Biz Tips: 5 Revolutionary Applications of Blockchain Technology

Biz Tips: 5 Revolutionary Applications of Blockchain Technology

GROWTH:

5 Revolutionary Applications of Blockchain Technology

As quoted by Don & Alex Tapscott, authors of Blockchain Revolution (2016), “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

In simpler words, a set of unchangeable data that is time-stamped and managed by a cluster of computers is a blockchain. The data is in block form and these blocks are chained together using principles of cryptography, hence the name Blockchain.

Blockchain has quickly gained popularity because of its secured mode of transaction. Due to blockchain’s decentralized structure, you can interact with another person directly, without having to go through a third party. As blockchain is shared, it also offers transparency. Therefore, the information is open to everyone.

The blockchain technology is already incorporated in our life by companies like OpenBazaar and Gofundme for business interactions and crowdfunding. But many applications are yet being explored which can prove to be groundbreaking, like:

1. Governance

The use of blockchain technology will make the results of any poll-taking like an election, transparent and easily accessible. This will bring full transparency to the process while preventing hackers from manipulating the results.

This method can also be used in companies to take organizational decisions while maintaining verifiability of the verdict when managing equity or digital assets.

2. Protection of Intellectual Property

Due to the internet, any digital information or data can be recreated and distributed throughout the web. Although this is a good thing for web users as they get hold of the infinite amount of data, it is a matter of concern for copyright holders as they lose control over their intellectual property and consequently suffer financially. To eliminate the risk of copying and redistribution, smart contracts need to be administered. This will protect copyright while automating the dealing of online works.

3. Identity management

It is essential to verify your digital identity before every transaction that takes place online, yet the security surrounding these transactions are bleak. The cases of identity theft are skyrocketing due to the insecure module. With blockchain technology, a safe and transparent digital identity database can be created.

4. Land title registration

Blockchains are publicly-accessible ledgers, making it the most efficient mode of record-keeping, property titles being one of them. As land titles are prone to fraud, many countries are shifting towards land registry projects that support blockchain.

After two years of testing, the Swedish government is soon to conduct its first blockchain property transaction.

5. Stock trading

If blockchain is used in stock trading, there is a potential for increased efficiency in share settlement. Blockchain removes any middle man such as auditors, clearinghouse and custodians from the process resulting in instant trade confirmations. It also reduces error due to the encrypting of the records.

Conclusion

The blockchain is a node-to-node network which is a reliable and robust tool, used for the growth of the business, democratizing the economy, while providing a secure validation mechanism. Find the best Blockchain Technology Companies to shape your business idea while assuring the safety of your data.

You will find various research and surveys on the latest trends and technologies of the industry at GoodFirms.co.

Thanks for reading The Marketing & Growth Hacking Publication

Join our Facebook Group. Contact us for a sponsored post. Write for us. Need help growing your business to the next level?

Automate your Twitter sharing to increase engagement.

If you enjoyed this story, please recommend 👏 and share to help others find it!


5 Revolutionary Applications of Blockchain Technology was originally published in Marketing And Growth Hacking on Medium, where people are continuing the conversation by highlighting and responding to this story.

Join The Rockstar Entrepreneur Community Now: Start Rockin Now

Similar Posts:

Leave a Reply

Your email address will not be published. Required fields are marked *