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The blockchain has proven to benefit and potentially revolutionize the way the financial sector works, including many other sectors. But how does blockchain affect individuals?
There are endless possibilities for the "common man" when using the blockchain. Many are unaware and believe that the blockchain should be left to experts or developers. But as we have seen from the number of benefits it has in society, this is not the case.
But how does blockchain technology work?
Think about how reliable the company is about data. Data makes blockchain technology work. However, in the perception of the general public, the blockchain is still closely associated with Bitcoin, which has experienced an unbridled race in the last 12 months, since its price has almost reached $ 20,000 before running into less than a quarter of that value.
How is it different from other technologies?
One of the main differentiating elements of blockchain technology is dependency on a completely decentralized computer network to validate transactions or data inputs on a shared ledger. Instead of the main server that acts as the guarantor of the data, the idea of a decentralized network that can validate transactions based on a mathematical verification mechanism to which all the computers / servers accept to support has been the driving force of the blockchain.
Completely decentralized and replicated on thousands of nodes, blockchains are practically unattainable. This technological feature has attracted the attention and investment of powerful organizations in the banking, insurance and legal services sectors.
Health care
Blockchain technology could help treat diseases and improve medical care worldwide, according to a high-tech entrepreneur. Blockchain will allow data to be examined to help fight disease and improve treatment without interfering with personal details.
With the entry into force of new regulations, blockchain technology will also offer companies maximum transparency and immutability throughout the supply chain. It is hoped that this will reduce the number of counterfeit drugs produced and sold to the consumer.
Digital identity
Because the World Wide Web is an open space, it makes it very prone to hacking. This makes digital identity a primary concern for everyone and blockchain could be the solution.
A characteristic that defines blockchain technology is the immutability of the data it contains. Once the data is recorded and validated by the entire network, it can no longer be changed. The implicit implicit of the immutability of records held on a blockchain is that those records are reliable on their own. No central bank or regulatory agency needs to control them. Unlike people, data can be considered reliable.
Cases of use
Blockchain has the following potential cases of use of digital identity:
- passports
- ID
- Birth certificate
- Wedding certificates
Digital voting
One of the biggest obstacles to successful democracy is having a transparent voting process. However, using blockchain, this is possible. Blockchain is able to keep an account of the votes obtained, allowing voters to track and count the number of votes that occur. In this way, everyone can agree that the final vote is legitimate because they can count them independently. This makes a very reliable voting system.
Countries have already started experimenting with blockchain in their voting systems, including Switzerland. In Zug, a blockchain-based eID system has been tested since late last year, while local officials in Schaffhausen began blockchain testing in December, giving residents access via smartphone to local tax, employment, traffic road, child protection, planning and other information on the department. Companies will also be able to use the eID service.
The Swiss government is trying to increase electronic voting in the country, with the goal of launching it in two thirds of its cantons by the end of next year.
payments
Blockchain technology allows you to build cryptocurrencies. Cryptocurrencies are marketable digital assets based on blockchain technology that only exists online. Having these cryptocurrencies available means now that we can pay a lot of things in a safer and much quicker way.
Here is a list of some places that accept cryptocurrencies:
- Museums
- Flights and hotels
- Travel
- Shopping
And the list goes on, read more here:
