There is no surprise that blockchain technology is spreading everywhere. We are living in the midst of the Blockchain revolution. It is of no secret that blockchain is now becoming an integral part of almost all technologies and contributing in one or another way.
What makes Blockchain Technology Valuable?
Before we dive into problems and its solutions let’s talk about the blockchain technology itself. In the simplest term, Blockchain is a distributed ledger where each and every record of any transaction is stored in units which are called as Blocks. These blocks are interconnected with each other in the form of a chain. Each block has its unique identity or hash value and address of its previous block. This design of blockchain makes it secure to the extreme. As all the blocks are linked together and hold the identity of other, it is impossible to alter and unlink a block from other.
The technology is designed in a way that it is a large decentralized network which is based on the consensus algorithm. The algorithm makes it unique and valuable. The transparency, security, accountability, and algorithm altogether possess the solution to so many problems.
Let’s get to the real problems and solutions
Money transactions are easy these days with PayPal, local banks or any third-party applications but with high rates. All transactions include high service charge or maybe execution time.
Blockchain can solve this and has been doing with cryptocurrencies. The peer-to-peer connection eliminates the involvement of any middle party and lowers down the cost. Cryptocurrencies are using the same mechanism without the involvement of any third-party.
We have a cloud storage available by GoogleDropbox dropbox, One drive etc. Though the organizations are trustworthy, our data is stored in a centralized system.
The use of blockchain technology here will distribute the storage on the decentralized system making it more secure. The decentralized storage will provide a complete access to our data and nobody else can access that.
Elections in democratic countries are one of the biggest challenges. Every now and then we hear news about election corruption and fraud.
Blockchain technology is the perfect solution to this problem. Any record updated in the blockchain system cannot be altered and is not controlled by any central authority. This increases the transparency in the system which directly reduces the risk of fraud or cheating.
Risk of Intellectual property
We often come across news about the creative work being leaked or used by someone without proper authorization. This is a big violation of the intellectual property rights however still practiced a lot. It is very painful that content created by artists with big efforts are leaked and they lose the revenue too.
Certain blockchain projects like CREA and Po.et are the solution to this. Creators will have the platform to share their content with the proof. They will have a complete hold on to that intellectual property and will be visible to all. Transparency and traceability here will play a major role.
Have you ever been to a store, buying something and had a doubt about the authenticity of the product? Selling expired medicines, duplicate goods are very common.
This doubt is really genuine. Tampering of the product is fraudulent activity and there should have a measure to stop this. Blockchain has this ability to completely finish this. Blockchain can provide a complete track of where the product is formed, which company developed it, the production area, etc.
The transparency and the traceability are the key factors here. Smart contracts are being used by some companies to achieve this.
We do charity and these organizations are of course doing a good thing. Funds collected are being used for the good cause to help people and empower them. There are many organizations which are doing really good. However, that is not the case every time with every organization. The funds are used or maybe the correct word here is “misused” for their personal intends or unethical activities.
This is the most common situation with charity and as of now, we have no way to identify that. Blockchain technology is again the solution to this.
Real Estate issues
When it comes to cheating, fraud, exchange of money, sale, and purchase of property is one of the highly affected areas. There is no transparency and genuine public record which leads to fraudulent activities.
Integrating blockchain in the system can improve the sale, purchase, and speed of transactions. The paper-based records will be eliminated completely and there will be a decentralized system. The system will be completely transparent and so the chances of fraud and altering records would be impossible.
There are many more issues which blockchain technology can resolve. Day by day this technology is growing and conquering various other tech fields. Blockchain has already made the number of systems decentralized, secure and transparent. This technology is developing every day.
We have misunderstood that blockchain is for bitcoins only. Blockchain was introduced with bitcoins however the technology has the potential to serve almost all industries with efficiency. This technology has a complete transparency and keeps track of all the transactions. Of course, there are some other major issues which can be resolved with this technology without any extra pain.