The Blockchain has recently stopped Bitcoin transactions because it has been receiving lots of attention since its conception. Blockchain has done this to give chances to other beneficiaries outside Bitcoin.
Blockchain technology main aim is to ensure that the world makes possible transactions without relying on other intermediaries. This can be a remarkable history! Right?
Below are four incredible ways Blockchain Technology is changing the world:
1. Distributed Cloud Storage
The Blockchain technology has been accused of storing scaly information. Lots of things will be said whenever a newly discovered technology tries to compete with the others in the market.
Let’s be honest here! No one loves competition! And, if at all that’s the case, then you’ll always love to be the one stunning, right?
Therefore, a certain niche storage trick has been used by the Bitcoins to turn Blockchain down by sending their addresses that represent information in a converted Unicode format. And, by doing this, Blockchain storage could be destroyed.
People are obliged to place their trust in a single storage provider because the current cloud storage services are centralized. By doing so, people can always render out their excess storage capacities.
2. Unbreakable Contracts
These unbreakable contracts are self-enforcing. Therefore, Blockchain’s role in this contract is to replace a third party needed to resolve a legal dispute.
Any asset from stocks could be represented by a token from these unbreakable contracts. You can as well create these “unbreakable” contracts by transferring ownership when trading these assets.
For example, you may receive a contract which requires you to produce products that are different from what you produce.
So, what will you do? You’ll be forced to invest in a new machine. But, only do this if there’s a follow-up from your customers. Alternatively, you can create a smart property with a self-enforcing contract rather than trusting a customer.
This will work in such a way that- for every product you deliver, you transfer price per item from the customer’s bank account to your account.
However, Blockchain can be an exemption here because with a smart property no third party is needed.
3. The End of Patents
This store’s encrypted information in the Blockchain- the only non-financial purpose of a Blockchain. This enables an anonymous transaction to be associated with the document stored off the Blockchain.
In this case, the best way is replacing the patents because you can reveal your internal documents linked to the transaction thus proving existence y the Blockchain specified date.
4. Electronic Voting
Some of the advantages of automating counting paper votes are that it reduces cost, improves accuracy etcetera.
Though, previous systems have been characterized by technicalities.
The bad news though is that the system is unable to verify your machine’s accuracy when recounting is going on, giving hackers easy time.
Blockchain is now being used by political parties for internal voting, making the process simpler and faster.
If you are ever going to get worried about the safety of blockchain, you shouldn’t be because every transaction is encrypted using a hash; that’s used for verification of the succeeding hash.
That is to mean that for you to change one vote, you’ll require more than a million votes.
Wrap Up
Blockchain technology has improved lots of processes across the world. It is time you start embracing the advantage blockchain technology is bringing to you.
