[ad_1]
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "It is essentially an electronic transaction sheet, except that it does not belong at any party or institution, however, computers around the world have a transaction registration.Think of it as Google Docs.) "data-reactid =" 32 "> It is essentially an electronic transaction sheet, except that it does not belong to any party or institution, but computers all over the world have a transaction record. (Think of Google Docs.)
It was made famous because it is the technology behind the cryptocurrency like Bitcoin, but the technology of the generalized register can do much more.
Why do people pay attention to the blockchain?
Since the blockchain does not belong anywhere, the information on the "distributed ledger" can not be modified or hacked by anyone. It makes it a very safe method to transfer information, which in this day and age matters a lot.
Because of its inherently transparent nature, different industries are starting to explore blockchain applications. Here are some of the things blockchain technology is used for:
1. Payments
Because blockchain is not centralized, it is used to transfer funds as banking institutions do not interfere. Not only that, but it means that the transaction times are reduced from a matter of days to seconds.
2. Digital ID
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Some aspects of personal information can be anonymized in the same way and incorporated into a blockchain, "said Blockchain Australia president Adam Poulton Yahoo Finance. "data-reactid =" 44 ">" Some aspects of personal information can be anonymized and incorporated into a blockchain, "said Blockchain Australia president Adam Poulton. Yahoo Finance.
"This information can then be used to verify or prove your identity or could be used to allow others to access such information when using services such as health services."
3. Supply chains
The way information is transferred through supply chains is transformed by blockchain, which optimizes and stores logistics information and documentation on shipping, customs and certificate of origin in a single location.
"Information such as location, route, temperature history and other critical information can be recorded by sensors and incorporated into a blockchain," explained Poulton. "This information can then be used by an end user to verify the supply route of their products or by a company to understand their supply chain and manage contracts, payments or quality controls".
Blockchain simplifies and streamlines supply chains. Photo: Getty
The Commonwealth Bank of Australia has successfully tested an experiment in which it used an Ethereum-based platform to send 17 tons of almonds from Mildura, Victoria to Hamburg, Germany in collaboration with five other commercial partners.
4. Vote
Just as supply routes can be incorporated into a blockchain, so too a vote, the president of Blockchain Australia pointed out.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" There are already applications that allow people to use a question to vote on specific issues with the vote on registration, digitally signed by the unique identifier of
the individual and send to a blockchain if it were verifiable and easily counted, making the result of the vote safe, private and verifiable. "" data-reactid = "72"> "There are already applications that allow people to use an application to vote on specific issues with the registration vote, digitally signed by the unique identifier of
the individual and send to a blockchain if it were verifiable and easily counted, making the result of the vote safe, private and verifiable ".
5. Creation of content and social media sites
Decentralized social media platforms and content sites have appeared, with users awarded cryptocurrency only for involvement or publication.
New blockchain-based social media content platforms have become more popular. Photo: Getty
According to Joseph Purdy, community manager of the Primas blockchain-based content platform, the idea flies boldly against "click economy", false news and clickbait titles, which means that only the truly valuable content created by users is rewarded by others users.
The blockchain infrastructure means that data is protected and protected in a timely move away from platforms like Facebook that have suffered a series of data and widely publicized privacy violations.
6. Tracking of weapons, medical records, prescription medicines, wills or legacies, tax compliance, food and more
Blockchain keeps a record of everything and also offers security and security, lending itself well to the purposes of keeping medical records, intentions or legacies whereby personal information would be protected and unlocked only with their key.
Blockchain is changing the way we keep medical records. Photo: Getty
Its transparent and immutable network also means that you can reliably monitor weapons or the origin of food products, for example, making food illnesses easier and faster to spot. The producers of legal drugs can also use the blockchain to demonstrate the legitimacy of their products in a world where counterfeit drugs are rampant.
7. Real estate transactions
Since it is not possible to delete information on blockchain, the possibilities of fraud or theft are significantly lower on the blockchain platform.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Just like transactions on a blockchain can represent movement of money or
other digital assets, blockchain tokens can also be used to represent real estate assets, allowing securities to be verifiable and to allow securities to move quickly and efficiently, "Poulton told Yahoo Finance." data-reactid = "126"> "Just like transactions on a blockchain can represent the movement of money or
other digital resources, blockchain tokens can also be used to represent real estate assets, allowing securities to be verifiable and to allow securities to move quickly and efficiently, "Poulton told Yahoo Finance.
8. Cloud storage and data sharing
For those who want to go a step further by storing their data and not trusting third parties who may be prone to hacking attacks, storing data on blockchain may be an interesting option since records can not be tampered with.
But applications do not stop there: all over the world, blockchain hubs, organizations and startups are exploring how this technology can be used to make our information safer or to speed up processes to improve our lives .
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Earn money with the daily Yahoo Finance newsletter. subscribe Here and stay updated on the latest money, news and technology news."data-reactid =" 130 ">Earn money with the daily Yahoo Finance newsletter. Register here and stay up to date on the latest money, news and technology.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read ahead: Blockchain explained in five minutes"data-reactid =" 131 "> Read ahead: Blockchain explained in five minutes
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read on: Here are two ways in which retailers like Starbucks and Amazon use blockchain"data-reactid =" 132 "> Read more: Here are two ways in which retailers like Starbucks and Amazon use blockchain
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read ahead: the Australian offer to force technology companies to deliver encrypted data passes the first hurdle"data-reactid =" 133 "> Read ahead: the Australian offer to force technology companies to deliver encrypted data passes first hurdle
