On a daily basis, more people find themselves asking, “what is blockchain technology?” It’s the technology powering cryptocurrency transactions and seeing a plethora of applications across multiple businesses. Blockchain is emerging as the preferred choice because of its unique features like instant transactions, transparency, high-end security, among others.
In addition to financial transactions, blockchain transacts and records anything of value. Hence, it finds its application in a number of industries like logistics, healthcare, automobile, etc.
Experts predict that the blockchain technology will spearhead the next industrial revolution. Let us look into some of the most potential use-cases for blockchain.
Securing the Election Process
Blockchain’s transparency can play a potential role in transforming the election process across the globe. Election rigging through vote manipulation, fake voter-IDs, or external influence are common menaces. This occurs due to the lack of transparency and control over public information.
Public blockchain networks help to overcome these issues and maintain the sanctity of the democratic process. Blockchain technology maintains absolute transparency by updating all the information on the decentralized ledger in real-time. Moreover, its decentralized nature eliminates any centralized control making it tamper-proof and ensuring high-end security.
As a result, blockchain eliminates all chances of foul-play, thereby ensuring judicious use of public funds and resources.
Decentralization in IoT Applications
Just like blockchain technology, IoT is a rapidly growing technological domain with a growing number of global internet users. Internet of Things (IoT) is a network of interconnected devices which stores and transmits information seamlessly among them.
Currently, there is a centralized point or server that regulates this flow of information across the network. Consequently, the entire network operation and security are dependent on the mercy of this server. This makes it easy for external attackers to hit the central point of failure and destabilize the entire system.
The blockchain decentralization feature can mitigate all these critical risks as well as security risks. Big tech giants like Samsung and IBM are already working on blockchain-enabled IoT solutions.
Blockchain Technology Implementation in Swarm Robotics
The field of swarm robotics involves performing complex tasks using a group of simple robots. All the bots require proper synchronization and coordination to perform their tasks optimally. As a result, it requires real-time information sharing among all the participating bots. This can be easily implemented using the blockchain technology.
Due to its ability to handle multiple transactions at a time, blockchain can swiftly handle and enhance the coordination process.
Transparent Betting Process
There are many geographical locations on Earth where betting is considered to be an absolutely legal and fair process. Unfortunately, the lack of transparency and unfair play has tainted the concept of betting.
Otherwise, betting aims at rewarding accurate predictions of real-world future events. This could be a football match result, predicting future market trends, political outcomes, or really anything under the sun.
Using smart contracts, blockchain technology can render betting an absolutely fair and transparent process. The tech can thus help reward the right person by eliminating any sort of cheating in the process.
In addition to the above-mentioned ones, there are a plethora of applications where blockchain can play a crucial and transformative role.
RISK DISCLOSURE
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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