Introduction:
In this Blog, we are going to discussed about the uses of Block chain Technology. Method of Recording information that makes it Difficult for system to be changed, manipulated and hacked is called as Blockchain Techology. Digital assets are copied or modified. Digital assets are distributed, providing real-time access, transparency, and multi-party control. Blockchain ledgers are transparent – all transactions are recorded, thus maintaining integrity and trust. The Blockchain ledger is public and was created with security in mind, making it one of the most important in any field.
Features of Blockchain Technology:
1. Distributed:
Every member of the network has a copy of the must-see list. The overall report will provide complete information about all participants in the network and business. Power distribution is distributed between computers for better performance.
2. Decentralized:
Blockchain technology is a distributed system, meaning there is no central authority in the network. Instead, the network consists of many nodes working together to identify and analyze changes. Every part of the blockchain network will have the same copy of the ledger.
3. Secure:
Blockchain Technology is very Secure because all the records in the Blockchain are Encrypted by ourselves. There is not easy to one can simply add, update or delete records, because there is no centralized Authority. All records in the block are unique hash.
4. Immutable:
Creating an immutable ledger is an important aspect of the blockchain. Any centralized database is doomed to hacking and fraud as it requires trust in some third party to keep the data safe. Blockchains like Bitcoin store their information in an infinite state. Each part of the system has a copy of the digital code. This increases transparency and makes it corruption-proof.
5. Faster Settlements:
The company’s business always has consequences that can easily be interrupted, such as it takes days to do business after all solutions have been completed. On the other hand,blockchain offers faster solutions than traditional companies. This blockchain feature helps make life easier. Day by day Blockchain technology is increasing fastly. So there is a bright future on Blockchain Technology.
Some of the Blockchain Applications are:
• Banking
• Bitcoins
• Health Care
• Payment and Transfer
• Voting
• Internet Of Things
• Real Estate
• Law Enforcement
• Online music
• Digital Id’s
Now we see the description of these application one by one.
1. Banking:
Today, blockchain is also changing and even surpassing existing business models. With the help of blockchain, we can transfer money from one person to another in seconds because the transaction verification will be done with blockchain and cryptography. Blockchain has the potential to reduce $19.8 billion in average revenue per year. Thanks to the blockchain, it will be impossible to hack accounts.Blockchain app also solves the double-spending problem.
2. Bitcoins:
One of the important application in blockchain technology is Bitcoins. Bitcoin is also known as Cryptocurrency, and it is a Digital Currency.
3. Healthcare:
Healthcare is also an area where blockchain technology is used to store patient information. The technology ensures that anyone with access to the blockchain can access patient information. Data storage will be very secure, doctor needs to access public information and details to verify patient information, can check patient information.
4. Payment and Transfer:
Thanks to the blockchain, only the wallet has grown so fast and we can use it to pay and transfer very quickly; we don’t need to enter the public key. We need to scan the special QR code and pay as soon as possible. Funds processed on the blockchain will be very secure with no transaction fees. Blockchain transactions do not require a bank account.
5. Voting:
Blockchain can be used for future elections or voting as it is immutable and immutable. With the help of the blockchain, voting will be more secure and error-free.
6. Internet Of Things:
Internet Of Things(IOT) also uses the Blockchain Technology. This ensures that information to be sent to or between devices is encrypted securely and without compromise.
7. Real Estate:
Real estate is also an area affected by the use of blockchain, in the future people will buy and sell land via blockchain.
8. Law Enforcement:
Law enforcement is also currently using blockchain technology. In this way, they can create different profiles with all the biometric details of criminals and their crimes. Because it is very secure, no one can change it without proper access rights.
9. Online Music:
Online music is a growing field with the help of blockchain technology. Companies put their music on the blockchain, everyone can access the music but no one can change the music and the customer can pay for a song and the song can be downloaded from the blockchain itself.
10. Digital ID’s:
Blockchain is also currently used by different companies for digital tokens. These digital identities will be controlled by the owner’s private key and will also help protect the internet from tampering with private information.
These are 10 Application that uses Blockchain Technology. Some other application that also uses Blockchain Applications are Audit trails, Medicine monitoring, Copyright, Data Sharing, Tax Regulation and many more.
Use of Blockchain in Banking and Finance:
Blockchain Technology plays vital Role in Banking and Finance. Blockchain Technology is used in Peer to Peer Transaction. Peer To Peer payment services like Venmo are convenient, but they also have limitations. Some Services do not allow location-based changes. Others charge for use. And many of them are vulnerable to hacking, which is bad for consumers who make their private financial information public. Blockchain technology can solve these problems with all the advantages mentioned above.
Blockchain Transaction:
One of the key features of blockchain technology is the way it validates and authorizes transactions. For example, if two parties want to make a transaction using separate private and public keys, the first party will add the transaction information to the second party’s public key. All this information is written in one block. This block contains digital signatures, timestamps and other important information. This block is then sent to all nodes of the network and when the right person uses their private key and matches it to the block, the transaction is complete. In addition to financial transactions, blockchain also trades goods, cars, etc. It can also save details.
In this Blog, we discussed the Uses of Blockchain and how Blockchain Technology are used in some Application.
