Blockchain – What it is and how it works – Pt. 3

This is Pt. 3, the final part of a 3 part series on Blockchain – What it is and how it works

Pt. 1 is Here

Pt. 2 is Here

Different Blockchain applications

There are many other places where blockchain can be used. Many industries are exploring opportunities to make their operations safer through the use of this technology.

The IT sector is probably the sector most benefited from blockchain technology.

Secure cloud storage:

• Hardly any business can operate today without cloud storage. They are the cheapest way to store huge amounts of data.
• A single entity keeps them. If the business stops working, all your data goes with them.
• Blockchain can help build a distributed cloud mobile app using the storage space of everyone in the group. There is no danger of a centralized entity.

Making diamond trading transparent:

• As bright as it shines, the diamond trade has a very dark side. Many practices occur that are far from ethical.
• Making the exchange happen on the blockchain will open all transactions.
• Nobody can trade fake diamonds or transact with illegal money.

To promote unconventional energy:

• Solar energy is produced in many places but not fully utilized.
• Blockchains can help sell excess solar energy without having to go through a centralized agency.

Using processing power:

• Golem, the supercomputer, draws energy from blockchain mining. Anyone can use the power as needed.
• Researchers and others who need enormous computing power can tap into Golem.

Conclusion

Blockchain technology has enormous potential in various areas besides financial transactions. The absence of central storage or supervisory authority is what makes it more attractive. People need not fear data manipulation or loss.

For most of the top mobile app developers, blockchain opens up millions of new opportunities. The apps will be very popular in the future.

They provide a lot of security for the personal data you enter in apps. These decentralized applications are the future of many applications.

Blockchain technology may be the best cybersecurity solution. It can be of great help in specific areas such as healthcare, insurance, etc. Where they store large amounts of personal data.

The technology is still in its early stages. There must be a lot of research before using the technology to vary widely.