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Blockchain technology is a decentralized platform for innovation and is gradually revolutionizing every industry, and for this reason, it has become one of the dominant technologies in today's time. Many big firms are investing in Blockchain to assess its potential and to survive in the competitive world.
The blockchain is a secured procedure, and therefore companies are investing in it to make their transactions fast, efficient and secure. Herein each member holds the same copy of the record, and hence it's not possible to alter any document, and even if someone tries to do it, everyone in the network will know. There are many ways wherein we can utilize the blockchain's offerings. Let's have a look!
• Smart Contracts
Blockchain entirely cuts the need for any intermediaries. Blockchain-based smart contracts can assist with transferring of money, share, assets or anything of value without depending on a third party. The smart contracts are digital contracts where the two parties if plan to exchange assets or value in the future, all preconditions, payouts will be programmed into a smart deal.
Hence, as soon as the preset conditions are met, a secret communication is held between the parties and then the money is transferred. Moreover, these contracts are faster, more efficient, cheaper and remove errors which exist in manual processes.
• Digital Identity
Numerous instances of fraudulent activities are occurring in the insurance sector because outdated and traditional frameworks are being used to check and authenticate a person's identity. Different sectors, for example, banking, healthcare, and online retailing have a variety of security issues. These issues can cause significant losses to an organization. Blockchain tracks and deals with these digital identities in a well-defined and secure way.
• Digital Voting
Online voting also comes with a major concern for the security. Blockchain implementation can be a success in this platform as well as it eliminates any fraud and manipulation in the recorded data. Also, as the data is decentralized, it is impossible to tamper with the data.
• Cloud Storage
Certain cloud storage services use centralized systems and users are obliged to trust a single authority as all the online assets are under their control. Blockchain technology for cloud storage can be a complex data structure, but with this technology, the data is fully decentralized as it is stored on multiple nodes across the globe.
• Ensuring secure Internet of the future
The blockchain's unique feature is that it provides protection to an unsecured internet where Distributed Denial of Service (DDOS), phishing, spam, hacks, and other malicious attacks can put in danger the way business is done globally. Another major benefit of blockchain application is to bring down unethical business practices. For example, a blockchain 'smart contract' in which real estate documented data cannot be hidden or deleted by any authority, protecting the owner from any malpractices.