The Blockchain is not a name that many will be familiar with. The name Bitcoin will be a little more familiar. The blockchain is the technology behind Bitcoin. Bitcoin is one of the more popular and first cryptocurrency in the world. People transact and use Bitcoins online. Any central bank or agency do not control its use.
Blockchain, as the name suggests is a chain of transactions. It is an open ledger of accounts representing the transactions of the cryptocurrency. There are certain unique characters associated with blockchain which makes it useful for other purposes too. Let us see what purposes people use blockchain other than cryptocurrency transactions.
Unleashing The Power Of Blockchain
1. What Is Blockchain?
Before we look at how we can use blockchain for purposes other than distribution of cryptocurrencies we should know what blockchain is. It is probably the next biggest thing in digital technology. The scope for using blockchain is unlimited.
The Blockchain is a scattered data ledger. People input data in the network with the consent of other members. The system is self-sustaining. There are no centralized agencies that control the network. This is what increases the reliability and security of blockchain technology.
Nobody can enter any data without the consent of other members. There is no way anyone can correct or delete the data once entered. It makes the system most reliable. You can trust any of the information that is which means all transactions are genuine. Every new entry in the chain forms a new block which added to the blockchain.
Because of the nature of secure, decentralized data storage the technology is suitable for many applications. Any mobile app development company can use it for a variety of applications which require this kind of security and trustworthy data.
2. The Blockchain Advantage
When we want to use the strengths of the blockchain in different applications, we should know the merits of this technology. We should understand whether this technology can add any value to the existing system.
The main thing about blockchain is that the other members of the group verify each entry. It means that every entry is genuine. There is no way anyone can make a fake entry. There is no centralized agency which can be compromised to accept a fraudulent transaction.
Transparency is the next advantage. Everyone in the chain can see each entry. It means that there is total transparency about the data in the chain. It increases trust in the system. Also, industries have started leaning on blockchain digital transformation.
In all other applications, the data storage is in a centralized location. In the blockchain system, the data spread across all the blocks in the chain. There is no one place which hackers can target to steal the data. The data is entirely safe from being stolen. It becomes ideal for storing personal details.
There is no central agency which has to verify each transaction. There is no one to check and approve the transactions. It saves a lot of money which we will pay for the agency. It will also save a lot of time.
- All members should authorize every transaction. Hence no fake entries.
- Nobody can edit or remove any data. You can rely on all the entries.
- There is no centralized authority to verify or authenticate. There is less chance of manipulation.
- All entries are visible to all members of the group. There is complete transparency.
- All blocks in the chain contain data. There is no central storage for hackers to attack.
- There is no waste of money and time as you don’t have to get a centralized agency to authorize each transaction.
Though blockchain application development immediately brings Bitcoins and cryptocurrencies to everyone’s minds, it is suitable for many other applications. But before you look at the various opportunities, you should first make some preparations.
3. Explore The Usage
Being a relatively young technology, you need to get experts to give an in-depth knowledge of blockchain technology. Only after this can you see whether you can use it in your business. You can use the people who are explaining the technology to prepare a proposal which you can present to the top brass for approval.
4. Form A Core Group
Once you have the approval of the top management, you should form a core group. This group should contain people from different departments in your company. There should be both technical and business experts. You should bring outside experts also in the group.
The group will help to bring feedback from different departments about the technology can be helpful in their area. They can find out how it will help in taking the business forward. You should find out where it will provide maximum benefit.
5. Identify A Test Area
You might suddenly find yourself overwhelmed by the number of places where you can use the technology. But you should find out one area where the benefits will be maximum while there is the smallest risk. You should only try the technology in that department first.
Once you have identified the use case, you should draw the roadmap for the project. You need to form the team for the project. You should also analyze the effect it would have on the present working. It is better to implement the system in a small way. You must test and familiarize with the system before going full steam.
6. Develop Prototypes
Once you see it is viable, then you should start trying it in all the prioritized areas. You can bring the technology into the business. You must invest in it. Develop prototypes in each of these areas. Find out what problems will prevent their smooth functioning. Once you have removed the obstacles, you can implement the technology on a larger scale.
7. Pick The Best Ones
Once you have seen the prototypes and its working, you must select the ones that are most suitable to scale. You should make those models work on an enterprise level. A change will be difficult. You must take care to bring all the stakeholders on board. You must get everyone on the same page to get the best ROI.
- The blockchain is still a new technology and so must be very careful when using for an enterprise solution.
- You must get experts in the technology along with your team to explore where you can use the technology.
- Build an excellent proposal to present to the C-suite. Get their approval with the help of blockchain experts.
- Form a core group consisting of people from different departments.
- The core groups must contain both technical and business experts in the company.
- Identify one area where you can test it with minimum risk.
- Draw a roadmap for execution of the work. Work out the costs.
- You must implement and test in that one area. Test the system.
- Once it is a success in one area, develop prototypes for all priority areas.
- Pick the prototypes suitable for scaling to the enterprise level.
- Get all the stakeholders on board for full expansion. It will ensure the best ROI.
