Blockchain has taken the digital world by storm. The Blockchain is optimizing various sectors right from finance to healthcare. Today Blockchain is finding application everywhere. Soon Blockchain will become part of our lives, and we may not even realize that. The benefits Blockchain solution offers regarding the security, Immutability, and robustness of the system are unmatched. Transparency and security are two of many key features business are drawn towards.
Apart from optimizing traditional processing Blockchain is revolutionalizing other areas as well. Here are some of the most powerful applications of Blockchain that will impact us.
Search Engine Privacy
Are you aware whenever you search any team or keyword on a search engine the data gets recorded? Search terms are saved over time and analyzed to churn out various behavioral details about you. Well some of us may be fine with this but for others, this is a matter of concern, and it’s to some is very annoying.
Blockchain will prove to the savior here as blockchain can ensure search engine privacy. Decentralized search is going to be a reality soon. For example, BitClave, a search engine is an ecosystem built on Ethereum that guards user privacy and provide consumers full control over their data.
Digital Identity
Digital Identity is the thing of today. With ongoing digitalization of the world digital Identity has become an important part. Physical identity documents and conventional approaches in a digital age is tedious and cumbersome.
Cybercriminals and hackers are always finding new ways to access sensitive personal information and use it unethically to take advantage. Blockchain can ensure the safety of digital density. Also, blockchain based solution for digital Identity are decentralized and have no single point of failure, thereby disabling hackers to hack into the system and access your information.
Distributed Cloud Storage
Blockchain-based distributed data storage is going to massively disrupt the space in the next three to five years. The Equifax hack, hindered the trust consumers in a centralized administrator and consumers no longer feel comfortable placing their sensitive data in the hands of a centralized storage provider.
With Blockchain the data storage can for the first time become genuinely decentralized. Decentralization will become the required data security.
Smart Contracts
Thanks to Blockchain, smart contracts can be developed of the asset. Both tangible and intangible. Ledger-based blockchain technology embedded into them that makes the lives of consumers much easier by avoiding any complicacies. Smart contracts will have tremendous application in industries with problems in ownership rights and distribution of royalties.
A comprehensive, decentralized ledger with a smart contract can enable seamless, immutable royalty distribution
IoT
Internet of things has become a part of our lives. Smart devices such as smartphones and other sensors based devices make our lives easier but using them has is a huge drawback as well. Through our smart devices, our sensitive personal information is always at the risk of being exposed. The data is stored centrally and people are aware that centralized security is insufficient.
In Blockchain, a ledger exists that ensuring a device’s data is only revealed to trusted parties. Blockchain can organize this data more efficiently, providing a full integration between devices.
We can safely conclude that Blockchain is a breakthrough in technological development. But this is just the beginning, in times to come we will witness many more applications of Blockchain that will transform the way we live.