Blockchain technology can be described as three Ds – Digital, decentralised, and distributed. With that, It is a decentralised public ledger consisting of data blocks, holding transactions digitally. One great thing about blockchain technology is that the working procedure does not require any form of prominent authority like a bank or any other financial firm. It works independently and is a contemporary way of performing transactions and logging data online.
Blockchain technology works like a miracle for people who think critically about the present banking system in their respective countries. For a fact, banks or any other form of authority works as a third-party in a payment process and reduces chances of getting potential investors. In the case of blockchain, the two-party system enables a trusted portal for the sender and the receiver only. Higher security, trustworthy portals, profile-building are some key factors of blockchain. Apart from currencies, blockchain is used for other purposes too. Various small-scale projects and controlled demo based applications are being tested out through dow Jones industrial average elements for widening the technology.
APPLICATIONS OF BLOCKCHAIN
1. CLOUD STORAGE
A great blockchain application is Cloud storage, which one can take advantage of. A company named Storj offers secure cloud storage while decreasing dependency. The founder Shawn Wilkinson stated, “Thoroughly using excess hard drive room, users could store the standard cloud 300 times over”. He also added, “Considering the world spends $22 billion + on cloud storage alone, this could open an income stream for moderate users, while significantly decreasing the cost to store data for businesses and individual users.”
2. FINANCIAL EXCHANGES
Blockchain technology can also be utilised for crypto exchanges. They are much speedier and comparatively less expensive as compared to other forms of transaction. Not only this, no investor is required for a decentralised exchange as it doesn’t require deposited assets with the authority. Financial exchanges through blockchain promise a higher security rate and control over the process. Not only cryptocurrency but blockchain exchanges can also be implemented on the traditional form of investments and payments as well.
3. SECURING CONFIDENTIAL DATA
Blockchain ensures maximum security to personal information such as SSN (Social security number), valley keys, birth date, and any other such information. Anything confidential on the public ledger is stored with high safety, eliminating third-party access, risks, and scams. For firms such as travel, finance, education and healthcare the security application becomes extremely useful as one can access their information securely.
We all have heard of the term “NFTs” recently. Referred to as Non-fungible tokens, they are generally known as the way to own and sell art digitally. As we know that blockchain does not allow data in two places, an NFT there guarantees and makes sure only a single copy of the particular art is shown on the portal. This is similar to investing in arts manually however without one need not worry about its storage and regular maintenance. Digital arts does not require much space digitally and can be easily bought. NFTs is like providing ownership to a unique digital masterpiece but with more compatibility and security.
While talking about blockchain applications, gambling tops the list. The industry yields high profits and provides benefits to its customers. Transparency is the key element while operating a casino on the blockchain. Here, information such as bank details, valets etc are not required as the process is completely decentralised. Eliminating the hurdle for gamblers, a workaround for regulatory restrictions is provided as it allows users to play anonymously and the network is not susceptible to any authority.
6. ADMINISTRATION BENEFITS
Blockchain is also utilised for administering government benefits like Social security, medicare and welfare programs. Using these digital identities provides growth in the Bitcoin era. Also reducing scams, frauds and operation codes, digital disbursement can allow beneficiaries to receive funds rapidly.
As the world advances so does technology, and thus the blockchain era grows. The blockchain technology has much more use than just performing crypto transactions. Several innovative applications such as gambling, NFTs, cloud space etc are booming in major industries attracting potential investors from all around the world.