“Blockchain is the early leader…
They are actually making the entire ecosystem.”~The New York Times.
A blockchain is a continuously growing list of records known as blocks, which are linked and secured with help of cryptography. A blockchain is designed to resist the modification of the data. A blockchain is used as legder, typically managed by a peer-to-peer network. The data in any given block cannot be altered once recorded.
The blockchain is a disruptive technology which provide benefits of shared, authentic, decentralized ledger:
1.Blockchain create transactions that are immune to fraud and establishes a shared truth by using the technology of Cryptography, all the transactions are signed with the digital certificate.
2.We can use the blockchain to link organizations to share information on a distributed ledger. It is genuinaly an advantage over the conventional technology.
3.Blockchain offers the distribution of technology across multiple organizations and becomes more secure as replicas are added.
4.Every transaction is written into the ledger once and cannot be changed after the recorded.
Above four features enable blockchain to be used into various sectors despit from being used in cryptocurrencies. Here are some other applications of blockchain apart from cryptocurrencies:
Transfer money from one person to another can be done with help of an intermediary. The intermediary is responsible for safely transferred money from one end to another. Bank is one of these intermediary. Now blockchain eliminate these intermediaries and decentralize the transactions. Blockchain can make transactions easy and simple. It also provide more transparency.
Due to Centralized cloud storage services, user must have trust in a single cloud storage provider. That storage provider has all your data of all online assets. There is also difficult in transferring the data from one provider to another. But now, Blockchain provide decentralized storage solutions eliminate the risks with cloud storage. The security of data is ensured by havingmultiple copies over the network.
Blockchain help in digitzing the legally binding programmable in Smart contracts.
Blockchain can change the dependency from centralized system. Blockchain has potential of bringing the digital revolution in the legal industry. It avoids the necessity of paper work whether it a divorce settlement or a mortgage case.
Blockchain can also help in digitize the process of keeping track of the paper trail and reduce the costs and chances of errors.
Logistics and Asset Management
Blockchain ensure that the products are safely transferred within the estimated time frame. Real-time tracking and monitoring has primary importance for logistics companies. But tracking the package is a real challenge.
Logistics companies tracking system usually based checkpoint i.e. to track the movement from one checkpoint to another. Blockchain can make real time tracking much easier. The current tracking systems are based on product’s serial number and value. The blockchain ledger allow user to track the other information like people involved, various tax, and government clearance, etc along with tracking in real time.
Block chain can cover a vast field of enterprise if used properly. It can lead the world in rapid development era and allow to do businesses with more transparency at much easier way.