Blockchain applications are all the rage these days. The literal translation of the concept refers to a blockchain that eliminates the usual intermediaries that exist in classic economic transactions. The process liberalizes controls, and it is the users themselves who supervise the exchange.
What is the process that emerges with the blockchain revolution? If an individual wants to send money to another individual, this transaction is represented as a block in the network. This block is then transmitted to all parts of the network and approved by all users in the same network. This block is finally added to the blockchain that exists in that network, which provides an indelible and transparent record of the transactions, concluding the process with the arrival of the money to the individual in question.
Why Is Blockchain Technology Generating So Much Interest?
The possibility of blockchain technology being applied to other aspects beyond the economy has increased interest in this technological revolution. In addition to all this, the strong transparency provided by these new methodologies moves away from the opacity represented by the usual methods implemented by banking institutions.
At first, this process was seen as a threat. But the commitment to transforming the way transactions work has forced banks to pay more attention to developing this technology. This is why the usual transaction methods, characterized by strong centralization and the need for the bank to act as an intermediary, are losing interest with the arrival of a technology that will revolutionize the way we know the economy.
Open and decentralized system
The fact that it is an open and decentralized system where security is a necessity that must take precedence above all else generates an increase in user confidence and a clear commitment to this method.
Leading companies from fintech startups to b2b companies like essayswriter are starting to use these applications for different utilities; blockchain provides some of the most innovative applications, from the consolidation of a fully public, transparent, and digitized ledger to efficient data storage or shipment tracking.
The development of blockchain technology is still to be seen. The main applications that we can observe today are those related mainly to the so-called cryptocurrencies; the proliferation of Bitcoin or Ethereum as alternative payment methods to ordinary money is already a reality. By 2017, it was estimated that virtual money moved more than $100 billion, indicating that economic and financial digitalization is here to stay.
Seven applications of blockchain technology
If we look at recent trends, blockchain technology is largely used in economic transactions only, however, many institutes and companies have highlighted that its use is not limited to only that, there is a variety of other areas where blockchain technology can be used in near future. down below, we have highlighted the different technological applications of blockchain technology.
1. Cloud Storage
One of the greatest challenges technology is facing nowadays is the longevity of data, here is where cloud storage from blockchain comes in handy. Cloud storage allows its users creation of nodes in different that can withstand any server’s failure, these nodes can be created in any geographical location.
2. Digital identities
Identity theft is one of the biggest digital problems we are facing nowadays, where institutes and companies can use blockchain technology to create a secure, immutable and single system that protects you and your digital identity.
3. Data Registration and Verification
Registration, and verification of data is an important aspects of online transactions, however, in this process, it is often seen that users are subjected to hacking and meddling by unwanted subjects. using blockchain technology here, decentralizes the whole process, thus making it safer for users to register.
4. Smart Contracts
One other space where blockchain technology can be highly functional is smart contracts. In respect to cryptocurrencies and smart contracts, blockchain technology automatically fulfills all your agreements, this saves you alot of time and is economically beneficial as well.
5. Supply Chains
Logistics management is one more space where blockchain technology is highly beneficial. The interest raises for supply chains focuses on the possibility of improving the monitoring of food chains or production tracking. Countries like the UK already use 22% of blockchain technologies because of how beneficial it is in the supply chain industry.
6. Automated Security
we have already established that because the system is decentralized, it is highly unlikely that the system server will go down. This ensures that the security system runs throughout the day and your data is highly secure as blockchain technology allows the user to obtain all the necessary information without meddling the security flaws.
7. Voting System
Last, the Voting system is another area where blockchain technology can be highly useful, take the example of the voting process of West Virginia, they implemented this method of voting, and it was highly successful. many believe that blockchain technology is the best way of appreciating modern democracy.