Nine Ways to Effectively Use Blockchain Technology
By Abbas Badmus,
TECHDIGEST – Blockchain technologies are the digital, distributed and decentralized ledger, representing the most virtual currencies that are accountable for logging all transactions without the need for a financial mediator, such as a bank.
In other words, it is a new means of transmitting funds and logging information. The effective uses and application for blockchain technology are as follows:
1.Money Transfer and Payment Processing:
The best ideal way of blockchain technology application is using it as a means to accelerate the transfer of funds from one party to another. Most transactions carried over via blockchain can be settled within a matter of seconds, while banks take 24hours a day and even seven days a week.
2. Digital voting:
Blockchain technology gives the ability to vote digitally and it is transparent enough that any regulators would be able to see if something was changed on the network. It integrates the ease of digital voting with the immutability (i.e. unchanging nature) of blockchain to make the vote really count.
3. Sharing of Data:
Cryptocurrency IOTA has unveiled a beta version of its Data Marketplace in November, explaining that blockchain technology could be used as a marketplace to share or sell data that are unused. Since most enterprise data goes unused, blockchain could act as a mediator to store and move this data to enhance a mass of industries.
4. Supply Chains Monitoring:
Blockchain technology is easy to use when it comes to monitoring supply chains. By eradicating paper-based trials, enterprises are able to spot inefficiencies within their supply chains rapidly, as well as to detect items in real-time. Blockchain technology also enables enterprises, and even consumers, to understand how products perform from a quality-control point of view as they move from their place of origin to the retailer.
5. Digital Identities (IDs):
More than 1 billion people across the globe face challenges related to identity issues. Microsoft is looking to change that. It is designing digital IDs within its Authenticator application that are currently used by millions of people, which would give users a way to control and manage their digital identities. This would enable users in indigent regions to get access to financial services or begin their own business.
6.Protection of Royalty and Copyright:
Copyright and royalty laws on music and other content have grown sticky in a world that has developing internet access. Blockchain can be applied to beef up those copyrights for digital content downloads which will ensure that the creator of the content being purchased gets their legitimate share.
7. Transfer of Real Estate, Land, and Auto Title:
One of the prominent objectives of blockchain is to wipe out paper equation since paper footpath are often a channel for confusion. If people are buying or selling land, a house, or a car, they will need to transfer or receive a title. Instead of operating this on paper, blockchain helps in storing titles on its network, enabling for a transparent view of this transfer, as well as exhibiting a crystal-clear picture of legal ownership.
8. Unchangeable Data Backup:
Blockchain technology is the best way to back up data. Actually, cloud storage systems are created to be a go-to source for data safekeeping, they are liable to hackers or even infrastructure problems. Using blockchain technology as a backup source for cloud data centers or any data could settle this issue.
Blockchain technology helps in tracing food from its origin to the plate. Since blockchain data is unchangeable, it is possible for someone to track the transport of food products from their origin to the supermarket.
Finally, to those who don’t know how to effectively use blockchain, they now, know. And can effortlessly and productively deploy it for the aforementioned purposes.