5 revolutionary applications of blockchain technology

Top Blockchain Technology Companies
5 Revolutionary Applications of Blockchain
Technology
As quoted by Don & Alex Tapscott, authors of Blockchain Revolution (2016),
“The blockchain is an incorruptible digital ledger of economic transactions
that can be programmed to record not just financial transactions but
virtually everything of value.”
In simpler words, a set of unchangeable data that is time-stamped and
managed by a cluster of computers is a blockchain. The data is in block form
and these blocks are chained together using principles of cryptography,
hence the name Blockchain.
Top Blockchain Developers

Blockchain has quickly gained popularity because of its secured mode of
transaction. Due to blockchain’s decentralized structure, you can interact
with another person directly, without having to go through a third party. As
blockchain is shared, it also offers transparency. Therefore, the information
is open to everyone.
Blockchain technology is already incorporated in our life by companies like
OpenBazaar and Gofundme for business interactions and crowdfunding. But
many applications are yet being explored which can prove to be
groundbreaking, like:
1. Governance
The use of blockchain technology will make the results of any poll-taking like
an election, transparent and easily accessible. This will bring full
transparency to the process while preventing hackers from manipulating the
results.
This method can also be used in companies to take organizational decisions
while maintaining verifiability of the verdict when managing equity or digital
assets.
2. Protection of Intellectual Property
Due to the internet, any digital information or data can be recreated and
distributed throughout the web. Although this is a good thing for web users
as they get hold of the infinite amount of data, it is a matter of concern for
copyright holders as they lose control over their intellectual property and
consequently suffer financially. To eliminate the risk of copying and
redistribution, smart contracts need to be administered. This will protect
copyright while automating the dealing of online works.

3. Identity management
It is essential to verify your digital identity before every transaction that
takes place online, yet the security surrounding these transactions is bleak.
The cases of identity theft are skyrocketing due to the insecure module.
With blockchain technology, a safe and transparent digital identity database
can be created.
4. Land title registration
Blockchains are publicly-accessible ledgers, making it the most efficient
mode of record-keeping, property titles being one of them. As land titles are
prone to fraud, many countries are shifting towards land registry projects
that support blockchain.
After two years of testing, the Swedish government is soon to conduct its
first blockchain property transaction.
5. Stock trading
If blockchain is used in stock trading, there is a potential for increased
efficiency in share settlement. Blockchain removes any middle man such as
auditors, clearinghouses, and custodians from the process resulting in
instant trade confirmations. It also reduces errors due to the encrypting of
the records.
Conclusion
The blockchain is a node-to-node network that is a reliable and robust tool,
used for the growth of the business, democratizing the economy, while
providing a secure validation mechanism. Find the best Blockchain

Technology Companies to shape your business idea while assuring the safety
of your data. You will find various research and surveys on the latest trends
and technologies of the industry at GoodFirms.co.

5 revolutionary applications of blockchain technology

More Related Content

Similar to 5 revolutionary applications of blockchain technology (20)

Recently uploaded (20)

5 revolutionary applications of blockchain technology