DZone
Thanks for visiting DZone today,
Edit Profile
  • Manage Email Subscriptions
  • How to Post to DZone
  • Article Submission Guidelines
Sign Out View Profile
  • Post an Article
  • Manage My Drafts
Over 2 million developers have joined DZone.
Log In / Join
Refcards Trend Reports Events Over 2 million developers have joined DZone. Join Today! Thanks for visiting DZone today,
Edit Profile Manage Email Subscriptions Moderation Admin Console How to Post to DZone Article Submission Guidelines
View Profile
Sign Out
Refcards
Trend Reports
Events
Zones
Culture and Methodologies Agile Career Development Methodologies Team Management
Data Engineering AI/ML Big Data Data Databases IoT
Software Design and Architecture Cloud Architecture Containers Integration Microservices Performance Security
Coding Frameworks Java JavaScript Languages Tools
Testing, Deployment, and Maintenance Deployment DevOps and CI/CD Maintenance Monitoring and Observability Testing, Tools, and Frameworks
Culture and Methodologies
Agile Career Development Methodologies Team Management
Data Engineering
AI/ML Big Data Data Databases IoT
Software Design and Architecture
Cloud Architecture Containers Integration Microservices Performance Security
Coding
Frameworks Java JavaScript Languages Tools
Testing, Deployment, and Maintenance
Deployment DevOps and CI/CD Maintenance Monitoring and Observability Testing, Tools, and Frameworks
  1. DZone
  2. Software Design and Architecture
  3. Security
  4. Four Blockchain Solutions That Promise a Better Future

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.

Shobi Khan user avatar by
Shobi Khan
·
Aug. 28, 18 · Presentation
Like (1)
Save
Tweet
Share
4.17K Views

Join the DZone community and get the full member experience.

Join For Free


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!

Smart Contracts

 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.

Digital Identity

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.

Digital Voting

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.

Cloud Storage

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.

Blockchain

Opinions expressed by DZone contributors are their own.

Popular on DZone

  • How To Generate Code Coverage Report Using JaCoCo-Maven Plugin
  • Writing a Modern HTTP(S) Tunnel in Rust
  • Using AI and Machine Learning To Create Software
  • Asynchronous HTTP Requests With RxJava

Comments

Partner Resources

X

ABOUT US

  • About DZone
  • Send feedback
  • Careers
  • Sitemap

ADVERTISE

  • Advertise with DZone

CONTRIBUTE ON DZONE

  • Article Submission Guidelines
  • Become a Contributor
  • Visit the Writers' Zone

LEGAL

  • Terms of Service
  • Privacy Policy

CONTACT US

  • 600 Park Offices Drive
  • Suite 300
  • Durham, NC 27709
  • support@dzone.com
  • +1 (919) 678-0300

Let's be friends: