How blockchain go beyond Bitcoin? Bitcoin and the Cryptocurrencies are just the tip of the iceberg within a gigantic ocean of digital assets. What many people still do not know is that behind these assets there is a much bigger technology: the blockchain. In fact, there are already many applications that have been made based on this technology.
For those who do not know yet, blockchain is a great pillar that supports Bitcoin. It provides all the support for its operation, which needs to occur in a secure manner, while maintaining the confidentiality and integrity of operations.
To clear things out, we have prepared a list of 5 blockchain applications for you to learn more about:
- Accounting and the financial market
- Technology and the Internet of Things
- Shared Economy
- Virtual identities
1. Accounting applications
Our first example of blockchain possibilities is in the accounting field. This is quite obvious because blockchain is considered to be a great online accounting book which is much faster and safer than a traditional accounting book.
The use of blockchain brings much more efficiency to this industry. Ensuring that accounting records are never altered by security breaches. This is because there is an entire encryption involved in your registration process.
In addition, you can create operations that provide real-time responses, as well as reducing the occurrence of possible errors. Therefore, there is no scope for fraud or forgery. Blockchain in the accounting services also enhances exercises that require instant operations. Through the use of blockchain, you can verify that the bitcoin left one account and entered another instantaneously.
2. Internet of Things (IoT)
The internet of things works a lot with process automation and intelligence through technology. With it, it is possible to create intelligent home designs and devices which adapt to the needs of the user bringing more practicality and time efficiency to your life.
However, there has always been a continuous demand for reinforced security. Today, Internet technology has always encountered a certain difficulty in protecting its devices against intruders. It may not look like anything, but a simple flaw can become a serious problem.
Blockchain technology can be more than useful in this regard, bringing an efficient system of identification of users using its technology based on encryption to validate its use. In this way, it is practically impossible for an IoT-based device to be violated!
3. Shared Economy
The shared-economy market also has a gigantic potential to receive blockchain related technology as an expansion feature. We know that presently there are several applications that propose this model of exchange and union between people. Airbnb is one of the clearest examples of this subject.
The fact is that both Airbnb and other organisations are examples of applications that act as intermediaries between people, helping them meet their wants: rent a room, get a lift, find a music teacher and others.
With the blockchain, it is possible to do the same thing, but without intermediaries. That is, the interested parties themselves can find and enter into an agreement, being able to sign, including a Smart Contract, with clauses that are immutable and registered in the blockchain network.
4. Copyright in the Creative Economy
One of the most anticipated applications with blockchain is the use of copyright in the world of creative economies. We know that a safe and effective way to resolve this issue has not yet been identified. A clear example is the music market in which the sharing of files in mp3 format happens on the web without the permission of the artist.
So one of the solutions to this issue is to implement blockchain technology not only in the music industry. But to record any creation of any form of creative art. This can be done through platforms that allow the creator or author of the idea to place their creations within a public blockchain such as Bitcoin or Ethereum.
These applications will allow the author himself to manage the right to use his idea in the best way possible, and can even sell his use to third parties, in a fair way. A clear example is the Prëxis platform, which offers a digital solution for registering ideas, brands, patents, books, and other goods and services that need this kind of specific attention.
Hence, it is more than possible to value the creative market in the world, bringing a definitive solution to the problems that involve piracy, theft of ideas and falsification of products or services.
5. Virtual Identities
Using blockchain it is also possible to create virtual identities, which have the role of storing all the information of our digital life, and even of real life if needed. After all, we know how social networks such as Facebook and other Internet players end up having access to our information and take them as their property.
Know that your data is much more valuable than you think, since we live in the information age. With the proposal to create virtual identities with blockchain it will be possible to protect all this, besides providing the freedom so that its owners can use the information the way that they want.
In addition, it is possible to work with other types of records such as those that show information about a person’s health and even their bank transactions, for example. Concentrating everything in one place is definitely a safer.