Blockchain is the 21st century’s way of storing, protecting, and transacting your assets in the form of cryptocurrency. It is the growing list of digital ledgers and records for the transactions of cryptocurrencies. In this article, we will discuss 10 blockchain applications that change our lives and businesses to a significant extent.
The foremost application of blockchain technology is digital funds transfers, which changed the way many businesses around the globe. Transactions through blockchain are cheap, reliable and efficient, which saves time and money. The efficiency of the system is due to the absence of intermediaries like banks and currency exchange mediums which slows down the process. In the blockchain, there is just a single medium known as a miner server, which acts as a ledger updater and transfers funds between the sender and receiver in no time. The blockchain technology is heading forward from just funds transfer.
Property management involves government institution and third parties which keep the records of owners and transfer it manually on their files in case of sale and purchase. The implication of blockchain technology in property management can decentralize the system with the probity of errors in property records. Besides, it will reduce the time and extra costs involved in property transfers.
The term “smart contracts” has been in use for many years but exhibited its real significance since the emergence of blockchain. Smart contracts applications which run on the algorithm of blockchain, execute the contract without any possibility of errors and frauds. It provides financial security to the contract holders without any interference of third-parties.
4.Secure and efficient digital identity
Security is the top concern of all businesses, and it demands flawless and fraud-proof digital identity mechanism. Blockchain technology makes digital identities trackable and manageable securely and effectively. ShoCard is the company which is using blockchain technology to provide user authentication services to banks and financial institutions.
5.Smart devices and IoT
A smart device is a kind of Internet of Things (IoT). These devices remain connected to the internet and can be controlled remotely. IBM and Samsung are working on a joint project to use the blockchain technology to improve the security of smart devices. The companies are developing a central public hub for smart devices. This digital ledger of IoT will let the devices to communicate for software updates without being vulnerable to hacking.
6.Supply chain management
The use of blockchain technologies for sensing the accurate supply chain is up surging trend for the companies which outsource their manufacturing form different sources. The use of blockchain technologies assures the precise and authentic supply ledgers, which are vital to maintaining quality for a brand that provides the final product into the market after assembly operations.
Mismanagement and tempering in public records like birth, death, and wedding certification, demanding the adoption of blockchain technologies. The blockchain technologies can make the public book-keeping more reliable by inducing an encryption-based algorithm for public records.
Elections through electronic systems are a matter of concern for computer scientists. As hackers can rig the election by accessing the election servers and manipulation of data. Blockchain technology can provide high-level encryption to public data with less vulnerability to hackers. Besides, a blockchain-based voting ledger could let the individual voter track their vote. The technology will lead to 100% fair elections, along with the election cost-cutting.
9.IDs to smart ID
Nowadays, people carry identifications like driving license, car registrations, passwords, keys, and many more. Blockchain can transform all these ID cards, documents and digital keys into one Blockchain ID. An open-source blockchain public ledger can use to verify any paper at any place
Legal processes are expensive and take much time. With the blockchain technologies, notary services can be made inexpensive and fast. There are already a couple of apps like Uprooy and Stampd, which use blockchain technologies to notarize the rights of digital creation.