Blockchain’s Best Applications We May See In 2018

Blockchain’s Best Applications We May See In 2018

Probably everyone has already realized the potential of distributed ledgers. Blockchain is praised for its nature of being decentralized and self-updating system. These features are hailed to be the factors that might disrupt many industries.

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Probably everyone has already realized the potential of distributed ledgers. Blockchain is praised for its nature of being decentralized and self-updating system. These features are hailed to be the factors that might disrupt many industries.

Even conservative financial institutions show signs of interest. Some of them had already invested large sums of money in blockchain technologies. The security that distributed ledgers offer is surely going to be appreciated by banks and other businesses that have to protect their digital assets, being those contracts or money.

Blockchain technology relies on peer-to-peer set of records, which update themselves in real time without the need for central authority. Every block of information is encrypted and accessed through private keys, hence if a user loses his private keys it is impossible to access the network. Every time a new block is added the whole chain automatically updates itself because blocks are interconnected.

How this would influence industries, you may ask. Economy sectors like insurance, real estate, finance, law and many others depend heavily on contracts. Thanks to distributed ledgers, contracts can be set, managed and tracked in a secure manner. Smart contracts, as they are labeled, have if/then statements embedded in them that allow their execution without intermediaries.

Many experts believe that blockchain can become supply operating system because it perfectly manages processes like transactions and asset changes. Walmart is already running such a pilot in Beijing. A blockchain system is used to track origination, batch numbers, expiration dates, storage and shipping details, among others. Status updates appear immediately, thus increasing traceability and transparency of the whole supply chain – the undisputed tracking system is already here.

Digital asset protection is guaranteed by blockchain’s indisputable record of real-time ownership. Whether you are a property owner or a musician relying on royalties, distributed ledger technology can protect you in fashion. The startup Everledger aims to improve anti-forgery measures for electronics, diamonds, luxury items and pharmaceuticals through blockchain and smart contracts. Another startup, BlockVerify provides similar services – customers just have to register their products on the platform and let the blockchain do the rest.

Just think of the amounts of data managed by governments – birth records, death records, marriage certificates, passports, and IDs. They all contain sensitive information that can be securely locked within a blockchain. Onename, startup, is willing to make personal information more protected and easily manageable at the same time. It offers services like Passcard, which aim to combine all personal data in one digital asset. In other words, they want to replace your documents with a passcard.

We are still in the nascent stage of blockchain technologies but they already show great potential. It is just a matter of time until distributed ledgers get a mainstream use.

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