8. Applications Of Blockchain
The conventional methods of conducting business transactions were very slow. There were agencies which we had to depend to complete the formalities. Now, a lot of financial services are using blockchain technologies for financial transactions.
Using this technology improves trust and transparency. Mobile app developers can use blockchain in banking sector and other financial applications. It will make the app more secure and safe.
- Cross border transactions didn’t need intermediaries as the blockchain ledger reduces risk by encrypting records.
- The lack of intermediaries reduced the chances for error or fraud.
- Blockchain technology prevents fraudulent claims. The process is simplified.
- Risk-free management and transparency.
- International payments were slow, error-prone and open to money laundering.
- Blockchain provides easy, fast and safe cross-border transfer of money.
You can store the registration details of property in blockchain ledgers. You can give access to only selected parties. The system can provide smart keys to those who need access. These keys are stored and exchanged through the blockchain.
Traditional Money Lending:
- The blockchain is very useful in cases of hard money lending using the property as collateral.
- The borrower can give smart property as collateral and take money making the deal perfectly transparent.
- There is no need to have any intermediaries in this transaction.
- There is more use of smart appliances now with IoT becoming widespread. It generates a lot of data which companies store in the cloud.
- Blockchain can be used to store the data of IoT which will make them secure.
Supply Chain Sensors:
- Another use of IoT is to track things which you transport.
- Companies can store information about where the goods are, in the blockchain, making them more secure.
Intermediate agents managed contracts and ensured that all the parties adhered to the terms. If the arrangements are made smart by embedding them in blockchains, there is no need for third-party mediation. The agreement will automatically implement itself when one fulfills the conditions.
- People can store their personal health records on blockchain allowing access keys only to selected persons.
- Insurers can automatically get receipts of surgeries as proof of work done.
- Top mobile application development companies in India can use blockchain to create various secure decentralized apps for the healthcare industry.
- This industry is rife with copyright and royalty issues. Many times, ownership rights are in dispute.
- Blockchain can store all the records transparently and safely. There is no way to manipulate the documents.
- As the contract runs, the system will make payments on the fulfillment of conditions.
- Rigging of votes is possible in electronic form. This has happened before.
- Governments had to conduct re-polling where there were disputes.
- Casting one’s votes on the blockchain will ensure a transparent system. People can know whether their votes were counted or not.
- There is much information with the government that is useful for the public.
- The information is released only once a year and doesn’t reach the people concerned.
- Placing it in blockchain can make it accessible to all without fear of manipulation by anyone.
- The government can place information regarding companies, NGOs, foundations, government agencies, etc. on blockchains.
- Private and public agencies can see the information and exchange ideas mutually without the data getting corrupted.
Fulfilling Their Responsibilities:
- The electorate can elect representatives keeping certain conditions.
- The elected representatives will get the payment only on fulfillment of the conditions.
Protecting Your Identity
It is a truth that our identity is pretty open. Many companies use this information for their marketing purposes. These are sometimes highly irritating. You get calls and emails from people whom you don’t know. There is a way to protect your identity using blockchain.
- Blockchains can help create digital passports. It was built first in Github in 2014.
- You can post a photo with your public and private stamp on it.
- Input your details on the blockchain, and you have an identity which nobody can use without your permission.
- Birth, marriage, and death certificates are essential for various purposes. They get as many privileges.
- You can store this on the blockchain without any fear of losing or being corrected.
- Blockchain will allow you to create an identity which nobody can copy or change.
- You can use that one identification for various purposes including using is a password.
- With this system, nobody can steal your passwords as there is no central storage place for this information.
Other Different Applications
There are many other places blockchain can be used. Many industries are exploring opportunities to make their operations more secure by the use of this technology. The IT industry is probably the industry most benefited by the blockchain technology.
Secure Cloud Storage:
- Hardly any business can function today without cloud storage. They are the cheapest way to store enormous amounts of data.
- A single entity maintains them. If the company stops function, all your data goes with them.
- Blockchain can help create a distributed cloud mobile apps using the storage space of all the people in the group. There is no danger of a centralized entity.
Making Diamond Trading Transparent:
- As much as it glitters bright, diamond trading has a very dark side. There occur many practices which are far from ethical.
- Making the trade happen on blockchain will open up all transactions.
- Nobody can trade fake diamonds or transact in illegal money.
To Promote Non-Conventional Energy:
- Solar energy is produced in many places but not utilized fully.
- Blockchains can help sell excess solar energy without having to go through a centralized agency.
Using Processing Power:
- Golem the supercomputer derives power from blockchain mining. Anyone can use the power as needed.
- Researchers and others who need massive computing power can draw from Golem.
Blockchain technology has enormous potential in various areas other than financial transactions. The absence of central storage or controlling authority is what makes it most attractive. People don’t have to fear manipulation or loss of data.
For most top mobile app developers blockchain opens up millions of new opportunities. Apps are going to be very popular in the future. They provide much safety for the personal data you feed in the apps. These decentralized applications are the future of many applications.
Blockchain technology can be the best solution for cybersecurity. They can be of great help in specific industries like healthcare, insurance, etc. where they store vast amounts of personal data. The technology is still in its early stages. There must be a lot of research before using technology vary widely.
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