Block Chain Applications That Are Transforming Society
In the early internet, it dealt with impalpable. But now in the modern internet, you can touch the assets and protected. They are stored in the encrypted and decentralized digital form called blockchain or ledger. The transaction takes place by cryptocurrency or digital coins through an electronic network. During transaction peer to peer interaction takes place. There is no involvement of the third party, government, bank or financial institutions. All the transactions are transparent, safe, secure and in encrypted form. Blockchain application transforms the government, hospitals, banks, companies, and others.
Applications of the blockchain
1) Payment and money transfer
The well-known application of the blockchain is to send and receive the payment. The transaction takes place directly and securely anywhere in the world. As there is no third party involved, the fund is transferred directly and no transaction fees.
2) Smart property
Movable or immovable properties such as house, car, patent, and bond are embedded in smart technology. They are stored in ledger along with contact details of another owner in this property. Enables smart contracts to duplicate when the smart key is lost. Examples of blockchain smart contract application are used in hard money lending, car key, smartphone, Internet of things(IoT).
3) Smart appliances
It is a device which is connected to the internet and gives more information than before. This appliances encrypted in the blockchain protects the ownership and enables transferability.
4) Blockchain identity
Some companies from we have purchased their products will sell our contact details to advertisers who send you their adds. Whereas in the blockchain, the data are blocked and transparent to the relevant people. Examples for the blockchain identity are a passport, birth certificates, and death certificates and personal identification.
5) Financial services
In the traditional systems, the mediator is involved in the transaction process and it costs disputes, stress, time and money. Now in modern days, the blockchain application is found to be transparent, cheap cost and security. Enormous financial institutions are using this block chain technique for smart bonds and smart contracts. Example for blockchain in financial services is used for trade settlement process, for insurance claims, and for cross-border payments.
6) Smart contract
It is embedded with if-this-that –then code which gives self-execution Examples for the smart contract is blockchain music, blockchain healthcare, and blockchain government
The blockchain is a powerful tool to develop the business, improving the global economy and supports the society.