Blockchain technology is a powerful tool for disruption. It could change everything from how we invest to the way governments operate and interact with their citizens. But it’s not just about finance or politics either. Blockchain has potential applications in almost every field of human endeavor, from healthcare to farming to transportation to manufacturing and beyond. It can be used in ways that have never been tried before, ultimately benefiting society as a whole.
What Is Blockchain?
Blockchain is a type of database designed to be immutable, secure, and transparent. It allows everyone with access to it to see all the information stored on it, but no one can make unauthorized changes without getting caught. Because the blockchain database is distributed among many users, there’s no single point of failure, so it truly works as a form of peer-to-peer communication.
Basic Components Of Blockchain Technology
Blockchain is composed of two essential elements: a database that stores digital assets and a network protocol that shares the database with everyone who wants to use it. The database contains whatever information users wish to store in it.
How Does It Work?
Blockchain works by storing transaction data in a series of “blocks” that contain information as to what was exchanged and when and where the exchange happened. Each block is then cryptographically connected to the previous one using a unique identifier based on cryptography – a process called hashing – and the ultimate result is a chain of blocks that forms the database. Each additional block added to the blockchain increases security as it makes it mathematically harder for anyone to alter previous transactions or insert fraudulent ones into the record.
Blockchain’s Applications
Blockchain can be applied in many ways that will ultimately benefit society. Here are four examples:
Blockchain Identity Verification
What’s in your wallet? Probably a lot of different things. But you probably don’t know how many credit cards, debit cards, or other IDs are stored inside because you can’t see them, which means they could get lost or stolen easily. However, blockchain offers the ability to create an “electronic wallet” where your various identification cards and other items are held in a single storage location. If you need to verify your identity, you can do it using the blockchain without having to go through multiple inconvenient security checks.
Entertainment Industry
One of the major examples of blockchain technology for the entertainment industry is the creation of cryptocurrency. With crypto entering digital payment, people have more options to do a secure transaction. One of the best examples is when placing a bet. There’s major public disbelief as to how to bet safely or, when possible, stay anonymous. Thanks to cryptocurrency, betting is safer than ever and cheaper in some instances. Sports betting is a huge market. While it has been diminished somewhat by increased public attention surrounding the integrity of sport, blockchain could serve as a way to restore transparency and build customers’ trust in the system. Blockchain sports betting offers a decentralized element to sports betting where results are verified by blockchain users rather than by a central organization. This removes the incentive for match-fixing.
Land Rights Registration
Land rights issues have plagued countries around the world for centuries. Ownership of land is usually within the sole purview of government entities. Still, blockchain offers a way to make local governments accountable for dealing with disputes between claimants and gain access to property deeds. This would ensure that land claims could not be altered or changed by anyone without everyone involved in the chain knowing about it and having a chance to raise an objection, making the system fairer and more transparent.
Voting Systems
Voting on the blockchain would ensure that no ballots could be changed or altered after they were cast while allowing for secure remote voting by members of the military and other absentee voters. Blockchain’s decentralized nature helps prevent voter fraud and identity theft since each vote would be associated with the voter through their unique blockchain identifier.
Final Say
As you can see above, the beauty of blockchain technology speaks for itself. Various applications in diverse industries are being developed more and more every day. With the current rapid adoption rate, it is safe to say that blockchain might change the landscape of social norms, and it will help revolutionize the social systems and lead to a better and brighter future.