Where Can The Blockchain Be Used?

April 18th, 2018

Both Blockchain and cryptocurrency are becoming popular around the world and many people are paying attention to it. Many believe both are synonymous, but in reality, there is much more to the Blockchain technology than only a payment option. Seeing the wide range of possibilities, use of blockchain technology is increasing throughout the world, many major companies and groups are showing interest in this new technology.

Technologies are changing everyday and with it, many new concepts are coming to the market. People nowadays are shopping, communicating, and banking online, all from the comfort of their laptop, smartphone, or tablet. Everything you do online is recorded, all goods and services, digital transactions and so on. Blockchain technology collects data into encrypted blocks and sends it across the global network of distributed computers, where it can never be modified or altered.

Blockchain technology is creating huge possibilities and all of the latest companies can use it for bigger and better opportunities. Cutting-edge companies from around the world have already started using blockchain technology to revolutionize the way internet is used. The blockchain is a distributed database that maintains a list of records, called “blocks”. Encrypted codes from each block contain details of the block. Chaining these blocks together makes a “blockchain”. This technology can be used in different fields for many different purposes. The blockchain is much more than a technology that is just used for cryptocurrencies.

Use Of Blockchain Technology

The blockchain is a virtual ledger that anyone can use for all sorts of business endeavors, other than money. Here are some of the potential uses of blockchain technology that will no doubt change the world.

  • Programmers and researchers are working on decentralized platforms to distribute functions of the internet on various nodes that increase the flexibility of internet.
  • Smart contracts are one of the amazing uses of blockchain technology. The specialty of these programs is that it can run functions that are sophisticated, which may decrease the need for standard contracts.
  • One growing use of blockchain technology is in distributed cloud storage. This new cloud storage effectively avoids the need of putting trust in large companies where all your data is stored.
  • With blockchain technology, messages can be encrypted. This new technology is going to store data bits differently and in a more efficient manner.
  • Proof of ownership is another feature of blockchain technology. Items that are purchased can now be tracked on this technology to demonstrate proof of ownership.
  • Voting is prone to tampering. With this new blockchain technology you can ensure genuine voting. This new technology is verifiable and allows anybody to audit the blockchain to confirm that all votes are legitimate.

Another popular use of blockchain technology is in traditional stock markets. Currently, it takes around 2 to 3 days to settle stocks and bonds, but with this new technology trading stocks on the blockchain is instantaneous and cost-effective.

These are just a of the few possibilities that come along with this new blockchain technology. Many new opportunities are arising with blockchain technology, continuing to grab the attention of major companies. In the future, blockchain technology will revolutionize every field.

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