Looking at the emerging applications of blockchain technology, we can begin to map out blockchain tech’s future.
Blockchain To The World
Ever heard that phrase and asked where in the world is blockchain leading us to? How far has its technology come, and where can it be used?
What Is A Blockchain?
The blockchain is recorded as the first digital means for exchanging value, just as the Internet became the first digital means for information.
Without a doubt, blockchain technology is one of the fastest-growing and emerging markets in the world.
Daily, there are records of a revolution that concerns this technology.
Bitcoin is the most popular cryptographic currency ever since it was invented.
When we say blockchain technology, we are talking about a decentralized system that distributes all transactions’ ledger.
It takes place on its chain after multiple parties involved in the blockchain network confirm a high-security level on all its transactions.
Is Blockchain For Everyone?
Each digital event that takes place in the blockchain network is verified.
The verification only happens if it is agreed upon by the total number of most users participating.
The emerging applications of blockchain technology can disrupt other technologies and are applied in real-world applications.
Its uses provide a system of transparency, integrity, and traceability.
Blockchain technology has great prospects for addressing challenges.
When people ask about the management of an entire blockchain supply, I like to educate them.
If you’re asking about how secure blockchain is, note that the blockchain supply chain management uses a cyber-physical system.
This is used to ensure that transactions are trustworthy and enable tracking and traceability in the chain.
Blockchain applications go beyond popular use like cryptocurrency and bitcoin.
Advantages of Blockchain Technology
It saves businesses time, resources, money, and investments due to its ability to create fairness and its impact on various sectors.
Blockchain technology is built on these concepts.
First on a distributed ledger platform which gives every participant on the network the license to get information;
Secondly, its cryptographic nature makes sure that the security and transparency towards information are well spelled out.
One of the concepts is the blockchain allows every participant on the chain to confirm changes made directly among themselves and eliminates the need for a third party.
Finally, it enables additional business logic, which allows the agreement on automatic enforcement of a transaction’s required action in the blockchain.
These concepts create an opportunity that displaces complete reliance on central intermediaries.
Its benefits are numerous, particularly the rate at which accurate tracking of transactions occurs, which leads to less spending on the cost incurred by companies.
Due to the rapid growth of blockchain technology, many blockchains are being created daily. Because of this growth, there is no version of what a blockchain looks like.
The tech is open to both public and private establishments. But one of the most popular public blockchains is the cryptocurrency bitcoin.
Is Blockchain Secure?
Just as the blockchain networks offer opportunities, there are risks also involved. Note this, and the blockchain is still an emerging technology, although fast-growing, still needs to be wisely proven to sail across a broader use.
Despite having a unique security system, if there is risk surrounding the I.T ecosystem, it becomes vulnerable to cybercrimes.
It would be of great concern when data privacy and personal identities are revealed.
Users of public blockchain are only identified via pseudonyms, and its transactions are encrypted, meaning that personal information is not shared.
It can also encourage criminal behavior due to its anonymity and create penetration of cybercrimes.
The groups in charge of the blocks manage its chain’s code on the private blockchain and determine how participants.
It is important to consider these risks against its security and potentials for any form of fraudulent practice in the blockchain network, and so the blocks are closely monitored.
The Usual Blockchain Route; Finances
Major companies that are involved in the financial service industry are part of those adopting the blockchain platform.
Their focus is mainly on infrastructure and cryptocurrencies. This cryptocurrency application includes digital wallets, payments, and trading.
On the other hand, while infrastructure looks at blockchain technology to eliminate decades-old infrastructure around its network, especially for exchange and trading transactions.
This action will reduce the risk, cybercrimes, and costs of traditional transaction validation management.
The blockchain is so effective that it can eliminate redundancy and delays that are now standard in the financial service industry system because the main transactions are processed once in a shared electronic ledger.
The stock exchange is not left out. The blockchain can comfortably facilitate the transfer, issuance, and settlements of securities.
In the mortgage industry, dealing with a host of paperwork is inevitable.
Transferring these documents to a public ledger will help ease the process with fewer costs and paperwork involved.
Where Else Is Blockchain Used
The Emerging Applications of Blockchain Technology In Smart Contracts
They are like regular contracts, although there is an exception when it comes to the contract rules, which are enforced on a blockchain.
This eliminates the need for a middle man and gives a god level of accountability to all the parties involved in a way that was not possible using the traditional agreements.
It is time and money effective while ensuring compliance by participants involved with this emerging application of blockchain technology, and smart contracts will be executed with ease and trust.
Companies using the smart contracts are:
MEDIA CHAIN: It is a music industry that uses the smart contract to its own advantage by getting musicians the money accrued to them.
This is possible because it has entered a decentralized and transparent contract in which artists can agree to certain royalties and get paid in full. In April 2017, Spotify adopted the MediaChain system.
BURSTIQ: This is a health care industry that is located in Denver, Colorado. Its data blockchain contracts assist both patients and doctors in transferring sensitive medical information securely.
This smart contract establishes the kind of data shared on this platform and grants access to the details of personal health strategies for every patient.
PROPY: It is situated in Palo Alto, California, based on the real estate business. Propy has a decentralized title registry system that uses the blockchain to establish title issuance fast, and propy also offers properties that can be bought with cryptocurrency.
The Emerging Applications of Blockchain Technology In The Internet Of Things
here, the emerging applications of blockchain technology has to do with protecting the internet consumer.
There is a high-security level that helps avoid breaches on your data by its transparency and virtual safety of this technology to keep things smart.
Companies that utilize the blockchain to enable the interest of things smarter are;
FILAMENT: It comprises hardware and software of the Internet of things situated in Reno, Nevada. This company creates microchip hardware and software that allows devices that are connected to access the blockchain.
Its products encrypt ledger data give out real-time information to other blockchain machines connected to monetize those machines based on timestamps.
XAGE SECURITY: It is situated in Palo Alto, California, and it is based on Cybersecurity. This is the first blockchain platform that enables Cybersecurity for the Internet of things companies.
Xage Security is used by companies involved in the manufacturing, energy, and transportation industries.
HYPR: The hypr focuses on cybersecurity by diverting any associated risks in the Internet of things with its decentralized credentials solutions. It does this by taking passwords open to the centralization server and uses a biometric password-free solution. It is located in New York.
The Emerging Applications of Blockchain Technology In Money Transfer
The emerging applications of blockchain technology in finances is pioneered by bitcoin. These cryptocurrency transfer applications are now popular, especially in finance, thereby saving companies of their money and time, reducing third-party fees. Companies using the money transfer blockchain are:
CIRCLE: It is a Fintech cryptocurrency situated in Boston, Massachusetts, and oversees more than $2 billion every month in cryptocurrency exchanges and investments. It currently features seven cryptocurrencies which include bitcoin, Zcash, and Monero.
OPSKINS: A gaming Fintech cryptocurrency located in Santa Monica, California, bitcoin’s are used as payment methods on the Opskin industry processes about 2 million virtual transactions every week.
CHAINALYSIS: A Cybersecurity cryptocurrency Fintech situated in New York builds tools that help financial institutions and government monitor their transactions/exchanges of cryptocurrencies. Chainalysis monitors and detects fraudulent laundering, trading, and compliance violations.
Have you seen any other amazing use cases for blockchain tech, do let us know in the comments!!