What is the actual use of the bitcoin blockchain?
Bitcoin is already a steaming digital currency with great hype in the market. People are now focusing on the underlying distributed ledger technology that powers bitcoin. Blockchain is an advanced technology, but it is easy to understand. The technology is the shared database filled with all the entries of bitcoin, which are verified on the network. It is crucial to understand that blockchain is a strongly encrypted system and is tamper proof. Many cryptocurrency exchanges, like this one trading platform, can be obtained from the Internet. Below are some examples of real-world uses of the bitcoin blockchain.
Smart contracts!
It is a very appreciated feature of blockchain. These are the smart contracts that are completely based on blockchain. These contracts are executed on the blockchain and are agreements between the parties without intermediaries. This contract exists on the decentralized blockchain network. The smart contracts of the bitcoin blockchain are used in the healthcare sector, real estate and in various public areas.
The Internet of Things!
We are all well aware that the IoT industry is growing more and more with many connected devices. According to the latest forecasts of experts, by the year 2030, there will be more than fifty billion devices that people will use at that time in the world. As this number continues to grow, so will the risk as hackers can breach your data from a connected device. However, integrating blockchain technology into IoT devices significantly reduces the chances of data breaches.
Money transfer!
Payment processing and money transfers are blockchain technology’s most recognized functions and use cases. This technology allows the processing of lightning-fast transfers in real time. It has completely transformed the BFSI sector as it helps in saving time and money. With blockchain technology, you can make instant transfers anywhere. The cost of transfer is so low that you will not face any additional burden of transaction fees. It eliminates the requirement to pay fees to the banks. Also, the transfer costs for bitcoin are significantly less than a bank transfer.
Identity security!
Today, personal identity hacking is a hot crime and it is increasing all over the world; in the year 2019, more than 14.4 million people whose identity was hacked. Identity theft is of various types where the hackers violate personal files to falsify the documents. At the same time, blockchain can help you fight hackers. It stores your personal information on the decentralized ledger, where any hacker cannot penetrate.
Logistics!
It is a fact that lack of transparency is a major problem in the logistics industry. Such a problem becomes more problematic because thousands of companies operate in this field, which costs time and money for the business. That is the time when blockchain can help you. The transparency of data is a prominent feature of blockchain. You can quickly learn about all the data sources and start the processes.
It will build higher trust among people in this industry and the transparency you get is next level. The use of blockchain is greatly increasing in the logistics industry as it helps in efficiently tracking the movement of goods across multiple locations. Transparency in data recording related to the goods in motion is a good feature of blockchain; the stakeholders can quickly identify the exact locations of the goods with blockchain technology. It guarantees highly efficient management of all the items used in the transaction.
Education!
You may not know, but blockchain technology integrates the control system and storage of your documents. The biggest advantage of using blockchain in education is its inability to change the data once recorded on the system. The information can be easily added to the blockchain, but you cannot tamper with or edit it. Moreover, it also confirms the legality of documents because everyone can know who wrote all the information. However, very few people are using the benefits of blockchain in education.
Entertainment!
One of the best possible uses for blockchain is in the entertainment industry. This technology prevents gambling penalties because crypto is not recognized as cash. In addition, the blockchain has also increased the excitement in the music industry. It can store all users’ data in an encrypted way, providing ownership rights and the function of smart contracts. Furthermore, since it is hack-proof, you can store your original copies of content on the blockchain.
