Whenever we discuss Blockchain, most of the time we end up at linking to Cryptocurrency and Bitcoins. However, if seen in dept, Blockchain is an advanced concept which can be applied to several other industries. The idea behind Blockchain is so versatile that it can fit into any technology and create a highly secure infrastructure in it. So in this article, we will explore some of the industries where Blockchain can be used to create some notable differences.
Also to know about Cryptocurrency and how Bitcoins are having their impact on the world economy, click here.
1.) Messaging Applications:
Messaging Apps have also started incorporating the core concept of Blockchain to improve their functionality. Because of its immutability and high-security algorithms, more and more industries are drifting towards this technology.
Dust is a messaging app which applies the concept of Blockchain in it. Dust has a unique concept. The idea is to create a platform that rewards good behavior and punishes the bullies. Dust will issue Global Messaging Tokens to each of its users. On finding unusual activities such as bullies, it increases the cost of GMT for the abusers. Unable to buy constant hike in the GMT, the bullies are said to reduce. The users can send rewards to each other if they wish to. Not only does this app has got high cryptographic security, but also it has got the 24 hours to display text feature like Snapchat.
Telegram is still developing its blockchain platform called the TON (Telegram Open Network) that extends Telegram’s services into payments, file storage, and censorship-proof browsing for its 200M users.
Blockchain can find its application in Online Voting. Offline voting has got some cons like Partiality, Non-expectancy of cent percent votes and slow processing. Using Blockchain, we can not only make the entire system more security-centric but also can open a platform for all to vote from anywhere of the world,
3.)Critical Infrastructure Security:
The current internet infrastructure is very feeble, especially if it contains IoT devices. The architecture has got some severe loop-holes which are very easy to hack by trained hackers. IoT devices generate a lot of data which is difficult to manage as well. And providing high-end security to these devices is another big deal.
Blockchain is aided with several cryptographic algorithms which are very difficult to manipulate.A company named Xage, are employing blockchain’s tamperproof ledgers to sharing security data across industrial device networks.
4.)Entertainment & Visual Stimulation:
Mark.space is a company who aims at completely changing the 2D experience of the users. Just by incorporating the Argumented Reality and Blockchain together, they are willing to achieve so. Not only will this product create a hype among the online retailer websites, but also will make them more secured.
Music enterprises are also using Blockchain to make content sharing fairer for creators using smart contracts. This will stop problems like Plagiarism and Copyright .
5.)Car leashing and Ride Sharing:
The experience of leasing, buying, or selling a vehicle is a notoriously fragmented process for stakeholders on all sides of a transaction, but the blockchain could change that.
Similarly, in the ride sharing process Blockchain could inject new options into that dynamic: with a distributed ledger, drivers and riders could create a more user-driven, value-oriented marketplace.
6.)Education & Academia:
Deploying Blockchain solutions in Education system can make it more transparent and could streamline verification procedures. Furthermore, Sony Global Education in collaboration wit IBM formulated a software which can track and secure student’s data with high security.
All the companies which provide with cloud storage have to deal with a large amount of data. A central hub controls all these data. In spite of having several network protocols, these data are vulnerable to hacking.
Storj offers decentralized cloud storage. In addition to lower rent, improved security, Storj users can also use storage space in a peer-to-peer manner. Hence, this will create a new market for crowdsourced cloud storage capacity.
8.) Management oriented jobs:
In most of the Managerial jobs require high security. Manipulating with the data can lead to great disturbances. Blockchain has a great advantage of immutability. Therefore, it is very difficult to change any information. Because of the blocks having hash codes of the previous blocks. Changing single information means changing the entire chain of information.
Be it supply chain management system or energy management system, Blockchain is the answer to all.
9.)Government and Public records:
Government records like tax payment are very specific. Although we claim that all these records are highly secured but instances of hacking into the government data is quite often.
Using the foreground rules of Blockchain, we can make the entire system more effective.
10.)Wills and Inheritances:
Providing an ideal use case for a blockchain is the smart-contracts solution. Challenges like verification of death as per the government records. Or be it meeting the accurate legal interpretations of the postulates of ones will. All can be met by Blockchain
Through the Blockchain Apparatus initiative, Blockchain is developing a self-executing will system with a blockchain that will automatically check the government’s “Death Master File”. Hence blockchain can very easily remove the problems of duplicacy and increase genuineness.
In order to know more about Blockchain and its possibilities, click here.