By Before we head towards the application of strongly emerging technology named ‘Blockchain’, first, let us understand what Blockchain is. ‘Blockchain are the blocks of data encrypted and spread over a distributed network of computers’. Earlier, it was a trend to store data over a server owned by a third party source. This led to the risks of data getting leaked, damaged or accessed by unauthorized sources. This created a strong need of data being secured in some or the other way. And thus, Blockchain Management came into existence where the data is encrypted as well as spread. This way no way can own your data or tamper it. Unique features of Blockchain Technology: A block of data is first to cut into small pieces and encrypted using a private key. There is a public key access to the users who require decrypting the data. The separate blocks of data are chained or connected to each other. Tempering of a data would break the chain and it would be reflected easily. With its wonderful features, blockchain application has much more potential than the cryptocurrencies and similar data storage. Here we have compiled a list of 7 such blockchain applications that you probably haven’t come across yet: 1. Financial Services: Traditionally speaking the financial system was error-prone and slow over the internet. It required intermediates to resolve conflicts which resulted in increased costs. But with the advent of the blockchain, the system is more transparent and cheap. Examples: Asset management: Cross-border transactions have become more secure when it comes to trading and managing the assets. Payments: Cross-border payments are riskier and time-consuming while blockchain management supports transfers and clearance within a short time of a day or two. 2. Smart Property: A property such as cars, houses or company shares can be secured in an efficient way. The ledger can store the details of other parties who are allowed to have ownership of the property. And the permitted party is given a smart key to have its access. Making a property smart decreases the risks of fraud and increases trust and efficiency. Examples: Money lending: A stranger person can loan you money and take your smart property. One does not need to reveal lender credit or work history. This reduces risks of bankruptcy. It can be possible with blockchain. IoT (Internet of Things): Any materialistic object having on/off switch when connected to the internet is IoT. For example, a printer can be connected to a computer network and with blockchain, it would be able to order cartridges automatically when it runs low. 3. Smart Contracts: Digital contracts can be embedded using blockchain to give them a self-execution access. This way contracts do not require third parties. The participants know all the contract details and the contractual terms can be implemented automatically when the conditions are satisfied. Examples: Healthcare: With the use of blockchain, healthcare records are embedded and stored in blockchain with use of a private key. The private key allows its access only to a specific person. Government Voting: Hackers can risk the electronic system to manipulate votes. With blockchain, a private key is given to the individual who can confirm their vote is being counted by. 4. Digital Identity: Blockchain application offers a solution to many critical digital identity issues. Current systems are less secure in a way that uses problematic passwords. However, with the availability of blockchain, authentication systems are based on digital signatures that require a private key. This key identifies whether or not the transaction is being done by the correct user. Examples: Applications having IDs Online account login E-residency Passports Birth Certificates 5. Supply Chain Communication: Most of the things that we buy today do not come from a single source but a chain of sellers who sell their components to other company for assembly. Example of this supply chain is graphite for a pencil. The problem with this supply chain management is that even if a single component fails, the brand name fails. However, with blockchain management, the stakeholders have secured digital records that can be showed up when a need arises. This way the quality of the product can be tested at various steps of a supply chain. 6. Decentralized Notary: Cloud storage is another application user can take advantage of. Using blockchain, users get fast, secure and affordable cloud storage. With this, blocks of data exist at every point of time that can be showed as a proof in a court of law similar to the notary. Blockchain serves as a public database that is also certified. Decentralized notary system has massive potential that we cannot comprehend. 7. Gift Cards and Loyalty Programs: Blockchain can assist the retailers via offering gift cards and loyalty programs. With the use of blockchain verification, this process can be cheaper and more secure. Such digital cards can be traded securely without getting tempered using blockchain application. Future of Blockchain: Blockchain removes the necessity of intermediaries who are generally responsible for maintaining trust. Blockchain applications are sure to increase in near future due to the advanced level security provided by it.
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