Introduction to Applications of Blockchain Technology
In this Topic, we are going to learn about the Applications of Blockchain. The blockchain is a technology that enables moving digital currencies from one side to another side. Some people refer bitcoins to as blockchain but those facts are incorrect. Blockchain is a technology it’s completely different from Bitcoin. Some important facts related to blockchain are given below:
- It was firstly introduced by Santoshi Nakamoto in 2008.
- It works on cryptography and uses peer-to-peer networks.
- Blockchain basically built by using 3 technologies which are Private Key Cryptography, Peer to Peer Network, Program(the blockchain’s protocol)
- The main use of Blockchain is in Cryptocurrencies.
- The database of blockchain is managed by peer to peer network and by a distributed timestamping server.
- It can be described as a value-exchange protocol.
- There are basically three types of Blockchain:
Public blockchains, Private blockchains, Consortium blockchain.
Top 10 Applications of Blockchain in Real World
Top 10 Applications Of Blockchain are as follows:
The major application of blockchain is in Cryptocurrencies like Bitcoin. Bitcoin is a decentralized digital currency introduced by Santoshi Nakamoto.
Nowadays blockchain is also replacing the existing or we can say overtaking the current Banking system. By the help of blockchain, we can transfer the fund from one to another person in a second because the validation of the transaction will take place by uses of Blockchain and cryptography. It’s a possibility that blockchain is going to cut down 19.8 Billion Dollar which is going for middleman cost/year. Because of the blockchain, the hacking of accounts will become impossible. applications of Blockchain also solves the problem of double-spending.
3. Payment and Transfers
Because of Blockchain, only the wallet system has grown up so rapidly and by using that we can make the payment and money transfer very quickly and we don’t need to enter the public key we just need to scan a unique QR code and make the payment in few seconds. The payment which is done by blockchain will be highly secure with no transfer fees. For blockchain transfer, no bank account is needed.
Healthcare is also a domain where the uses of Blockchain technology has been used for storing the details of the patients. This technology ensures that anyone who has access to this particular blockchain can have access of patients data. This database will be highly secure and for checking the data related with the patient-doctor has to log in there with public key and details and he can check the data of the patients.
5. Law Enforcement
The law Enforcements agency is also now applying applications of Blockchain technology. So that they can create a Common Database of the criminal and the crimes commits by them and with all the biometric details. Since its highly secure nobody can do the changes in it without proper access.
Blockchain can be possibly used in the next election or in Voting because of its revolutionary unchanging nature. Voting will become more secure and fail proof by the help of Blockchain.
7. IoT(Internet of Things)
The blockchain is also now used by IoT. This ensures that data which is going to transfer over or between the devices will be secure and encrypted without any interference.
8. Online music
Online music is one field which is growing rapidly with the help of Blockchain technology. Companies are putting their music in blockchain where everyone can access the music but none can change it and a customer can pay of a particular song and then he can download it from the blockchain itself.
Real estate is also a domain which is affected by the applications of blockchain and in the future people are going to sell and buy the property over blockchain.
The blockchain is also now used by different companies for the Digital Id. These digital ID’s will be managed by the private keys of the owner and will also help to avoid excess personal information over the internet.
These are some fields where the application of Blockchain technology is been used. Some other fields are also in which the blockchain is now emerging like Monitoring the supply chains, audit trails, Medicine monitoring, Data sharing, Copyright and Royalty, Tax Regulation, Equity trading. If we will talk for career point of view: Blockchain is a rising field. In the market right now Blockchain developers are very less and in an upcoming market, the demand of the developer is going to be very high.
This has been a guide to Applications of Blockchain technology in the real world. Here we have discussed the Different applications of Blockchain like IOT, votings, Bitcoin, Banking, etc. You may also look at the following article to learn more –