Home Technology Blockchain Technology and Its Potential Applications

Blockchain Technology and Its Potential Applications

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We have heard a lot about Bitcoin in the last couple of years. To be precise, from 2009, when this cryptocurrency was officially released. Even though there was a lot of skepticism all over the world, this digital currency managed to find its place in the world. Now, we can see that there are a lot of different cryptocurrency management apps. Plus, some communities have established in order to make it easier for users. If you are interested in checking some of these out, be sure to take a look at cryptosfuture. At the same time, it should be said that many people weren’t aware of the fact that there was a system responsible for directly supporting BTC.

This system is called the blockchain system. Describing this one is not the easiest task, but we can see that the most often described for this system is, decentralized, distributed, and public ledger. With all this sentence in mind only, we can see that there are a lot more things that we can do with this technology then just having them as support for digital currencies. After some time, people have witnessed that there are many other things this system can be used or. Therefore, we would like to discuss the system itself and what its potential is.

What is Blockchain Exactly?

Source: Marconi Society

Many people are uncertain about what blockchain really means. So, let’s take a simple approach when describing this term. When talking about blockchain, it needs to be said that the name of this technology refers to a chain of blocks. However, it should be said that these blocks are not blocks in a traditional contexts.

Instead, the block is just digital information, stored in a database, often referred to as the chain. Basically, we are talking about chains that consist of blocks, filled with digital information. This was the real background of digital currencies. Surely, you have heard about BTC miner mining blocks and collecting them into a chain. Well, the reason for this modus operandi was the blockchain technology.

Is It Safe to Use?

Source: Marconi Society

If you know all the basic things about digital currencies, you can presume what the particularities of blockchain technology are. Naturally, it should be said that there are some negative things about it, but we think that there are more positive things it can be used for. It needs to be said that all of the blocks that are added to the chain are done in a chronological and linear way.

This means that all new digital information things that are done, are added to the end of the chain. Since this is the approach these are added, it means that changing this order is a pretty hard thing to do, almost impossible. So, it adds a whole layer of security that wasn’t present in previous technologies. Therefore, hackers and other malicious attacks cannot breach the walls so easily. This made this technology so important and safe to use.

What’s the Potential?

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It’s needless to say that technology this powerful will have the ability to offer many different kinds of apps that can improve many industries. We are going to check some of the potentials we can expect to occur in the future.

Finance Services Apps

As we’ve mentioned, blockchain is the technology that supported the whole concept of digital currencies. We can see that it offered so many benefits to the world of finances. For example, digital currencies are way more reliable than traditional systems of transactions. The first thing that comes to mind is that any user will be able to remain completely anonymous. This is a completely different approach from traditional systems, where providing personal information is crucial. So, the blockchain system can become an essential thing and a source of many different financial apps in the future.

Smart Property Apps

We are living in a world where smart technology is all around us. We can see that there are some smart technologies in cars or houses. Plus, we can see that there is a lot of it in company shares, property titles, or patents. Therefore, it’s needless to say that all this technology will need to have a whole new layer of security. It immediately comes to mind that the blockchain can be something that can provide just that. Since all around us will have some percentage of technology implemented into it, we would need to protect our property with some blockchain-based apps.

Smart Contracts Apps

Creating a contract between two parties is something that is always required to have a third-party that become crucial for the following of the word of the contract. With the use of this technology, humanity could make sure that the need for these third parties is completely removed. Also, this is a technology that can help the parties to know all the details of the contract at every moment and execute all the crucial things immediately when the condition has been met. We can think about this approach as some kind of automation with contracts. Surely, this is one of the best things the blockchain can be used for.

Identity Apps

With all the technological advancement in the last two or three decades, it became much harder to preserve all the things related to personal data and information. We can see that there are so many ways people can be scammed by scammers using their personal information. So, it makes perfect sense that the blockchain can be used in order to provide that layer of security. We believe that his technology will be used for that. For example, it can be said that all the information and documents like passports, wedding, birth, and death certificates, and any other kind of personal identification.

Source: computerworld

The Bottom Line

With so much potential coming from the blockchain system, it can be pretty hard to predict what it will be used in the future. At the same time, it should be said that not all of the potential was explored. So, we will need to wait for some time before we can see that ultimate potential. However, we’ve described to some of the most obvious things that will be supported by this system at one point in time.