The blockchain technology is basically a platform that is used with the combined functions of the internet, private key cryptography and a protocol governing incentivization. While the internet allows users to access remotely stored data in the decentralized space, you can have access to private data by using your private key. This is how the wallets used to store cryptocurrency can be protected online. The private key is generated as a long chain of letters and numbers which can also be regarded as your password.
Asides its extensive applications in the cryptocurrency industry, the blockchain technology has been applied in other areas to improve data storage and management.
Some of the applications of the blockchain include:
The popularity of cryptocurrencies is growing every day; this is due to the potentials of these cryptocurrencies which can be used to carry out transactions globally without the requirements of middlemen or long authorization processes which can be more expensive and slow. There are currently so many cryptocurrencies among which the Bitcoin and Ethereum top the list. As more companies are beginning to acknowledge the use of cryptocurrencies, it will become easier to trade and make purchases across the globe, even as individuals. These transactions are safe, fast, and easy to manage.
Documenting properties and real estate assets
The blockchain technology is now being used to securely document individual and corporate assets such as commercial or residential property, cars, private jets and yachts, etc. the individuals who choose to use blockchain powered services for this documentation acknowledge the ease of access and security of the system which is not prone to cyber threats or damage as experienced with the traditional cloud services.
The Internet of things
At the moment we are experiencing the development of a smarter network which connects frequently used devices and gadgets to function in a synchronized manner to suit our needs. This is the internet of things. Now your smartphones, coffee makers, lights, cars, smart speakers can be connected with each other via the internet. One of the draw backs of the internet of things has been overcome by the blockchain technology. Previously, the scare was that hackers could gain access to your smart systems connected by the IoT concept and your data will be compromised. However, now you can leverage the safety and protection blockchain provides to enjoy the IoT concept.
Contracts in areas such as insurance, property law, financial deals, and loans, etc. can now be done and managed using the blockchain. The decentralized nature of the blockchain technology makes it possible to execute and manage these contracts without the contribution of intermediaries.
Other sectors such as healthcare, entertainment, and government agencies, etc. that deal with huge volumes of data have leveraged the decentralized and safe features of the blockchain to offer better services to consumers.
While we continue to enjoy the benefits of the blockchain technology, studies have shown that there is much more to expect from the decentralized system.