For anyone who wouldn’t know better, blockchain might just be another word for cryptocurrency. Or even worse, another word for ‘Bitcon’. The truth, however, is far from that: cryptocurrencies are just one of the several ways blockchain can be used. And we’re here to give you a few examples.
It’s true that currencies like Bitcoin and Ethereum are the reason Blockchain has exploded as a technology, but to end the discussion there would be a disservice to it. Blockchain has already been used in incredible ways, and the prospects of what it could do in the future are even more impressive.
Let’s get a quick look.
WHAT IS IT?
If you don’t know how blockchain works, here’s the very-quick and condensed explanation: blockchain is a continuously growing list of records divided in ‘blocks’, which are saved in a ‘chain’ (… hence the name.) Usually, each new block created comes with a cryptographic hash of the previous one, as well as transaction data and timestamp.
A very interesting one pertains to legal documents. Being a secure method of registration, using blockchain for things like contracts and title deeds makes perfect sense. It could be a radical change for third-world countries, for example, where a slow and inefficient bureaucracy can slow down such processes.
There’s even a word for it: “smart contracts”, which are basically contracts made out of blockchain. They’re secure by design and immune to fraud and can even help with tedious tasks such as establishing a ‘paper trail’. Timestamps are a huge factor here, for example.
IMPROVING PUBLIC OPERATIONS
Legal documents made from blockchain lead us to the fact that public institutions could benefit exponentially from the technology. Many tasks inherent to public management could be migrated to blockchain and potentially accelerate governmental capabilities.
This would surely lead to all sorts of benefits, of which less spending comes easily to mind. But it could also potentially reduce corruption–or eliminate it altogether. Not to mention increasing general transparency.
Most of the previous entries mentioned depend on this to function properly. But by itself, the possibilities of blockchain regarding personal identity and authentication can easily make one start dreaming.
Cloud Identity and Access Management, Data Loss Prevention, Cloud Encryption, Digital Assets Security, Block-Chain Assets Security, Cloud Database Security and Network Security.
There’s a company working with this idea as well.