Applications of Blockchain Technology

Blockchain technology applications

Blockchain technology is the most transformational change of the 21st century. It is explained as the innovation bigger than after internet. The financial system has been waiting for a disruptive change since long. Higher cost of transactions, delays in money transfer and inaccessibility of over 2 billion people to the banking system necessitates for a more inclusive and effective financial system.

 

Financial system

Blockchain is the most studied technology in financial system. It establishes a trust code between two parties without the need of any intermediary such as banks. Blockchain allows all the participants in the network to share system of records which will provide proof, consensus and finality around transfer of assets within the network. Blockchain technology has potential to address shortcomings to current banking system by streamlining, modernizing and simplifying the siloed design and make the financial system cost efficient and more transparent.

Digital identification

Blockchain technology helps in tracking and managing digital identity of a person leading to reduction in instances of fraud. It offers a solution to many digital identity issues in passports, birth certificates, wedding certificates and other identifications documents. Blockchain replaces the current problematic password based systems to irrefutable identity verification using digital signatures based on public key cryptography. The only check performed in blockchain identity authentication is whether or not the transaction was signed by the correct private key.

 

Smart contracts

Smart contracts are legally binding programmable digitized contracts made on the blockchain. The develop implements legal contract as variables and statements that can release the funds based on specific conditions using bitcoin network as a third-party executor. It solves the problem of intermediary trust between parties to an agreement, whether that is between people transferring assets like gold, property or executing decisions between two parties in a betting contract. By giving computers control over contracts, we can run the businesses more efficiently and equitably.

 

Digital voting

Security of voter’s data is the most crucial thing during the elections. Blockchain could allow voter to check whether his vote was successfully casted while remaining anonymous to the world. Distributed digital voting is anticipated to encourage non-participants to become a part of elections thus helping formulate inclusive governance. In 2014, Liberal Alliance of Denmark became first political organization to use blockchain for voting. Blockchain technology may soon become a gold standard for all nations to choose the right administrator through voting.

 

Decentralized electricity supply

With the advent of solar and high capacity battery technology, individuals can potentially act as distributed power providers. Instead of having a centralized power provider which sends electricity to everyone’s house, blockchain will allow people generate their own electricity to sell on the network.

17 thoughts on “Applications of Blockchain Technology”

  1. Hi there! This article could not be written any better! Looking at this post reminds me of my previous roommate! He continually kept talking about this. I’ll forward this article to him. Fairly certain he will have a good read. Thank you for sharing!

  2. Can I simply say what a relief to seek out somebody who actually is aware of what theyre talking about on the internet. You undoubtedly know find out how to bring a problem to mild and make it important. More folks need to learn this and perceive this side of the story. I cant consider youre no more well-liked since you definitely have the gift.

  3. Nice post. I was checking continuously this blog and I’m impressed! Very useful info specifically the last part 🙂 I care for such information much. I was looking for this certain information for a long time. Thank you and good luck.

  4. Appreciating the time and energy you put into your site and in depth information you offer. It’s good to come across a blog every once in a while that isn’t the same outdated rehashed information. Wonderful read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.

  5. I was just looking for this info for some time. After six hours of continuous Googleing, at last I got it in your site. I wonder what is the lack of Google strategy that don’t rank this type of informative web sites in top of the list. Normally the top websites are full of garbage.

  6. Hi there, just became alert to your blog through Google, and found that it’s truly informative. I’m going to watch out for brussels. I will be grateful if you continue this in future. A lot of people will be benefited from your writing. Cheers!

  7. Good post and straight to the point. I don’t know if this is actually the best place to ask but do you people have any ideea where to hire some professional writers? Thanks 🙂

  8. I like the helpful info you provide in your articles. I’ll bookmark your weblog and check again here frequently. I’m quite certain I will learn many new stuff right here! Best of luck for the next!

  9. Someone essentially lend a hand to make severely posts I would state. This is the first time I frequented your web page and thus far? I amazed with the analysis you made to make this actual post incredible. Magnificent activity!

  10. Attractive section of content. I just stumbled upon your blog and in accession capital to assert that I get actually enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently rapidly.

Leave a Reply

Your email address will not be published. Required fields are marked *