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Terms such as “Bitcoin” and “cryptocurrency” have crept into the current lexicon. However, most people still don’t understand the concept of blockchain. This is most likely because you first need to understand all the many layers of information that go into this technology. Further, these layers of information are not presented in an organized manner. Therefore, this article aims to educate the reader about blockchain technology itself. Further, we want to introduce you to some blockchain apps that are sure to transform your business in the near future.
Those who truly want to understand the functionality of blockchain need to perform some due diligence first. You might also want to learn more about cryptocurrency trends as well as get the latest Ethereum news.
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What Is Blockchain?
Imagine a scenario in which there is a clean financial ecosystem. There are no banks or third parties involved in your transactions. That’s because all of your transactions are completely transparent and you trust the other person.
In an ideal world, this would be a perfect way to conduct everyday business. And everyone would save a lot of money.
However, this is not the world we live in. In the real world, our financial transactions require third parties in order to ensure success.
Blockchain eliminates the need for every financial transaction to have a third party. It presents clear and concise information on a secure and publicly accessible network. In other words, it is available to absolutely everyone on the planet. Anyone can open and see the transactions happening on the blockchain. Therefore, anyone can see the history of something that involves trust between two people.
What Blockchain Makes Possible
Blockchain can make things so simple that by just scanning the bar code on an orange, for example, you’ll get to know the history of its entire life, from the moment the farmer planted its seed until you held it in your hand. You can learn about the fertilizers and chemicals that the farmer used to grow it, as well as the preservation methods that extend its life.
All of this is remains a vision for the future. However, it is blockchain technology that can make this vision real.
Five Blockchain Apps That Will Transform Your Business
When blockchain becomes embedded into our lives, things will dramatically alter. Here are five blockchain apps that you will one day use in your business without a second thought:
1. Cloud Storage
Blockchain apps will give us a decentralized and distributed cloud system. This will differ from today’s centralized cloud storage system. In the future, anyone with space to spare will be able to offer data storage to anyone else. All it will take is a simple signed contract and a fee. Such a scenario will surely bring down the prices of cloud storage. Two examples of early startups in this field are Storj.io and Factom.
2. Digital Identity
In the very near future, you will no longer need to preserve and store your identification documents and files. You won’t need to worry about losing your documents, either. No one will be able to steal them, and you won’t lose them in a fire or flood. That’s because you’ll be storing everything online.
Securing identity digitally is one of the most impressive spaces in which blockchain can transform the future. This space will dramatically alter healthcare, banking, and citizenship documentation. What’s more, your files will be well nigh impossible to crack. That’s because all of your files will be heavily encrypted by way of high profile, secure mechanisms.
3. Smart Contracts
Whether you’re constructing a new contract or renewing one, contracts can be a pain. Often, you need to involve a third party as well, usually a legal entity. Imagine outsourcing everything to a computer. Not only will the process become easy and simple, but the chances of fraud will also decrease drastically. Simply put, smart contracts will make the world a better place.
For example, Ethereum is a platform that allows others to build their applications on it. The resulting apps are called decentralized applications, and they are also known as DAPPS. Smart contracts make DAPPS possible.
4. Digital Voting
Voting and elections have become problematic in recent years. Digital voting could change all of that. Voters would have a unique identity that could not be replicated or hacked. Such a system would make voting easier and more flexible. For example, if you happened to be traveling on election day, you would still be able to vote from wherever you happened to be.
5. Internet of Things
The Internet of Things, often referred to as the IoT, is expected to be a $6 trillion-dollar industry in the next five years.
Blockchain and the IoT are a natural pairing. That’s because the IoT promotes the sharing of devices.
Imagine a scenario in which you have a laptop that you use for only eight hours in a day. However, for the remaining 16 hours each day, it sits idle. Using the IoT by way of the Internet, you can allow someone on the other side of the globe to use your laptop for those 16 hours. And you can earn money for doing that. This is the basic concept of the IoT.
Blockchain is a revolutionary concept, and with the five blockchain apps mentioned here, as well as many more surely to come, it will certainly transform our world.