The technology innovations come and go, but the potential use cases remain. The digital patterns of last decade are the best testament of it where we have seen the instances of many emerging technologies that have reinvented the past, present, and future of the e-services.
Recently, the technology that’s over the tip of tongues of startups and leading enterprise owners, government activists and financial institutions’ CEOs and CTOs is blockchain technology. Most probably, the majority of us have heard about the futuristic technology that’s certain to redefine every industry vertical which is working, operating and executing the processes online.
The blockchain is also perceived as cryptocurrency, bitcoin because the technology is developed as an alternative to the digital currency. In reality, it’s more than the substitute to bitcoin and offering the world more than a payment option. It’s a powerful tool for everything we do online that can be- communication, transaction, shopping, or storing the data. Let’s clear up the air how it can be used more efficiently:
In everything done over the internet, the data is recorded and that can be accessed anytime, anywhere, which is good. However, the easy accessibility, storage capability and high convenience offered by the digital services have the dark side, that’s every piece of information is at risk. Blockchain technology is the answer to the insufficient safety packed in the e-services offered. See how?
At its basic, Blockchain records every piece of data and store it in the form of blocks or nodes, and then in the nodal arrangement. The blocks are chained together across a decentralized network of computers worldwide. The blocks are immutable and enable data exchange without having any intermediaries in between. All in all, the globally distributed ledger stores the blocks on the millions of computer ensuring the data storage and data sharing securely with no intervention of third-party, which establishes the trust in the technology and make it impossible for the hacker to fraud.
It’s the reason that the blockchain is regarded as the second generation of the internet that dramatically reduced the cost of the transaction. In addition, the smart contracts on the blockchain mitigate the cost of the transaction by two folds with the self-execution and enforcement of the complex instructions, which eliminates the agency and coordinating costs.
The digital piracy also comes to an end where the creators were not compensated in full for the intellectual property they have created. Blockchain offers a new platform where the artists can create a digital registry of artwork and upload it on the blockchain that ensures the condition, authenticity, and ownership of the artwork will remain intact.
The blockchain development that’s encapsulates the ample of benefits is likely to disrupt the online services.
Below are the use cases of blockchain that definitely change the world:
Decentralized Social Networking sites
The social networking sites are the goldmine of user’s data on which the businesses are highly capitalizing. But, the main drawback of the social platform is privacy, data security and centralized control over the data. The blockchain-based social channels bid a goodbye to the challenges users are facing by eliminating the middlemen from the equation and removing the central control over user-generated data.
Matchpool, SocialX, and Steem.io are the social channels that have revitalized the social website embracing blockchain where all invasions of privacy are eliminated, surveillance becomes impossible, and users will have better control over the data with token creation.
Blockchain technology is the answer to the trust, interoperability, and transparency concerns which fragmented stock market is facing.
The role of intermediaries, regulatory processes, and operational trade clearance increases the time length, costs in terms of commission and the complexity of the transactions through which traders, brokers, and stock exchanges go through. The blockchain technology makes the process optimal with decentralization and automation where the transaction settlement gets speed up and the costs get reduced.
Plus, the post-trade event automation makes the trade paperwork and legal ownership transfer of the security easier. Moreover, the rules and regulation built-in smart contracts alleviate the need of third-party regulator and blockchain will act as automated regulator and surveillance system for every transaction that tracks, block and report the illegitimate attempts if made. The blockchain is the best platform to incorporate the security policy and standards.
In the competitive landscape, there are plenty of messaging applications which claims to encrypt messages, but again the data is stored on the central server and can be accessed by the app’s CEO.
The P2P messaging apps powered by blockchain encrypts the messages and store data bits on several computers globally that can only be accessed through a private key. Echo is one such decentralized messenger which is hard to hack and don’t compromise on the user’s right of free speech by allowing them to save and exchange the data without getting worried about the conversation recording and data privacy issues. It live encrypts everything and reserves the right to the users to delete anything forever.
The internet and technology that has added a new dimension to the business services, it has also arisen the new gaps for cybercriminals to exploit the valuable data. Here, the blockchain provides a cyber-defense platform through a consensus mechanism which has no hackable entrance.
The blockchain eliminates the human intervention during the authentication process, which strengthens the security system by allowing the businesses to authenticate devices and users without needing any password. The public key infrastructure is used which provides an SSL certificate to every device in place of the password and the certificate’s data is managed on the blockchain, which in turn make it completely impossible to fake certificates and use them.
Secondly, due to the decentralized nature of the blockchain, nobody could try to locate and add a block in the chain to tamper the data security. Third, the transactions are time-stamped and digitally signed whenever added to the blockchain, thereby tracing the history log of transactions becomes feasible and gives an extra level of an assurance that data remains tamper-proof.
Decentralized cloud storage
We all store our data in the cloud storage. The data is stored on the servers from where you can access the data just by sending a request. It’s so easy, but everytime the data centers are not close to your location that results in delivery delays. Another thing is running giant datacenters is expensive as they need to be updated, temperature controlled and maintained on a regular basis. In addition, a human error may put the data privacy in danger.
Blockchain decentralized cloud storage is better over traditional cloud storage solution that’s cost-efficient, enhance privacy and less prone to human errors. The FileZilla has made a move in this direction piloting the Storj decentralized storage platform. The next-gen cloud service instead of storing the data on servers, store them in the spare space on people’s hard drives across the globe in the exchange of cryptocurrency.
The distributed solution pays the people in cryptocurrency if they rent the spare space on the hard drives. The data saved on the hard drive is completely encrypted, shredded and distributed across Storj network, which no one other than the users can access it.
It’s just the beginning and the new entrant- blockchain technology has gained a wide share of the marketplace with early-stage success alongside a couple of failures. However, everyone is discussing how blockchain technology can disrupt their industry with potential use cases.The aforementioned points are just the instances of what technology holds in the bucket for some digital services. Still, the list is not complete. There are many more services, innovating and experimenting to make the most out of the technology.
According to a Deloitte analysis, “The number of projects on GitHub related to blockchain has grown significantly, averaging more than 8,600 new projects a year.”
The Blockchain hype will continue for the next couple of decades, undoubtedly. What’s your take? Certainly, your industry is dealing with any kind of data or transactions online, which can be reinvented leveraging blockchain. Are you ready to make sense out of the noise? If so, get teamed up with the blockchain development company to ride the wave of emerging technology.