Blockchain : Trends & Applications

• May 15, 2021
• admin
• no comments

Today, Blockchain technology is one of the top ten strategic technologies prevalent in marketplace. Apart from its use in cryptocurrency, Blockchain is productively used in voting, healthcare, food-safety, real estate, shipping, government, climate change issues, and carbon emissions. Many small and big businesses are capitalizing on this technology for streamlining their processes. Blockchain ensures transparency, provenance, authentication, data governance, and auditability.

In Federated Blockchain, various authorities control predefined blockchain nodes, verify, and process transactions. Shortly, an exponential surge in Blockchain provides a more private and customized Blockchain networks such as BaaS with smart contracts, Data-driven applications (Dapps), or configuration sans services. As cryptocurrencies are highly volatile, Stablecoins are taking shape, such as “The Balance” from Facebook. Further, Blockchain resolves Social Media issues related to privacy violations, data control, content or scandals.

Interoperability feature of Blockchain shares data and allied information across multiple blockchain networks for people to easily view and access data. Currently, banking and financial sectors are adopting blockchain technology either for their production system or processes for faster transactions, enhanced secrecy, reduced redundant bureaucracy, and low costs. With Blockchain technology new cryptocurrencies can be launched which banks can use to autonomously reduce the competitive advantage of cryptocurrencies, and obtain more control over monetary policy. Implementation of blockchain technology helps reap unprecedented advantages for governments in effective data management and increase government’s overall functionality while managing large amounts of data.

In addition, Blockchain offers renewed hope for security of IoT because no single authority agrees to transactions that eliminates SPOF. It even helps participants to view previous records, store transactions, and approve the blocks. Moreover, Blockchain is extremely secure with the option for database extension. Further, as supply chains have become extremely complicated, Blockchain plays a dynamic part in easing the conflicts that arise, time and again. Basic requirements for trustworthiness and dependability in uncertain issues on supply chain is fulfilled by Blockchain.
When it comes to performance, Blockchain technology goes far beyond cryptocurrencies. Its applications are used far and wide. Some noticeable Blockchain Applications are voting apparatus, medical records sharing, payment across borders, supply chain monitoring, personal identity security, original content creation, real-estate processing, anti-money laundering tracking system etc.