Blockchain is nothing more than a chain of blocks – well, theoretically at least. The “blocks” here represent digital information that is linked or “chained” to other blocks using a cryptographic hash of the previous block.
This unique structure makes it super secure and resilient to any sort of data modification, and this is where most of its application lies.
First and foremost, you must take into account that there is no central authority governing blockchain. This makes it a completely democratized system.
Since the provided information is immutable, it can be easily shared and made open to the public allowing for unparalleled levels of transparency.
These two factors make blockchain literally the next biggest thing since the coming of the internet.
When blockchain was first created, its full potential wasn’t obvious to everyone.
More than likely, many people associate blockchain with transferring of funds alone.
Well, there’s a whole lot more that can be achieved with Blockchain technology – here are a few uses below:
- Secure sharing of medical data
- NFT marketplaces
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Cryptocurrency exchange
- Real estate processing platform
Blockchain applications go far beyond cryptocurrency and bitcoin.
With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.