Blockchain having known by many to be just the platform for bitcoin and other crypto currencies is a surprise in reality. This is a technology which can be incorporated into many everyday life activities, industries and companies for everyday activities. Blockchain technology is going to take a while before it is used by everyone; many people are still in the dark with little or no knowledge about what it really is. For people who have been following the underlining technology of blockchain, the familiarity of this technology shall be exhibited with many features which are already being used in different sectors and industries other than exchanging crypto currency.
“Block chain, the distributed ledger is reliable and secure among the peer networks has the potential enough to enter all segments and businesses with its prominent impact on enterprising success are amazing.”
We’ll try to make sure each individual at least gets an idea of what blockchain is before we go to the uses. A blockchain can be said to be a framework of computers, in which data is put away and shared among all the members of the network.
Here we go, application of blockchain technology,
Going forward are the details of the uses of blockchain technology in different sectors, for people who know little or nothing about the use of blockchain technology in other areas and industries apart from exchanging crypto currencies shall get a walkthrough of it.
Get your smart contracts
Through blockchain technology, a smart contract can be used when creating an agreement. That is, money which is involved in the contract would be sent from one person to another only after the requirements have been met. With a smart contract, one can deposit money on it, with the availability of a timer which will send the money to the recipient after all the conditions and requirements have been met. These contracts can be created on a ledger and work as a decentralized application. The programs found in a smart contract can run capacities which have become more advanced and may lessen the necessity for standard legitimate contracts.
Acquired for transparent voting
Voter fraud has always been a major concern in many countries; it has been a major concern ever since 2016 because of all the controversies surrounding the Presidential election. With blockchain technology, a platform of unhackable electronic elections or vote counting systems can be provided. Such a system will secure elections beginning from the registration of voters, will be able to account for all voters identifications as well as ensure that the results gotten from the votes won’t be tampered with.
Verification of possession
Blockchain technology can be used to prevent and reduce crime; things that have been acquired can be followed on blockchain in order to illustrate the proof of proprietorship and also to avoid the selling of stolen products. Through this, the level of crime will be reduced eventually.
Sort the shipping process flawless
While shipping from one national border to another, ample paperwork are needed to be done, and when shipments are postponed or delayed it can affect the product and factories which are to receive the supplies. This is because factories wait for components, in some situations where perishable goods are handled; it can influence the practicality of the complete shipment. Days of time and the huge organization costs are tied up in creating bills of filling, this is why Maersk, the shipping giant have adopted a blockchain based charge of filling confirmation of concept.
Wills or inheritances
Your decision which you want to be honoured after your death can be put to rest through the use of blockchain technology. This would then never need to put your will on a paper, with blockchain you would get the option to create and store a digital will on a blockchain platform. Just like the smart contract we saw above this could function the same way, inheritances could be gained by recipients after certain requirements or criteria being met. For example, when a child reaches a certain age or when they graduate from high school or university. This will put to rest any worries which one may have as all the wills will be digital and unchangeable.
Money Transferring
This is it definitely no surprise for anyone layman when it comes blockchain. Given that blockchain is a platform for exchanging various crypto currencies, like bitcoin that is how money is transferred. These transactions are highly secure and also keep your bitcoin wallet safe, with the high-security level; money transferred on the blockchain can be done without any fear.
Verifying information
Once something is added to the blockchain it cannot be changed or altered, blockchain is a reliable platform for confirming information which could be the identity of a person, ownership or accomplishments. In the blockchain record, there exists only a single identity for everyone. Any false information and statement can easily be clarified when checked on the blockchain.
Proof-of-Provenance
It’s so obvious that while manufacturing a product, most manufactures do not manufacture all the required parts which are used for the finished product. Some parts are simply assembled, with the parts that are procured from other manufactures and house them for their product delivery. In case the parts fail or have flaws, the manufacture of the part will not be liable but the final product delivery company will be answerable. With the use of blockchain, such unwanted situations can be avoided; the manufacturer of the final product can add on the blockchain each step of the production process. By doing so they make available a reliable record of the complete process
Blockchain technology can be used in so many other sectors, industries and day to day life. Many features are still being developed to act as solutions to already existing pressing matters. The technology has never ending offers as it can be basically be incorporated in every sector of life if done properly. One can only imagine the impact and difference blockchain technology would have in the world in the coming decade.
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