Blockchain

Blockchain is one of the emerging transformative technology of the 21st century. While it may have origins from cryptocurrency and Bitcoin, its applications sure go far beyond those.  It draws its name from the cryptographically encrypted chunks (called blocks) where information is stored. This information is an encrypted data which is a cryptographic hash map of the previous data, timestamp, and new data. The next successive block contains information about the last block by forming a chain, hence the name Blockchain.

It provides an architecture that allows us to trust on a decentralized system (Internet or Web) rather than trusting any actor within it. It is a ledger that is shared between multiple entities that everyone can inspect, but not any single user can control it. This also eliminates the middleman in the whole transaction process. Since the privacy of the Blockchain is maintained by high-end cryptographic hash functions and public-key cryptography, it offers enhanced transparency and fairness while also saving businesses time and money. Eversince Satoshi Nakamoto had published his paper on Blockchain with the implementation of Bitcoin, this technology has been through massive updates that resulted in numerous applications of Blockchain. Some of these are:

Banking: With the help of Blockchain, transferring of the money or funds from one to another person can be done a second because the validation of the transaction will take place by uses of Blockchain and cryptography. This will also reduce the chances of the hacking of account. It can also undercut hard money lending by allowing a stranger to loan you money and taking your smart property as collateral. Either case, there would not be any need to show the lender credit or work history, nor manually process the numerous documents.  Companies: Chainalysis, Circle

Healthcare: Here, personal health records could be encoded and stored on the Blockchain with a private key which would grant access only to specific individuals. This database will be highly secure and for checking the data related to the patient. Doctorshave to log in there with the public key in case he wishes to check the data of the patients. Companies: MedRec, Nano Vision,

Internet of Things: IoT has millions of applications, and with devices and sensors getting added to the framework every minute, the concerns about the safety of data collected from these sources increase too. Blockchain-infused IoT adds a higher level of security to prevent data breaches by utilizing transparency and virtual incorruptibility of the technology to keep things smart. Its ledger system ensures that information is only accepted and released to trusted parties. Further, by encrypting IoTdevices on the Blockchain, it protects your ownership and enables transferability. Companies: Hypr, Filament

Real Estate: By leveraging Blockchain,one can unlock the opportunities created by real estate digital assets. This will enhance the underlying operations of real estate, reduce costs, minimize data silos and increase transparency. Companies: Propy, Deedcoin, BitProperty, ConsenSys

Voting: It is possible that Blockchain can be used in the next election or Voting because of its unchanging revolutionary nature. Voting will become more secure and fail-proof with the help of Blockchain. Thus allowing it to be more open, accessible, transparent, fast and independent.Companies: Voatz, Follow My Vote.

Blockchain Music: The digital music industry is dotted with issues regarding ownership rights, royalty distribution, monetizing productions, while ownership rights with transparency are often overlooked.The Blockchain and smart contracts technology can mitigate such problem by creating a comprehensive and accurate decentralized database of music rights. Simultaneously, the ledger can provide transparent transmission of artist royalties and allow real-time distributions to all involved with the labels. Players would be paid with digital currency according to the specified terms of the contract. Companies: Spotify, Open Music Initiative.

Supply and Logistics: Some of the common complaints in this sector are lack of communication and traceability. This happens due to a vast number of logistics companies clustering in this space. Blockchain can resolve these issues through sensors that give companies end-to-end visibility of their supply chain by providing data on the location and condition of the supplies as they are transported around the globe. This will also enable storing, management, protection and transferring of information on a real-time basis. Companies: Block Array,OriginTrail, Maersk, De Beers

Identity Security: Identity data theft is a growing concern for both common masses and government. This theft or data fraud can occur either by forging documents to hacking into personal files. Therefore, Blockchain is also now used by different companies for the Digital Id, that shall be managed by the owner using private keys. This will help to prevent excess personal information over the internet, plus offer traceability, automation, security and immutability. Other solutions include digital signatures and digital verification of documents. Companies: Civic, Evernym

Moreover, blockchain blocks selling of our information by companies to third parties by creating a protected data point where one can encrypt only the information that he or she wants relevant people to know at certain times.