What Can Blockchain Be Used For?

April 18th, 2018

Blockchain is a new technology that comes with amazing features and options. Often people rely on the database for storing and transferring information to one another. These databases are mainly owned by firms or companies that have access to all your private information, such as bank details, private messages and financial transactions on their systems. There is always a higher risk involved with these databases which makes it unsafe for many people. The blockchain is a new concept which keeps your data secure and safe; it stores all information and transfers data in a whole new way. Seeing the potential of this new concept, people and businesses are becoming more interested in this technology.

Do We Need Blockchain Technology?

Computers organize and store information in a database, most commonly called a relational database. These are like Excel Spreadsheets that are structured in different tables and consist of rows and columns. All these tables are then stored on hard drives, which can be accessed by several servers over the internet.

One of the best examples of a relational database is your mobile phone’s contact book. This app relates all your specific phones numbers to various people in the address book in a logical and simple manner. Users can simply edit, remove, retrieve or add information from the relation database using special options also known as a “request”. As more information is added to the database and increasing numbers of users try to retrieve information, these systems need to work faster and harder to process the growing number of requests.

To cope with this growing demand on computer processors and hard drives, companies that own databases have to spend money building, designing and installing more advanced computers and implementing additional software to keep user information safe from hackers.

Considering the expenses that are involved in maintaining and building an IT infrastructure at such a massive scale, it makes sense that firms would want to monetize wealth of all the information that they’ve accumulated in the database over time. One of the best ways to achieve this is by selling user data to organizations or advertisers looking to maintain a competitive edge in a widely practiced, as well as a, lucrative manner. Facebook’s deal of $19 billion to acquire WhatsApp, is just one example of how valuable user data is to any particular organization and how much they are willing to pay for it.

According to a recent study, data is now over a $300 billion a year industry and it continues to rise because of the fact that people are willing to forfeit privacy to conveniently use software for free. In short, people have resigned their right to let companies do anything they want with the data they receive, as we can rely on IT infrastructure to power many our favorite websites, tools, and apps. However, blockchain technology is challenging this power dynamic. This technology is one of the best alternatives to save ad transmit information between computers making sure it is secure, decentralized and private.

Using Blockchain Technology

According to a recent study, Blockchain technology can be used or applied for a number of things. This new technology not only promises to enhance workplace as well as lives of people in it, but it also gives you the opportunity to conduct business in a new way.

  • With Blockchain technology, you get to say goodbye to all intermediaries. Not only you get the chance to transact directly, but you also don’t need to rely on any third parties for commerce.
  • Blockchain technology will revolutionize the healthcare system and give patients more control over sensitive information and it will give the hospital the ability to streamline or share medical information.
  • Blockchain will make it easier to pay employees in any part of the globe.
  • This new technology will enhance democracy. With it, you can conduct voting, while cutting down the influence of corruption.

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