Blockchain is a digital ledger where all types of transactions between organizations and people are recorded sequentially in a time-wrapped block through cryptography. The cryptographic element ensures that ledger data will not interfere with both parties, making it unhackable and immutable.
Blockchain technology also allows unknown people to come and have transactions together with everyone’s consensus. Today, technology now affects all aspects of everyday life, and it is going beyond mere cryptocurrencies. Some of the areas this technology has affected people in their daily lives include:
1. Government Sector
The government has been trying to tap into the power and full potential of this technology. Many details of people in the country are stored in the government database, making it a perfect target for hackers.
However, with the blockchain structures used to secure data storage, the government may reinforce network security and avoid any breach. The technology reduces the single-point-of-failure risk and guarantees minimum cyber breach of information.
Banks such as Barclays have launched a few blockchain initiatives for combating fraud and tracking transactions. Bank Hapoalim is also collaborating with Microsoft to create the blockchain necessary to manage bank guarantees.
Aeternity’s blockchain platform also allows people to develop smart contracts, which only become active when some conditions are met. This means that automated payments may only be released when parties in transactions agree their terms have been observed.
3. Cloud Storage
Cloud storage has become a common way for consumers and companies to keep their information. However, the majority of cloud storage activities are controlled by the likes of Microsoft and Google. This implies that ownership and security questions have become a hot topic because these two organizations ultimately control the details stored in the cloud storage.
Blockchain has become a favorable alternative. Professionals likesuggest that, instead of placing data in the hands of a big corporation, blockchain technology will provide you with an open-source and decentralized hub.
Healthcare is a huge sector, so the number of details that come in daily is huge. While there is a current and efficient system to take care of this data, it usually takes more time to manage everything and extract information.
In this case, blockchain technology can come in handy in the healthcare sector because it may develop a collective record repository with a library and timestamp that enables a simple data extraction.
Voting has always been a complex and centralized process. Because of this, many voters have lost trust in voting systems because of their opacity. Some even feel cheated, and at times, forced to vote for candidates they don’t want.
Though blockchain technology ensures that every person does not get to vote more than once, voters are offered a unique token for candidates they want. Their voting records are permanently stored in blockchain structures.
Blockchain is racing ahead of cryptocurrencies in the quest for mainstream use. The founders are trying out other applications to expand the level of this technology and its influence.
Looking at its success and popularity, it looks like blockchain technology is poised enough to rule the world in the future, if not now.