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The Diverse Field Of Blockchain Technology Application

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Many people believe blockchain is all about the handling and transfer of cryptocurrencies. But this is not so. The main concept behind the development of blockchain system is the secure execution of a process while data gets encrypted during transfers, and both data nad orders get checked in every step before execution. This concept is not only useful in transacting in cryptocurrencies. There are other important fields where the blockchain technology brought great results.

Smart Contracts

Smart contracts are created to execute a command and these commands or orders are encrypted in blocks, and the blocks are transferred between the nodes of a blockchain account like Ethereum, which deals in Smart Contracts. Many orders can be fulfilled on condition, thus reducing chances of frauds using this system. Only on fulfillment of condition, the order would get executed, thus completing the contract.

 

 

Cloud Storage

The face of cloud storage has also evolved by holding hands of blockchain. People continue to use cloud storage accounts which are operated by opaque and single big names or entities like Google, Dropbox, Amazon etc. But these can be shut down, and affected by various problems when their server is affected. Thus a single point of failure, and localized server, can make the cloud data vulnerable to loss on some rare occasion or accident. With blockchain based cloud storage systems like Storj, data will be stored in copies among millions of nodes worldwide, thus making the data practically indestructible unless the world collapses.

Identification going Digital

Identifications can go digital, and this process is actually in practice in several developed countries of the world. Many governments are already using, and many are on the making of a centralized system containing digital info of all their citizens. Also many websites and social media sites like the Facebook, Twitter etc, contains vital info about the members. All of these info online, and digital, if not managed and taken care of crucially, may lead to dangerous leaks and problems and thus can be a fatal blow to privacies of people.

 

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Blockchain technology applied to this field has shown great help. Vital documents like Passports and visas, and many such identification items can be dealt with using blockchain, like ShoCard, and this will help the users feel secure, while vital info will never be susceptible to leaks.

Voting systems

Elections in many countries are still questioned for transparency of system, and corruption or external influences on the system. However, mobile phone based or computer based digital voting cannot be yet brought into use for the high risk of data tampering and hacking etc. But with the highly secure blockchain system, this can be made possible. Votes can be held online, and the whole job can be executed online without any external influence or corruption.

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