We know that blockchain technology is, at its' core, the driving force of computational power within cryptocurrency. It's what makes transparency and decentralization rise above our traditional methods of currency and conducting transactions. Blockchain technology was ahead of its' time when it was first created and it can be argued that it still is to this date. Besides crypto, this technology has the potential for various other use cases for systems we use in our daily lives.
In this blog, we will be taking a look at several different ways blockchain technology can be applied to current real-world technologies!
Many countries around the world have a voting system where citizens of that nation get to vote in an election to elect a new leader for their country. Although this is usually great for democracy, the sad thing is that most of the world's elections are corrupt and the citizens voting don't have a say in an election at all. This could be from outside powers influencing elections or corruption from within their own government systems.
Blockchain technology can take the corruption out of the equation when it comes to tracking votes and ensuring each vote is accounted for. Votes can no longer be thrown away or skewed with false inputs, as the immutability of the blockchain always tells the truth. Voting utilizing a blockchain system can make citizens of a nation feel empowered once again and truly have their choices accounted for. Who knows, this could possibly make your voting experience simple by just hitting a button on your mobile device!
We read, all the time, that blockchain technology will disrupt the financial systems we are accustomed to today. One of the main reasons this is highly talked about is because of the security and efficiency that goes hand-in-hand with its' encrypted technology. Utilizing an algorithm that does not cater to any specific individual just makes the network more secure.
Efficiency should be a top priority when it comes to transacting anywhere in the world. Have you ever tried to do a wire transfer? It takes anywhere from 1-5 days, depending on the amount of money you are sending and where you are sending it. Utilizing blockchain technology (and crypto, of course), we are able to send our assets to one another within minutes with hardly any friction. The transaction fees are always transparent when utilizing a blockchain rather than hidden fees that most financial services love to offer to their clients.
Threats to cybersecurity are constantly on the rise as malicious web hackers are coming up with new, innovative ways to gain access to our information. While nothing is 100% hack-proof, blockchain technology adds that extra layer of security by utilizing cryptographic coding and its decentralized nature. The ledgers acting within the blockchain ecosystem are hard to tamper with and, in most cases, not even worth the financial toll it takes to perform the hack.
This isn't concrete that this will end all cyber hacks if we implement blockchain technology but the highly encrypted data makes it near obsolete. This can also save institutions too from the unnecessary expenses involved in a data breach or digital robbery. Some ideas that come to mind regarding this are government databases, banking systems, and healthcare networks.
Blockchain technology is, in my opinion, the future of the encryption and transparency of data for basically any business that comes to mind. We can use it in really any real-world setting and protect the integrity of both businesses and consumers alike. I am looking forward to seeing this technology expand outside of the crypto realm and into technology spaces that surround us on a daily basis!
Do you have any other ideas on how blockchain technology can be used today? Leave a comment and tell everyone your ideas!
Thanks so much for reading my blog today!
Stay tuned for more!
All photos are found on Pexels, a free image hosting website!