The well-known and most famous application of blockchain technology is digital money, specifically cryptocurrency, but there are a lot more advantages that can be accessed via revolutionary technical advancement.
Blockchain technology is a connective among a large number of blocks that holds some information. Each block is linked with the prior and succeeding blocks with a mechanism known as hashing. Two important figures to be kept in mind are the 32-bit number known as nonce and the 256-bit hash number. Both these give addresses and locate the blocks.
Let’s have a look at the possible applications of blockchain technology other than digital money.
The distributed character of the blockchain will help the data about the patient or medical advice seeker, present at every required doctor’s door. And the update will also be reflected in all the nodes simultaneously for the timely help. The implementation is in its early stage, but some real-world applications are Patientory, Medicalchain, etc.
Innovation and advancement have shrunk the world, and the products & goods are not limited to any particular horizon now. Everything is accessible everywhere just with a click. But the management of these supplies is an enormous task, which can be simplified by the introduction of blockchain.
Data availability on a public ledger increases the trust between buyer and seller. Communication is made easy as transparency is maintained. Particular use cases are DHL and Maersk, shipping pioneers who are embracing blockchain technology.
Creators and artists have to pay much more attention to safeguarding or protecting their works/content. The time devoted to this process is ample than the one spent creating that. Blockchain advancement will ensure that the content is unique and is not copied or replicated, since no two blocks can hold the same data. Also, the creator is paid by every user who consumes the content every time.
Specific portals are run by firms who take care of these intellectual property rights on the blockchain, some of them are Open Music Initiative and Mediachain are some examples.
Many governments around the globe can implement the blockchain and inventions associated with it, to eradicate the ground mistakes in the system. First is the fool-proof voting techniques, when blockchain comes into play, votes can’t be tampered at all. The second one is the personal identification and record maintenance of citizens, which is in the field by some nations.
The advantage of this system is the time saving and the reduction of paperwork. Decentralization will allow different government bodies to keep a tap on every record timely.
The reliability of the web and the internet has reached a new peak, and people’s life seem solely dependent on the internet. The dangerous aspect here is the connectivity of everyday things to the world wide web, everything is put out there. From financial information to small side lamps along the bedside. The one source of access to this can easily turn an individual’s life upside down.
The removal of centralized data and shifting it to the distributed ledger in chunks will provide more security. It also becomes difficult for the hackers trying to solve this huge jigsaw puzzle.
To conclude, blockchain technology will be an efficient solution to all the security and authority concerns of the people. The key features such as immutable, distributed, and unanimity bring the transparency that is expected by everyone.