The word "Blockchain" increasingly be a pretty popular. The technology behind this cryptocurrency be a rolling ball rolling quickly as a result of current technological developments.
Blockchain can ensure that all transactions are properly conducted, recorded and stored securely, historical transactions can also be accessed publicly. Interestingly enough, the recording of transactions that can be stored into this Blockchain, serves not only to financial transactions only. There are many other uses that can be handled and recorded into Blockchain.
Based on an article written in ameerrosic, there are five applications that will be enough Blockchain could potentially affect the communities in the world. Although most applications blockchain that there are still in the development stage, but the technology still has a great potential in the future. In addition, exploration is expected to continue against him, and trying to unravel again another possible potential can be done with this technology.
Here are 5 of the Blockchain application:
1. As Digital Identity
The infrastructure needed to create digital identities using Blockchain, would arguably increase the effectiveness of financing. Additionally, blockchain can facilitate the process of tracking, able to manage digital identities more safely and efficiently. In fact, it can minimize the occurrence of fraud.
The broad outline, otherwise there may be a digital identity system, sometimes using a password-based system that is not enough to provide security guarantees. Quite different if the system was based Blockchain. Authentication system based verification using cryptographic digital signatures. The transaction was also signed with a private key which only actually owned by the owner only. So other than that, it is certain that will not get access because the key to be used is irrelevant or invalid.
The use of digital technology as an identity Blockchain, can be implemented in the following areas:
Digital identity
passport
E-Residency
Birth certificate
Deed Marriage
Online account login system
One startup that has been established, is ShoCard. The startup is trying to mengapllikasikan digital identity. By protecting the privacy of consumers, the interface is pretty easy to understand and use. They use the application of one of them as a digital driver's license. Even applications that also could have been used in the mobile version.
2. Distribution of Cloud Storage
It is believed that within the next 3-5 years, space cloud-based data storage blockchain will also be widely used. If during this cloud storage is generally much use a centralized system, then more, could turn into a decentralized system. So control the data does not depend anymore on the service provider.
Some Startup company that has applied the decentralized cloud-based storage such as the StorJ blockchain and also Factom. The data that will be stored, encrypted first, then distributed into the network. So as to track the metadata can be done easily.
In StorJ system for example, if a customer has a capacity of more space, they can use it to be rented out to others. In addition, the data stored could also be exchanged, at a price agreed upon by both parties.
3. notary Decentralized
May already be a digital era with a decentralized system, so that the program can be applied to the field of Notaries. One of the things that make Blockchain technology can be used for digital notary it is because it has the function of a timestamp.
Explanation timestamp can be read here: Recording All Into Ledger
With the function timestamp affixed to a data, it can be used to confirm the existence of data. Of course, by the time that has been mentioned and attached to the data. The entire network, then validate the data and put the hash section headers.
There is a startup from Buenos Aires who has mengaplikasiskan Blockchain based digital notary. Startup is called Proof of Existence. Using patterns in the cryptographic verification system. Manuel Araoz, application developers, said, "Blockchain is a public database, distributed through kkonsensus. Your document will be certified in a distributed system, "he said.
In the Proof of Existence of this system, users can upload files to include transaction costs. The goal, so that the document has a cryptographically-proof, and can be incorporated into Blockchain. To note here, the document's original file is not stored online is certainly there, because it also has the risk of potentially unwanted by users.
Once a document is uploaded, by including the transaction costs, the hash of the document will be generated, indicating that it is part of the transaction. By inserting a cryptographic hash it into the document in a transaction, then the transaction when it is processed by miners, timestamp block into a timestamp to the document as well.
If at a later time has a lot to apply this technology to the field of this notary, of course the presence of a notary which we found to be no longer salable. And more people to use a process that is not complicated or even not require costly as before.
4. Smart Contract
With Smart Contract, can be used to solve the problems that often arise in an intermediary, or a third party in a transaction. Smart Contract create a bond transactions made in such a way in Blockchain. So that such transactions can be run and executed automatically.
Smart contract, it is used as a variable that can release funds to give a statement, and serves as the executor of like an intermediary in a transaction. Suppose there are two people who want to trade, exchange money worth 100 dollars at a specified time in the future. Set prerequisites in the transaction, the details of the two sides on the details of the transaction can be done in a smart contract.
If all the terms of the transaction have been met, then the funds can be automatically released, and delivered to the right people who receive, in accordance with the requirements of the transaction. In this case, the smart contrak allow a business transaction run more efficiently. In fact, the legal system fairer deal.
5. Digital Voting
Voting digital, can also use the technology blockchain. The voting process is done online, the biggest barrier is about security. With Blockchain, it can be solved. Liberal Alliance, a political party in Denmark, became the first political party which uses blockchain for internal ballot in 2014.
Veri.Vote, one startup from Australia, also developed Blockchain-based e-voting. All sounds are stored in Blockchain, stored safely, can not be manipulated. Voters also do not have to queue and jostle in the voting booth when the voting took place.
The democratic process, can be supported by this technology. Minimize fraud, miscalculation, or conflicts that might occur if a voting system is not working as it should, as often happens in the voting system in general.