Blockchain is a buzz word and is often misunderstood. But it is through the incorporation of Blockchain in industries that they are getting transformed.
In this digital age, Blockchain offers a decentralized system of managing finances which makes it much superior to traditional systems. Before considering the applications of Blockchain, it is important to fully understand it.
What Is Blockchain?
Blockchain is a digital record that allows users to transact money, data or things securely. Every new user has a specific cryptographic key that enables him/her to add a new record to a specific chain of records. This allows a secure transaction to take place.
The information stored over a blockchain can be viewed by everyone but nobody can manipulate it because of the encrypted key. As there is no intermediary involved, the transactions are as fast and transparent as the bandwidth provided by Spectrum Internet Plans.
Applications of Blockchain
Now that we have understood the concept, let’s discuss some of its revolutionary applications:
With every advancement, data security is becoming a major concern. Users of various messaging apps worry that their private messages, photos, or videos may get hacked or worse, leaked over the Internet.
Blockchain technology is now offering end to end encryption with various apps like Dust, Sense. Chat, and e-Chat extra. This prevents strangers from accessing your private conversations and photos. Many of these apps automatically delete data after 24 hours so that it may not get breached. Also, they warn a user against a suspicious activity so that the user may delete the data on his/her own.
Blockchain facilitates the user to get rid of intermediaries for any transaction. By allowing information to be shared securely through cryptography, blockchain makes enforcement of contacts sophisticated and cost-effective. It also makes the process smooth and secure.
Blockchain is transforming the food industry. While previously customers had to worry about the reliability of the restaurant and food delivery drivers. Now with this technology, customers can verify that a certain restaurant and driver are licensed before placing an order. They can also return the food and receive compensation if the food isn’t up to the mark.
Blockchain is now being used in the healthcare industry to keep personalized history records. Personalized records enable doctors and other healthcare providers to access patient records whenever necessary. In this way, patients don’t have to worry about keeping their records safe. As these records are secured through blockchain, no other person can access these. Also, many blockchain applications take care of the secure arrival of drug shipments and the prevention of intake of fake medicines by patients.
Cryptocurrency is surely the next big thing. It is already enabling people to make transactions, do online shopping, and sharing rides. With this technology, you don’t have to store currency in your material wallet. Through blockchain, you can use the software, online, hardware, or desktop wallets to keep required digital currency at a time to make transactions. The chances of theft and hacking attacks are minimized through backing by cryptography.
Real Estate has not been the most accessible industry traditionally. Considering the long and painstaking process that one has to go through to get into this business has made it an investment choice of the rich only. Blockchain has made this business accessible for everyone through smart contracts and tokenization.
Through smart contracts, the transaction process becomes fast and cost-effective as there is no need for an intermediary. Through tokens like cryptocurrencies, it becomes easier to buy fractional pieces of land and diversify your investments.
Social Media users are in constant worry of someone hacking their personal information. Big companies have access to all the data on your mobiles through social media applications. So, it makes sense for a user to worry about his privacy.
The social networking apps that use blockchain technology offer decentralization, anonymity, and privacy to the user. Users don’t give up data rights and personal information to the applications. Their data also doesn’t get linked up to a central server.
Blockchain allows users to secure their seats and pay through digital currency in advance. It also allows the user to verify the license of the driver and stay protected from data abuse. Not only this, but it is also facilitating the vehicle leasing process by cutting costs.
Blockchain offers transparency in the process of making insurance contacts. Through smart contracts, documents, and terms of an agreement are verified and a smooth transaction takes place. Blockchain also makes sure that an agreement takes place between trusted parties only and any chances of fraud are minimized.
Blockchain has solved the problem of frozen shares for the stock exchange. Whereas traditionally a delay in the stock clearing was a major issue, now with blockchain, this process has become fast and cost-effective.
These blockchain applications have changed the way in which people shared and stored data traditionally. Now making transactions and doing business is becoming easier with this technology. Just like Spectrum TV Packages that provide the best entertainment at the best prices, blockchain enables faster transactions, end to end encryption, and more customer engagement. All that in a cost-effective manner!