Blockchain: What are real-world applications for blockchain technology?

Blockchain development is one of the most rapidly growing and advancing fields of the modern cyber industry. It is one one of the most revolutionary technologies, which has been ever developed throughout the whole 21st century. There are various fields, where those ideas could be implemented in the real life, from enterprise blockchain solutions to the problems of the financial system. However, let me be a bit more detailed in my description and start the article from the most fundamental points of that technology.

Blockchain emerged in 2008 just after the collapse of the world economic system. However, it was not an independent invention, but a part of another evolutionary technology called cryptocurrency. I hope, that you may guess, that I am talking directly about Bitcoin, which today, in 2017 acts as one of the most powerful currencies. For instance, in August one Bitcoin equals $4,127. That idea was created by an absolutely unknown for the common person, or even a group of programmers, who call them Satoshi Nakamoto. The whole concept of Bitcoin was manufactured to alter the world system, while the developers of it, I believe, did not even keep in mind the possibility of the fact, that one of the main tools of Bitcoin could become even more useful, than the cryptocurrency itself. So, downstream I am willing to give you a list of top 5 fields of our everyday life, which could be dramatically influenced by that technological breakthrough.

1. Security

Personally, I would like to start with one of the most interesting fields, as for me, security. Nowadays, throughout the last decade, we have faced lots of really great challenges for the whole world security systems, which operates in any possible dimension, from military tasks to the world of the Internet. Especially, these issues became important after the series of widely known cyber attacks launched during the US elections in 2016 and the most recent interference of the hackers to the databases of the Kenyan Democratic Party, during the presidential elections of 2017. So, may be blockchain could become that particular strategy, that could help us to avoid these problems.

For example, because of the fact, that blockchain, to be honest, was created as a solid IT system, which could be fully resistant to any interference and attacks, we may rely on that background structure of it and implement that net of secured blocks and units upon the whole world web in order to control the main flows within that system. Moreover, because of the usage of it, we may be also able to monitor the movements of illegal trades and flows within the Internet. So, we finally can get an opportunity to regulate the usage of the so-called “Deep Web”, what is a real bottomless mine for all of those criminals, who make their money on drugs, weapons, and fake documents. And, last but not least, getting back to cyber or DDOS attacks, we may say, that thanks to the usage of Blockchain we are also able to keep the tracks of IOT devices, which will help us to cut the majority of all those fundamental pillars on which the DDOS hackers rely on.

2. Healthcare

One of the most vital parts of our everyday life is, without a doubt, healthcare. That highly vital and important field, which is core interest for every person sometimes may face several problems. Among them are huge tons of paperwork and an unsecured status of the majority of data about people’s health problems and diseases, which according to the legislature have to be kept in secret. All of these issues could be again eliminated by the implementation of the blockchain technology. For example, thanks to that innovation, we are now able to create a unified database of all the information about the diseases within the system of the blockchain. Thanks to the core idea of blockchain we automatically are able to cope with the problem of interference of the third party into that data, what means, that we are able to fulfill that particular norm of the legislation. Then, we are also able to monitor the emergence of different strange sicknesses and diseases all over the world, what may give us an opportunity to detect and destroy any of the emerging epidemics, such as Ebola or Bird flu, which played a “crucial” role in the whole system of the world’s healthcare system.

3. Finances

That field of the world life is going to be influenced the most by the existence of such a technology as blockchain. We all know, that any operations with money are usually linked to the involvement of the actions of the third-parties, such as banks or notaries. However, all of these points could be soon vanished by the implementation of the web banking unified with the blockchain strategy.

For instance, because of the safety and high security of the whole idea of the blockchain, all the transactions among people could be held bilaterally and without the implementation of the actions of other institutions. Moreover, we may even predict the reduction of the usage of paper money and all of the existing currencies because of the fact, that sometimes it is much more convenient to operate with cryptocurrency. However, that point is not really reliable because of the fact, that the digital system does not seem to be the best area for the flows of the world capital, which includes financial resources of people, companies, and even states.

But, thanks to that technology we also will be able to deal with the problem of the finances for chosen ones, while decreasing the level of importance of bonds and stock markets all over the world. Moreover, because of that we can also decrease the level of state spendings on all of these earlier highlighted tools, which are used for the money operations.

4. Identity

Nowadays we more and more frequently face a problem of cheating with such important documents as passports, ID and insurance cards. One of the main tools thanks to which we can cope with that problem is again blockchain. And here, one of the best points is gain its level of security. In order to protect all of the information about the people, avoid the usage of fake passports and eliminate the problem of terrorism and crime rates, which increase because sometimes, the representations of these structures have an opportunity to travel all over the world, we can again create a unified database, which will incorporate all of the important materials on each person in each country. Thanks to that, we can avoid the usage of paper passports and make the whole structure of important data storing more advanced and professional.

5. Decentralization of the Internet

The last but not least point is the implementation of the blockchain to the field of the decentralization. If you have ever noticed nowadays everything on the internet is concentrated around such titans as Google and Facebook. Both of these companies act like monopolists in each branch of the cyber business while oppressing others. Moreover, they are more and more interfering in other sections of the web. I believe, that you know, that now it is possible at almost any website to log into the system while using the Facebook or Google technologies. However, it does not mean that you are giving the permission for any other site to have a direct access to almost any section of your personal information. So, here, we are again dealing with the issue of security, which, as you may notice, plays a highly important role. Moreover, the whole web environment requires more space for the development, while the titans of business do not want to share. From that situation, we can conclude, that the majority of the dominating companies of the internet are now following the steps of another similar company, called “Standard Oil”, which, as you may know, was acting as a monopolist. And again, as you may know, it collapsed due to some circumstances. Thus, let us conclude, that because of the present behavior, these pillars of cyber development may face the same fate. So, decentralization with the implementation of blockchain may be one of the best ways of not only saving the existing companies but also giving the way for newcomers, expanding the space and opportunities of the web and increasing the level of private and corporate security within the web.

All in all…

Taking everything into consideration, we may say, that blockchain as well as Bitcoin, despite a great secret of their birth are one of the most revolutionary inventions of the whole world net, which may bring a great contribution to almost any possible and any existing field of our life. For sure, from the very beginning people may not accept all of the reforms and changes, while after they really get profit and good outcomes from the usage of such techniques, they will become the dominating ones. However, it is a terrible crime to say everything in such an idealistic manner. Despite the fact, that blockchain is able to deal with several universal problems, it will lead to others, and that cycle is a normal flow of our nature and, respectively, life. Despite that, I really hope, that I was able to give a proper response on all of the questions you had, linked to the usage of blockchain in the real-life.

Published by Kidal Delonix (1197 Posts)

Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.