Four Blockchain Solutions That Promise a Better Future
Want to learn more about the latest applications of blockchain technology? Check out this post to learn more about the promising future of blockchain.
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Bitcoin is one of the trending words searched on Google this year. For this reason, blockchain, the powerful technology behind Bitcoin, is becoming widely known across the globe. Thus, people have become more familiar with the terms like Bitcoin, cryptocurrencies, and blockchain technology. In fact, many big companies have been venturing into blockchain to assess its potential. Even branches of government are collaborating to make use of blockchain for various use cases.
Some firms are experimenting with blockchain to make transactions fast and efficient and track values through its decentralized ledger, in which everyone holds the same copy of the record. Therefore, it is not all possible to alter any record. And, if someone attempts to do so, everyone in the network will know.
Furthermore, blockchain use cases are not only for cryptocurrencies. However, its distributive database can be used to store and handle other records. Besides this, there is a number of interesting uses cases also. Let's take a look!
Blockchain-based smart contracts assist you with transferring money, property, assets, shares, or anything of value in a transparent and reliable way. There is no need to depend or rely on a third party, lawyer, other intermediaries or middlemen. The smart contracts are digital contracts bound by legal rules. These digitized contracts are based on blockchain technology. Here, if two persons want to exchange assets or value in the future, all preconditions, payouts are programmed into a smart contract. Therefore, as soon as the preset conditions are met, a shared cryptographic ledger would send money or whatever it is to the other party.
Furthermore, smart contracts are faster, more efficient, cheaper, and, most importantly, remove errors that come from manually filling out heaps of forms. Ethereum and Bitcoin technologies are the two open-source blockchain platforms for smart contracts.
Many cases of fraud are taking place in the insurance sector, because there are weak and outdated systems to verify and authenticate a person’s identity. Other areas, such as banking, healthcare, and online retailing, hold a variety of security issues. These issues can cause major losses. Blockchain keeps track and manages these digital identities in a secure way.
Blockchain authentication systems use definitive identity verification using digital signatures based on public key cryptography. Thus, blockchain provides a solution where several digital identity issues are solved. With blockchain solutions, an identity can be uniquely authenticated in an immutable and secure manner.
The major concern about online voting is security. Is it secure to vote online? Yes, if the system is based on blockchain. It eliminates voter fraud and manipulation in the recorded data. As the technology is decentralized, it is fully impossible to tamper with data.
Liberal Alliance, a political party in Denmark, was the first organization to make use of blockchain to vote in 2017. With blockchain, one can make sure their vote is sent out successfully.
Some current cloud storage services use centralized systems. And, the users are compelled to trust on a single authority. All your online assets are under their control. The blockchain storage platform for storing data on clouds renders a decentralized ledger. As a matter of fact, Storj is a popular cloud storage using a blockchain peer-to-peer network to increase security and reduce dependency. Blockchain makes it possible by hashing and having the data in multiple locations to secure it. In addition to that, users can rent out their surplus storage capacity and create new marketplaces.
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