A management professional working as marketing intern at Value First Media Pvt. ltd. ...Full Bio
A management professional working as marketing intern at Value First Media Pvt. ltd.
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5 Major Applications of Block Chain Technology Other than Bitcoin
Block Chain has gain its importance since the price of Bitcoin rises more than the gold prices.
Everyone has heard about Block chain and Bitcoin, but very few are actually aware with what block chain Technology exactly is. Block chain Technology is a chain of blocks that provide foundation for digital currency. It records all digital transactions passes through the chain and ensures that all transactions are properly conducted and distributed but not copied. Block chain is known for use in bitcoins and now people are searching for its other scope and application.
Below is some area identified where block chain can be applied and organisation are trying to leverage its benefits.
In many developing countries, Government are using block chain technology to serve its citizens.it can be used in effective management of public documents, individual identification. Some selected group of block chain start-ups has identified its several applications such as Dubai is planning to become Block Chain city under its mission of Smart Dubai, identity services to public and health is one of the emerging field for application of Bloch chain in developing free, open distributed standards and protocols.
Individual Identity Services:
Some start-ups have applied block chain in providing identity services and the number is growing day by day. Probably it will be one of the successful application of Block chain Technology. Block chain is manging digital identity effectively with proper security such as passports, birth certificate, national and electoral certificate, residency certificate, citizenship documentation etc. it has wide scope in banking, health, identity authentication. Block chain overcomes many digital identity problems as it is based on irrefutable identity verification using digital signature.
With the digitization, smart contract is becoming popular. Smart contract is a contract using computers and digital signature that binds both parties legally. Smart contract using block chain replace intermediary and trustee involves in agreements between two parties. Using block chain smart contracts program the terms and conditions to be met at certain point of time and uses bitcoin network to transfer the funds when condition fulfilled.
The biggest threat for doing all process online is data security. Block supports digital vote by a person while maintain privacy that whom you have given vote against hackers. So, no need to stand in a queue, you can vote from your home as well. Using Block chain, a voter can check whether his/her vote submitted successfully or not. In the year 2014, a political party named Liberal Alliance in Denmark was the first organisation apply use block chain technology to vote
Digital Distributed Storage:
Currently for storage of digital documents we use platforms like Google drive, drop box. But Government can compel these to disclose your data in case it is required. Block chain technology uses high encryption code to store data in a decentralized or distributed manner on different system. Using Block chain to store data can reduce our cost if we rent our excess storage capacity.
So, block chain is growing very fast with its wide application n different area. The above application is not fully developed and for next few years researcher will experiment with block chain technology in different fields.