What is precisely blockchain?
Let us recap on what a blockchain is to see its actual use cases and how it can be used in the future.
So, a blockchain is an open, decentralized peer-to-peer network and distributed ledger technology. That means that it uses a public ledger that allows anyone with an internet connection to access all of its data. Blockchain is an open, decentralized database file for storing data or information. The block consists of data, and each block is connected to another block, forming a chain. The data contained in the blocks can be something like transactions with a record of when that transaction was created. A blockchain isn’t controlled by anybody, whether a person or company, unlike centralized databases and traditional banks that are privately owned. This makes a blockchain safe to use for recording transactions securely.
Where can we use blockchain in everyday life?
- Banking and finance: Nowadays, the most popular use of a blockchain is digital finance transactions. Blockchain technology provides safe finance transactions performed efficiently and at lower costs. That means that it is beneficial for all parties included and makes money transmissions faster. In addition, it effectively improves the productivity of workflow and at the same time protects confidential data better. In short, blockchain banking is more customer-friendly, more efficient, faster, and less expensive than traditional banking. All that is why many of the financial institutions in the world switched to the blockchain. JPMorgan Chase, Morgan Stanley, Goldman Sachs, Bank of America, and many more, realized the benefits of using blockchain.
- Cryptocurrency: something that will become a new way for transferring value. It is based on a blockchain, and transactions are carried out using distributed ledger technologies. The past few years saw an exponential growth of crypto use cases, and the benefits are that every transaction is transparent. Records of every transaction are being stored on a blockchain so that anyone can have access to the information. Some of the most popular cryptocurrencies are Bitcoin, Ethereum, Litecoin, Tether, Polkadot, etc. You can buy all of these cryptocurrencies on CEX.IO.
- Decentralized social network: In an age where your privacy is often exposed to third parties, your data and information could be sold for profit; it is highly recommended that you use end-to-end encryption on every interaction you make with social platforms. Blockchain has a solution for that as well. Unfortunately, there are few social media platforms based on a blockchain, for example, Minds, Sapien, All. Me, etc. These platforms protect user data rights of uncensored expressions, allow for private transactions, and permanently save all they published.
- Government and voting: Most people are aware of the frauds that come with voting and the systems that are in use nowadays. It has become a growing concern for the public, and they don’t believe in the government system anymore. So, blockchain comes in useful because it is incorruptible, and every voting input can be 100% verified. Every voter gets their ID signed to vote that it made; hence there is no way of tampering with votes. It’s impossible to duplicate or make up an identity; in other terms, everything is confidential and protected from the public.
- Supply chain: Walmart is a company that uses a blockchain for tracking products successfully. You can also use it to manage storage and supply, keep shipping records, or store any valuable data, like bills. There is no uncertainty if the supply chain will be solely based on blockchain. The transparency between source and end-users comes with implementing blockchain technology, which means you can check everything online. For companies, it means they can verify the origin of materials and think through if they want to buy them. The whole system helps with verifying the authenticity and origin of the product.
- Travel and Hospitality: Long queues and misplaced bags are all everyday travel annoyances. Several businesses are already revolutionizing the travel and hospitality industries with blockchain solutions that decrease booking errors, securely store frequent traveler information, and more. Furthermore, blockchain solutions eliminate the need for a middleman in booking transactions. Travel, auto hire, and hospitality are frequently discounted on popular booking platforms. However, exposing your sensitive information to third parties exposes it to identity theft and abuse. Blockchain reduces the cost of travel by eliminating intermediaries in booking transactions and increases the security of travelers’ personal information.
Blockchain has widespread use in everyday life and is being used more every day. The possibilities are endless, technology evolves overnight, and we are all learning to use it. If we catch up in time, we can be more secure with our transactions, identity, data, or vote. The benefits of using blockchain are becoming obvious because it saves money, is faster to use than traditional tools, and is more reliable. If you are considering learning and using blockchain technology, you will see its benefits.