Below are several example using cases for Block Collider applications.
The ability to trigger transactions on other chains means that an insurance provider could create a smart contract that would pay out customers based on the state of another blockchain. For instance, the cold wallet of Bitcoin for Poloniex has a publicly known address. If the address ever had a zero balance it could trigger payouts to policy holders on an Ethereum chain, or even simultaneously to another contract on NEO.
While Ethereum has clearly made an name for itself as a platform over 2017 it has become obviously that the world of the next 5 years will have multiple blockchains serving many different needs. The Block Collider allows you to write a smart contract on any of the blockchains and then receive funds and execute transactions from other blockchains.
In addition to the increased reach of the ICO across blockchain communities this process alleviates the burden that any one chain must take. For larger ICOs that can mean massive blockchain delays that impact the entire community. This means the Block Collider can act as a load balancer as much as a liquidity provider.
The Block Collider allows you to encrypt a fully executable transaction which decrypts at a specific point in the future unless a transaction is made. A user could encrypt their Will which would automatically decrypt in the future.
Since the Bitcoin block time does not enable rapid trades users can use the Block Collider to conduct Bitcoin transactions between the block times. This can be done by setting up transactions which depend on successful transactions from blockchains that issue blocks at a faster rate than the block time of Bitcoin (about 9.5 minutes). For instance, two parties looking to trade BTC assets could setup transactions which execute when a transaction occurs on the Waves blockchain. Since the Waves block time is around 15 seconds these transactions will execute well before the next block is added to the Bitcoin blockchain.
Updated 2 years ago