Blockchain came into acknowledgment when the bitcoin hit the market and the money making seemed fair and secure.
Somehow the blockchain technology was misunderstood in the prevalence of cryptocurrency but the concept of blockchain has more to that and has a bright future ahead to deal with the possible problems to be developed by adopting digital modes for almost every activity private or public. Every detail of an individual or organization is put over the cloud but the smart techies who have the intentions of robbing your accounts or mistreating your personal information have easy access at the same time.
So the concept of blockchain can be introduced to enhance security in different sectors such as healthcare, banking, and mobile app development. To put in simple words the concept of blockchain is that the transactional data is kept in a block and each block is chained with a mathematical function called the hash function.
The records thus formed are confirmed by the distributed network of computers connected to the previous records which make a chain of blocks interconnected to one another, therefore named as the blockchain
Here are some possible applications of blockchain technology apart from cryptocurrency
Has anyone ever wondered why are we paying for the internet usage when it was invented not to be controlled by anyone? Well, the host of the internet look after the data generated by being online and they are not doing any social service. Many problems can be caused due to the centralized internet such as server turned down due to satellite failure, servers being hacked, sensor data to make money, Monetize your data.
With growing need of iOS and Android app development need for decentralized internet has become quite important and by decentralizing the internet the control of the data will no longer be with server owners but distributed across nodes and monitored by peers on the network.
We often have to seek a legal validation for whatever we wish to do so that the ideas going wild are not encouraged and cause no harm, till date the IT sector was just providing internet facility and digital writing platform but now they have more logical algorithms to deal with legal burdens and clarity of rules and regulation. Well, technology has come up with smart contracts for the financial sector to deal with mistrust and issues between the business partners.
Smart contracts enable the partners to deal with a fair technical algorithm which will eliminate the problem of lending money to the fraudsters.
The real challenge of implementing the technology is replacing the existing one with the new one. Now the cryptocurrency is introduced but its confined to individuals who take part using the android, web, and iOS app development solutions to trade on apps but to get the exchanges to trade for the same their centralized servers need to be decentralized in order to avoid third-party interference while trading.
Cyber threats unveiled when the internet came across all the screens big, medium and small. The misleading activities using the internet were quite a threat to the human race and had to be dealt ASAP.
Blockchain can make things better for the personal security of an individual using messages as a medium for conversation as we all do these days. Encryption of messages for better cybersecurity allows the user to only access the private data using a private key known to none.
Social media app owners can easily adapt this to secure the data of their users and provide a reliable environment for the users.
Other applications of blockchain can be a blockchain driven voting system for more authenticity, stock exchanges for fast settlements and Real estate for known facts about the property before purchasing.
Blockchain may seem to have a promising future but one must not forget the amount of energy it will withdraw each time the transactions are verified as the computing for the verification involves an immense amount of electricity. Some of the scientists tried to use the supercomputer to carry out the verification of the bitcoin transaction which put them into trouble so the huge energy consumption is one challenge for making the blockchain possible for the use of common people.
Blockchain may turn out to be very useful for few applications but might be time-consuming for instant result generating processes so the doors may be open for an even better technology in the market and the implementation of blockchain in different fields will give an idea if blockchain is just successful for cryptocurrency or does good in other sectors also.
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