People who don’t know much about Blockchain technology consider it just as a technology behind bitcoin. However, Most of them are unaware that the amazing technology is ready to change everything around the globe in many ways.
Blockchain, a technology introduced by bitcoin, with its decentralized model ensures positive collaboration of individual following cryptography, monetary incentive, and transparency on its network. There are several applications where Blockchain can be used to improve security, streamline process and innovations. Following are some amazing application of Blockchain, ready to shape our future.
Peer to Peer network:
Traditionally large amount of transactions we do take a long time and costly effecting businesses widely while Blockchain mechanism builds on peer to peer technology ensures secure transaction on its platform at relatively low cost. Offering this potential Blockchain allows small business to grow in the global market.
Buzz for the smart contract is all over, still wondering what are they? They are the legal binding programmable digitalized contract entered on the Blockchain, developer’s implements these contract to release funds as third party executors rather than involving any central authority or intermediates, downtime or censorships. They are called smart, as they are self-executed.
The traditional system of exchange uses the centralized model where clearing houses and intimidators plays a vital role in every exchange but with Blockchain technology, much of this has changed, as every transaction are matched and executed using escrow system.
Here market doesn’t rely on any intermediate to hold funds while the trade takes place between P2P automatically.
Decentralized cloud storage:
This is another important application of Blockchain that allows decentralized cloud storage service to users. This will effectively improve security and decrease dependency on any single storage provider. The technology enables anyone internet to store data at pre-agreed cost.
In Blockchain networks, instead of storing data on a single centralized server, it gets shared among lots of devices in the network making impossible for hackers to attain any private data.
Digital security and identity treads are the major issues that the world is facing for long where Blockchain finds an application. The technology, providing authentication in most irrefutable and secure manner ensures security mitigating security risk. Furthermore Blockchain digital signature and decentralized feature ensure the security of your identity and threats mitigation.
However, most of the above-predicted killer application of Blockchain is just in the period of infancy and their future potential is still unpredicted. Now we can only assume some of this application to grow and become the mainstream in near future. But one thing is assured that Blockchain is here to stay and its true potential is yet to come.