , but technology has promised many things in the past, only for them to either fail or take a lot longer to hit critical mass. But how will it bring substantial improvements in business performance of global companies?

There are many potential benefits behind blockchain, some of which depend on how the technology is used, yet its potential uses are still being determined. Here are five ways blockchain is likely to change the face of innovation in 2018.

1. Provide price stability to the crypto economy

The volatility in cryptocurrencies is well-known and not for the faint-hearted, especially over recent weeks. Blockchain-based payment network Havven sets out to provide the first decentralized solution to price stability.

Designed to provide a practical cryptocurrency, Havven uses a dual token system to reduce price volatility. The fees from transactions within the system are used to collateralise the network, secured by the blockchain and supposedly enabling the creation of an asset-backed stablecoin. Think of Tether, but not being tied to the dollar.

Each transaction generates fees that are paid to holders of the collateral token and as transaction volume grows, the value of the platform increases. Havven is a permissionless, low-fee and stable payment network that want to enable anyone anywhere to transact with anyone else. It’s an interesting addition to the increasingly crowded crypto space.

2. Improve ICO marketing management

Bridging the gap between traditional banking and blockchain, BlockEx makes it easier for initial coin offerings (ICOs) to market themselves by standardising them through an open multi-asset trading platform called BlockEx Markets..

The platform is powered by the Digital Asset Exchange Platform (DAxP) and manages the lifecycle of blockchain-based digital assets, including cryptocurrencies, debt, equity and insurance products.

The DAxP includes a digital asset creation tool, exchange, clearing, settlement, registry and Brokerage Software. The platform is fully API driven and permissioned, allowing all features of the platform to be used independently as its own product whether as an asset creation tool, post trade services or the exchange’s matching engine.

BlockEx has been selected as one of the 100 most influential FinTech companies in 2018 by a panel of top professionals from organisations including the London Stock Exchange, EY, Lloyds Banking Group and Innovate Finance.

3. Implement the strengths of blockchain into traditional assets

Hitherto, buyers and sellers in Latin America used pieces of paper to represent tangible equity, but Latoex is disrupting this traditional practice by using blockchain technology in the financial market industry of Latin America.

Latoex offers a trading platform named Andes that allows companies to easily run ICOs, create digital assets and trade them in a professional exchange.

Built on the Ethereum blockchain, the platform uses smart contracts to automate liquidation and simplify back-office processes and grants its investors with enhanced safety and shortened exchange fees and provides ready-to-use tools to implement the strengths of blockchain into traditional assets.

The Latoex’s Andes platform is now available to international investors, excluding those with residence or nationality in Brazil, Canada, China, Estonia, and the US.

4. Create an ecosystem of digital services that is compelling for consumers

Founded by professional photographer Vadim Onishchenko, a crypto-based photo-sharing platform Selfllery comes with a ‘snappy’ slogan ‘Take Photo – Make Money’. It allows users to post photos and other visual content and receive rewards in cryptocurrency for their contributions to the platform.

Brands, bloggers and influencers can use Selfllery to promote themselves, combining social popularity with a heart – at least 5% of every user’s revenues from the the platform goes to charity.

Moreover, 10% of the company’s revenues also goes to charity, users can customise the donations and a user who chooses to donate 100% of their profits gets an icon on their profile.

5. Develop online communities where users are rewarded for helping each other  

Popular social-networking platform for mothers Mom.life (with more a million members and 30,000 daily active users) also uses blockchain technology to reward members. Mom.life offers Bloom tokens that will have value in fiat currency to members who help develop and grow the community.

Members already use the token to reward each other for content and support and to purchase digital goods from the site, and they will also be able to spend Bloom tokens in the mom.life marketplace and in peer-to-peer commerce.

Mom.life was developed by the founders of the leading European online community for parents BabyBlog.