The introduction of the internet was the last major world change. What would you do without Google and all the other social media platforms such as Facebook, YouTube, etc? It’s not possible. But, this time, the world could change thanks to the development of Blockchain.
Blockchain is becoming more well-known over the past decade and it could be an understatement to claim that it’s the. Next big technology.
Blockchain has a myriad of applications across every industry that you could imagine, including healthcare financial as well as government, identity, etc. It’s not even including the most popular one, which is Bitcoin.
What is Blockchain Technology?
Blockchain is an array of blocks in which each block contains some type of digital information. A unique 32-bit whole number, or nonce, and a 256-bit hash value are used to identify each block in the blockchain. Chains of a cryptographic hash function are used to link each block to the one before it.
The three elements together guarantee the security of the blockchain.
Blockchain Technology is distributed, which means everybody has access to a copy in the event of a blockchain that is public. As a result, it is very challenging to change the data in the blockchain because doing so would require altering each copy of the data, which is nearly impossible.
The blockchain is inherently distributed and immutable while maintaining information transparency because each block’s data is not concealed in any way. The features of blockchain provide the highest security levels and that is the reason it is extremely popular in various applications that are based on safety and security. Let’s take a look at some uses of Blockchain around the world.
Top Applications of Blockchain
1. Asset Management
Blockchain is a major factor in the world of finance and is just as important in the area of asset management. In general asset management refers to the exchange and management of various assets individuals may have including fixed income such as equity, real estate commodities, mutual funds, and other investment alternatives.
The normal trading process for asset management could be costly, particularly when the transactions involve several countries or cross-border transactions. In these situations, Blockchain can be a huge help since it eliminates the requirement for any intermediaries like brokers or. Custodians, brokers, and settlement managers, for example.
Instead, Blockchain ledges provide an easy and transparent procedure that eliminates the chance of errors.
2. Cross-Border Payments
Have you ever attempted to pay cross-border using various currencies, from one nation to another? This is a complex process, and it could take several days for the money to reach its destination.
Blockchain has made it simpler to process the process of cross-border payments by offering remittance services that are complete without intermediaries. In as little as 24 hours, a number of remittance companies can create international remittances using Blockchain services.
3. Internet of Things
A network of interconnected objects known as the “Internet of things” communicate with one another and gathers data that can be used to gather important data. When connected, any “thing” or system of “things” becomes an IoT.
One of the most popular examples of IoT is probably that of the Smart Home where all the appliances in the home, such as thermostats, lights, air conditioners, lights, smoke alarms, etc. It’s because Blockchain is required to provide security to this vastly distributed system.
In IoT security, an IoT system will only be as secure as the device that is least secure that is the weakest link. This is where Blockchain can guarantee that the data collected through IoT devices are safe and only accessible to trusted third parties.
One of the most well-known applications of Blockchain is Cryptocurrency. There is no one who hasn’t heard of bitcoin and its ubiquity. One of the benefits of cryptocurrency is that it uses blockchain technology as it is not restricted by geography.
Therefore, cryptocurrencies can be used to make transactions across the globe. The most important thing to be aware of is the exchange rate and the possibility of losing funds in this. Procedure But, this method is far superior to regional payment applications like Paytm in India which are only applicable to. a particular region or nation; it cannot be used to send money to citizens of other nations.
5. Birth and Death Certificates
It is not uncommon to find people across the world without an official birth certificate, especially in less developed countries in the world. UNICEF estimates that one-third of children who are under the age of five do not have an official birth certificate.
The issue is similar to death certificates too. Yet, Blockchain can help in solving this issue by providing secure storage of death and birth certificates that are authentic. And accessible only by authorized individuals.
6. Online Identity Verification
It isn’t possible to conduct any financial transaction on the internet without verification online and identification. This is the case for any services that a user could be able to use in the financial or banking sector.
However, blockchain could simplify the process of online identity verification to ensure that users only have to confirm their identities. Only once with blockchain.
Then they can share their information with the service provider they choose. Users can also opt to choose their verification methods, such as facial recognition, user authentication, or fingerprint recognition, among others.
7. Copyright and Royalties
The issue of royalties and copyright is an important issue in creative fields such as films, music, and more. These are artistic fields and don’t seem like they are linked to Blockchain. This technology is crucial to ensure security and transparency within creative industries.
There are many instances in which films, music, and art. This can be corrected using Blockchain which is a comprehensive record of rights to artists. Blockchain also has a transparent system and will provide a safe track of royalties paid to artists and can also deal with major production companies. Additionally, royalties can be paid using digital currencies like Bitcoin.