The applications of the blockchain are emerging, it is becoming much more than a means to create a cryptocurrency
Blockchain applications extend beyond
The blockchain revolution has made its way, and it is only the beginning of what is possible. The open ledger has a significant amount of potential to store and manage transactions. Today, millions of data bits are stored on every public blockchain. Its potential value is immense. Blockchain applications are growing.
Now tell me what is the heart of the current digital revolution? Data and many and many data. With emerging innovations such as wearable devices, GPS and industrial sensors, it seems like tons of data are being generated, organized and analyzed like never before. And you know that there's so much it could be done with that data, for example – preventing malicious user behavior – things like piracy or drug trafficking.
Being revolutionary and transformative, technology maintains a permanent record of all transactions that take place through a decentralized network. And what's the most exciting part, it also allows market participants to conduct transactions without the need for a centralized third party. In simple terms, the technology will allow it to be safe, reliable and transparent and, of course, will last a long time.
However, there was a time when the blockchain was considered volatile and unreliable. With constant change, bitcoin and other cryptocurrencies have begun to present exceptional power, which means that it can change the whole method by which you pay for goods and services. Although, initially it was used as a highly speculative investment. But not anymore!
But is there anything besides the blockchain cryptocurrency?
Below I would like to mention some blockchain applications.
Blockchain applications, number one: Supply Chain Management – One of the best examples to consider when it comes to the adoption of blockchain. Often considered complex, unreliable and demanding, the supply chain is a reliable source when it merges with blockchain technology. With each transaction, the chain is entered and verified without interruptions or interruptions. Being registered at each stage of the process, the ownership chain can never be changed or modified. The transparent supply chain, in particular, seems like a resource!
Image Credit: Blockchainonsupplychain
Let's take an example of the airline industry, at the moment it can connect to that ecosystem. As a result, the efficient reworking of parts, the understanding of the actual physical condition of the parts and the exact knowledge of those who repaired the parts and when they have been served become easily accessible as never before. You can also share this information to better understand how they behave.
Blockchain and privacy: a form of distributed ledger can solve the problem of privacy?
Blockchain number two applications: Identify the management – With a plethora of applications, blockchain plays a fundamental role in identity management. I'm sure many of you have this fear of sharing impersonal information online in one chain. Control of reality, you as an individual do not have control over the amount of information that will be offered to each entity.
Have you ever emigrated from one state to another on a recent basis? If so, I'm sure the next step will require a driving license. Using technology, it is possible to receive an accurate record of the individual's past. And yes, this also includes their driving record.
"With blockchain, you can choose to become the owner of your data," The days are over when organizations required the collection and storage of each identity data attribute. Here everyone has the right opportunity to choose which attributes of identity data they want to share with each organization.
Blockchain "game changer" developed by Accenture
The global management consulting firm and professional services Accenture has developed two solutions that allow communication between two or more platforms.
Blockchain applications number three: Verification of financial transactions – After the emergence of modern enterprise resource planning (ERP) solutions, companies have started to grow towards perfection. Whether it's finance, accounting, supply chain management or human resources, ERP helps organizations overcome gaming. However, there are times when data stored in individual ERP systems are often not synchronized, creating complications when trying to reconcile accounts. Well, this does not mean that the blockchain should be replaced by the ERP, but it can act as a complement and a fundamental component of it. If we examine the crystal ball to know what the future holds, many core business processes will work – or interact with – blockchain-based systems. Operations will be more streamlined; data sharing will be facilitated leading to an improvement in data integrity.
Blockchain-as-a-service (BaaS) faces a big data challenge
The emerging "BaaS" industry can not become an exceptional success without solving the problem of data capacity
Blockchain with other technology
With the Internet of Things – Joining blockchain with IoT means that you will receive verifiable, secure and permanent methods to record data that is processed by any smart device. From cars to buildings, bells, refrigerators, everything seems to be connected with the help of software, network connectivity and sensors. As a result, many security issues are raised because hackers can easily access any device, such as your car. With blockchain, it is possible to solve these critical security issues previously because the technology can quickly decentralize all information.
With Big Data – One of the main reasons why the data structure seems to be valid, but unfortunately did not offer an obvious utility. But this will change soon. The data is there – it's there to be used, and it's there to be experimented. So prepare to discover the gold mine still to be exploited.
Author Bio: Vikash Kumar is a manager at an offshore software development company Tatvasoft.com. In addition to his profession he likes to share ideas on various topics such as Machine Learning, Big Data and many others. He also published his subtitles on the SAP blog, ReadWrite, the entrepreneur and many other major publications.