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6 Ways The Blockchain Technology Is Poised To Impact Lives

6 Ways The Blockchain Technology Is Poised To Impact Lives

Amongst the most disruptive technologies of the present times is the blockchain technology, which goes much beyond distributed digital currencies and online transactions. Essentially, blockchain refers to a decentralized database that records digital transactions. It is like a distributed ledger that employs a network of replicated data blocks to carry out digital transactions. Unlike traditional ledgers, blockchains are synchronized through the internet, which means that any user within the network can access them. The transactions are transparent yet secure, and there are several reasons the technology is regarded as disruptive:

  • It is decentralized: Running on a global network of computers, the decentralized technology enables members to contribute individually to the processing of the blockchain as a whole. Any user is able to add a transaction to the blockchain and each new transaction is like a “block” which is added to the chain of transactions.
  • It is encrypted: Despite being transparent and open to user access, blockchain is secure because it is encrypted. In addition to the robust encryption, it also enjoys unmatched security because of the absence of a centralized architecture. Even if the hackers are able to identify vulnerabilities, there is no central database they can hack.
  • It is public: Unlike traditional databases, blockchains are not black-boxed. This means that they are fully visible to the users at all the time, making them absolutely transparent. The ledgers are decentralized and each user has the copy of the same.

Applications of Blockchain:

Though most of us associate this technology with Bitcoin, its applications are much wider. A large number of industries is exploring its potential in more than one ways.

(1) Application for crypto-currency
More and more people across the globe are embracing the concept of crypto-currency as it enables transactions without an intermediary, making them secure and cost-effective. The increasing popularity of digital currency such as Bitcoin has enhanced the significance of blockchain manifold as it supports the use of digital currency.

(2) Digital voting
The technology has also proliferated the online voting scenario as it makes it far more safe and effective. The challenges related to recording, counting, and managing public voting have been resolved to a large extent as it eliminates the possibility of changing the historic votes as the records are maintained and verified in a transparent manner.

(3) Reduction in online frauds
Blockchain minimizes the chances of online hacks, fraudulent transactions, or loss of personal data of the users. The reason is that it is a decentralized system and millions of networks would have to be penetrated to hack it, which is practically impossible.

(4) Supply chain management
Another amazing application of this technology is in the field of supply chain management. It streamlines the process of identification and tracking of goods as each transaction can be verified, encrypted, and tracked in real-time.

(5) Cloud integration
A large number of businesses have embraced the cloud to enhance their technological infrastructure. The integration of the Blockchain technology to the cloud enhances the security and enables the business to explore the power of Big Data in a much better way.

(6) Smart documentation
The technology also finds a place in the field of smart documentation as it allows secure storage and exchange of documents and certificates. It can also be used for setting up smart contracts between organizations. Smart contacts can be used to protect intellectual properties as well as automate the sale of creative property online, thus eliminating the risk of redistribution or copying.

In addition to these applications, there are many other ways that the blockchain is coming closer than we realize. Its benefits extend beyond business and finance as the technology joins with the IoT to bring about disruptive changes for the human existence. From maintaining digital identification systems to securing physical assets with virtual keys, and more, it is impacting lives in incredible ways. For instance, user biometrics can be added to the blockchain hashes to link their identities with the IoT-powered devices. In this way, these devices can be secured to interact only with the authorized users.

At Orange Mantra, we help you leverage the unmatched power of the blockchain technology by creating applications that take your business to the next level. We are leading application development partners with expertise in developing diverse applications with the latest technologies such as the IoT, Big Data, AR, VR, AI, and more. We are capable of building powerful applications that will help your business adopt an innovative approach.

Get in touch to know more about these applications and avail the exciting opportunities they bring.