How can blockchain technology affect our daily lives?

Blockchain is a digital ledger where all types of transactions between individuals and organizations are recorded in chronological order using encryption. The encryption element ensures that the ledger data cannot be changed by any parties involved, making it immutable and verifiable. Ledgers are maintained and operated simultaneously by individuals, organizations, and groups making the system decentralized and not controlled by any entity.

The blockchain offers a way for unknown people to come together and record transactions and ownership of value with the consensus of all involved. Peer-to-peer authentication of all transactions by the person and group involved. Without the need of any third party or central authority, the system is an independent platform of truth, trust, and transparency.

Here are some of the key applications of blockchain technology that can change our daily lives in the near future:

cloud storage

If you want to search on the internet about the origins of cloud storage, you will find many articles (eg When did Cloud Computing start article, History of Cloud) which explain why data is stored on cloud storage? cloud The services are centralized, encouraging users to control their digital assets with a single storage provider. The blockchain can make that storage decentralized. Storj is testing blockchain-powered cloud storage. This eliminates centralized dependencies while improving security. It also offers the primary user the facility to rent an Airbnb surplus storage space to other users.

digital identity

Blockchain technology can help everyone get a unique and secure digital identity for any purpose. Digital security in areas such as VoIP over the cloud is a huge problem these days. The cybersecurity loss is likely to cost the industry about $6 trillion a year by 2021. There are concerns that debtors can liquidate their assets before they have to reap the effects of loans and conversions. Blockchain-based assets will stop Moorcroft from being able to collect anything. Blockchain technology can track and manage digital identities more securely and efficiently, eliminating fraud.

digital voting

Security is currently the biggest barrier to conducting the election process online. But by using blockchain technology, voters can verify that a person's vote has been passed successfully while remaining completely anonymous. Blockchain was effectively used for the first time in Denmark in 2014 by the Liberal Alliance political organization, voters generally remain very low, despite many advanced democracies. Blockchain-powered distributed digital voting can now encourage those who are not currently participating in the voting process.

Decentralized document certification service

Timestamps are one of the unique features of blockchain-based transactions. Here, each transaction is time-encapsulated data. A hash (called a hash) is authenticated by the entire network of the blockchain system at any given time. This confirms the existence of time-stamped data and makes it verifiable in court. Until now, evidence of such transactions could only be provided by centralized notarization services.

Intellectual Property Rights Management

Blockchain technology can be used to record ownership history, including sales, loans, donations, and transfers of individual digital inventions. Blockchain can protect creators as well as consumers of such digital works so that everyone receives equal rights and values ​​without intermediary intervention.

Supple Chain

Blockchain technology can help track food from farm to shelf and ocean to table. This allows the source of food contamination to be identified and the quality and authenticity of the food can be assured.