Blockchain has turned into a trend, even governments of many countries exploring their technical abilities for efficient implementation of local institutions.
But every time you should have heard blockchain this and blockchain that, and so let’s see some blockchain applications being used currently:
- Making exchanges decentralized: In a traditional exchange, there is always a middle person between the buyer and seller, for example, a broker. In the world of the blockchain, there is no need for this intermediate person. The orders are matched between buying and selling and are executed via escrow and the validator is the network.
- Cloud storage is distributed: Blockchain development is going to be a massive disrupter in almost three to five years. So, as the cloud storage where you buy it or use it from a single provider, it is centralized. The single provider controls it. While blockchain will make is decentralized.
- Identity digitally: Security anywhere is a significant problem. The blockchain is making track and management of digital identity efficient as well as secured. Wherever you do, healthcare, national security, online retailing, citizenship documentation and banking, there is always authentication of identity and authorization according to it. You don’t have to worry about your digital security.
- Supply chain: The things we buy, most of them aren’t made from a single entity. The product comes via several suppliers into a company and then it is made, what we call as raw materials.
- Smart contracts: Digitized contracts entered in the blockchain, which have legally binding and programmable. They can self-execute, as they are smart. For example, if a $100 is exchanged between two people in a specific time in future if some conditions are met. So, everything will be encrypted in a program. When the requirements are met, the amount will also be released.