5 uses for blockchain that will change the world
The future of tech in business and society is big and it continues to grow bigger. One of the key technologies that are set to define future tech is blockchain. This technology grew from a simple framework in the financial tech world to a platform whose benefits are growing every single day.
The blockchain is an exciting technology which is young but very instrumental in shaping the future. There are many reasons why blockchain is remarkable. The speed, security, and efficiency of the technology are however the highlights. Of the many uses that blockchain has, the following are the five that will change the world.
Copyright Protection for Artists
Blockchain will have a significant boost to the shareholders of the entertainment industry owing to its potential for copyright protection. Blockchain has been proven to be a sturdy system that creates authentic records. This technology will, therefore, be used for validating authentic purchases. In a world where piracy leads to great losses, blockchain will be crucial for protecting artists property.
Validation of Contracts
The strong authentication blockchain system will also be useful in the creation of contracts. Technologies like Ethereum have focused heavily on creating self-executing contracts that are binding. Such a system will increase the trust levels between parties engaging in any kind of business that involves the transfer of assets. BitMoneyNews.com has recently reported on the growing popularity of platforms like Ethereum as a result of their resilience. Blockchain will thus not only affect the speed and efficiency of transactions but also encourage people to do business.
One of the biggest challenges in the governance of modern countries is the issue of integrity in electoral processes. Even though technology has already found use in voting, there is still very little trust in the systems. The fact that manipulation is a possibility means that not much trust exists. Most societies have opted against online voting until a system that is safe from hacking threats is developed. Blockchain can be used in governance where validation of votes is needed. The system is foolproof since it is decentralized.
Cloud Storage of Data
As the world gets more dependent data, the importance of having a safer cloud storage system keeps growing. Personal data and company data will ultimately continue to be stored online as the cloud offers the most benefits. Most cloud storage systems in place today make use of technology which is not only vulnerable to hacking but also outdated. Blockchain will thus be a safer and more efficient option. The use of this technology in cloud storage systems will not only make it more appealing to users but it will limit data integrity issues massively.
In recent years, there have been many scandals revolving around social networking sites and content sharing sites. The issues have largely been as a result of lack of independence. The increased censorship of content has made the internet less free. With blockchain, censorship attempts will be more difficult owing to the decentralized nature of blockchain. In an online world where authority is not centralized, unwarranted oversight will be limited.