If I make a claim here that blockchain is the most promising technology of the future, then I won’t be saying it wrong. Starting off in 2009, blockchain technology has garnered the attention of the people and the nations across the globe. For all the good reasons, it is defiantly the underpinning for future applications which is going to simplify our life.
When it comes to the current trend, people rely on various applications to simplify their lives; whether it is booking tickets or buying products or services, applications have become epochal. However, with rising use of the application, there is a possibility of the information to be revealed and hacked. We have heard many such cases where the personal information of people has been hacked. It shows that our data is not safe out there. Although this information is password protected, they are not completely secure. It has given rise to the need for a full-proof system which can streamline the processes and at the same time keep our information safe. Blockchain has emerged a great way to achieve the same.
Why will blockchain be a panacea in future?
In simple words, the blockchain is an immutable digital ledger which has all the information or transactions stored in chronological order. It is transparent and tamper-free ledger which is distributed across the nodes. Blockchain’s decentralization feature makes it highly transparent, unalterable, traceable and trackable. These features of blockchain make it an inevitable technology. When it comes to the application of the same, then it finds application in the tracking of products, documentation, tracing the origin of products, financial transactions.
In this blog, I will be first highlighting on the various use cases of blockchain technology followed by various examples of applications that are being used.
Use cases of blockchain:
- It finds use in verification and validation of fair trade of products. We can track the origin of products ensuring that it is safe.
- It can change the entire approach to research, analysis, and forecasting.
- It can be used for casting votes and monitoring Blockchain can be used for voter registration, identify verification, voter counting, etc. It will ensure creating a transparent and tamper-free system.
- Companies like IBM and Samsung are using this technology in networking and IoT. They are planning to create a decentralized network of IoT This system will communicate directly, manage bugs and monitor energy usage.
- Microsoft is also planning to use blockchain for digital identities.
- When it comes to the retail segment, the blockchain can be sued in supply chain management, tracing the origin of the product, etc.
- Real Estate vertical is yet another popular division is eyeing it to be a useful technology. With the help of this technology, we can have simplified property transaction; there will be lesser paperwork, we can easily track the ownership and title deeds, etc.
Examples of application of Blockchain Technology
Above I mentioned about the various use cases of this technology, and here I will be highlighting about various applications which are up and running in the market. This application has become popular and has garnered the attention of many. So, without any delay lets take a quick view on some of the emerging blockchain-based applications.
|Category||Name of the Application||A brief overview of Applications|
|Authorship and ownership
|Ascribe||This platform helps the artiste to attribute digital art via blockchain. This app generates digital editions with a unique ID and digital certificate. With the help of this app, you can accept assignments, transfer work to collectors and all within legal boundaries.|
|The Real Asset Company||If you want to buy gold and sile bullion safely, you can try the Real Asset Company. It also has its won gold-backed cryptocurrency called GoldBloc which further creates transparency in the system.|
|Factom||It is yet another popular company which is making use of blockchain technology for data management. It makes use of blockchain-based identity ledger in database management. The company keeps a permanent and time-stamped record of all the information on the blockchain. It ensures the safety of data which is easy to retrieve.|
|It is planning to build a project on Ethereum. With the help of this app, you can keep complete health records like insurance medications, medical bills, and other information. The decentralization of information here free from the attack of hackers.|
The crux of the matter is that these are just a few examples from the list of many. As this technology is also why changing so are the developments related to it. We can see new developments happening in this field every day. The Blockchain is defiantly a promising change which will revolutionize the future for betterment.