Categories: Business & Finance

What are other uses of a blockchain apart from cryptocurrencies?

Hello,

It’s common to find that people often associate blockchain technology with Bitcoin or crytocurrencies, and sometimes mix them up for the two often come in tandem with each other on the news coverage talking about the stunning price slump of Bitcoin. By the way, the Bitcoin price bound back a little and standing at $6,737.42 USD(data from citicoins.com)now.

However, Blockchain technology is far more than the technical support behind cryptocurrency. Actually, its core function to provide a immutable and distributed database enable the technology to be applied into many various fields.

  1. Data Management

In data management, on the one hand instead of processing information in the sole central medium, the technology reduces the risk of being hacked or tampered by deploying various different and independent computers in the network to co-establish and co-maintain the system, which exponentially increase the difficulty to cause systematical breakdown. On the other, it also helps to build up a shared information system between organizations and institutions which empower every member of the community to get access to information posted on the chain. Moreover, for updates or revision will be recorded, therefore, misbehavior committed by members or clients could be found out instantly. For example, company which uses blockchain technology to store their financial archives could find out employee who embezzles company funds the moment the man acting on it.Then, when it comes to political fields, the government could apply the technology in the process of general election to prevent voting manipulation.for the same reason mentioned above.

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  1. ID identification

Having a ID card with oneself sometimes tends to be risky or it will bring inconvenience to our daily lives if we lose it. However, if we get a personal electronic ID on blockchain which only the holders of the ID card can get access to the information using private key when we live in anywhere, then it will definitely get things done with a lot less fuss. In theory, we can get ourselves identified just by registering in the page and shows the information needed to others, not the whole archive, which ,to some extent, reduces the risks of information giveaway.

  1. IP protection

The advent of Internet allows people to share information, communicate instantly and more convenient. Everyone one can copy, let say, an article on one website, and re-post and share it on another forum, which is good in some way, for it make the process more efficient. However, it may not be so friendly to authors of those fantastic works. It’s easy for people to revise the author the name and write down his/her own name on the website or revise part of the content and post it as the work of their own.

Now, with the help of blockchain technology, the threat of intellectual property being stolen can be removed. The author first put works on the chain and the system will recorded the information that can not be revise on the block, which can be used as a proof of the origin of the work. Then, people would want to view the picture of listen to the music can enjoy the service through depositing money on the author’s cryptocurrency account.

To sum up, Blockchain technology’s possibility to provide unchangeable data allows people to apply it into different fields and nearly every sector that think highly of information security can applied this technology to protect their systems.




  • Tags: Blockchain
    CryptocurrencyBoy

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