Blockchain technology has become vastly more popular recently.
The blockchain is complex and it takes some time to fully understand it, but here is the short explanation. Blockchain is essentially a distributed database that millions of computers host at the same time. It’s public, records of it are easy to verify and, best of all, it’s decentralized.
This leads to some exciting possibilities, as the blockchain is a digital ledger that can handle just about any type of transaction or record.
There’s no time like the present to consider the many uses of the blockchain. So today, we’re looking at eight world changing applications of blockchain technology.
Blockchain allows for a fast, secure peer-to-peer payment system. Bitcoin is obviously the most popular cryptocurrency right now, but there are many more out there.
2. Voting with Authentication
Digital voting has vulnerabilities that leave it open to tampering. If blockchain voting was used instead, every vote would be verifiable.
3. Communicating through Encrypted Messages
With blockchain technology, multiple users could encrypt messages with ease. The only way to access the messages would be through the use of a private key.
4. Trading Stocks and Bonds
Although the stock market moves quickly, settling stock or bond transactions usually takes a couple days, and there are fees involved. Those transactions could settle immediately and with a lower fee on the blockchain.
5. Cloud Storage
Standard cloud storage involves storing your files with one large company. Blockchain cloud storage would be distributed, which protects your information much more effectively.
6. Real Estate Transactions
Anyone who has purchased real estate knows that there are large fees involved. It’s also a slow process to finalize the transaction. By using the blockchain for property titles and transactions, everything would go much more smoothly and with smaller fees.
7. Legal Contracts
Instead of the normal legal contract, a smart contract could be created on the blockchain. It’s completely secure and a sophisticated contract option.
8. Intellectual Property Protections
As we all know, it’s easy to steal copyrighted content online. Naturally, that’s a challenge for content creators. Through smart contracts and peer-to-peer payments, blockchain technology can help copyright holders sell their work directly to paying customers.
Wrapping Up 8 World Changing Applications for Blockchain Technology
Blockchain technology has already had a huge impact, and it will only keep growing from here. To recap, here are applications for the technology with truly life-changing potential:
- Creating new payment options through cryptocurrencies.
- Recording votes with superior authentication.
- Allowing people to communicate safely with encrypted messages.
- Processing trades of stocks and bonds more quickly.
- Providing reliable cloud storage.
- Facilitating faster and more secure real estate transactions.
- Replacing traditional legal contracts.
- Protecting people’s intellectual property rights.
What applications for blockchain are you most excited about? Chime in below…