key applications of blockchain technology

Blockchain technologies (which will increasingly become blockchain cultures) will drive credentialing in new directions. Starting quite young….as early as middle school, students will earn credentials across multiple types of experience (like Boy Scout badges) that will “count” and accrue as they move through the education system.

Transcripts will  in the not too distant future contain records of all valued activities and will be trusted because they are built using blockchain technology that allows all to see and all to control. Credentials will not be falsifiable and will easily be validated across blockchain networks. Plus blockchain credentialing will allow the accrual of experience and credentials to keep pace with the more dynamic nature of work and the shifting and adapting that all workers will need to do. – Sue Bolen

 

Some key points

Online Exchanges

Online exchanges allow you to buy, sell, and trade various cryptocurrencies
from the comfort of your home. Some resemble a stock exchange, and others
are more like the international currency exchanges you’re likely to find in an airport. These are convenient because they provide you with plenty of useful information before you buy.

Peer-to-Peer Crypto Transactions

Peer-to-peer transactions occur between private parties. The benefit to these is that they don’t face the regulatory scrutiny that the exchange-based transactions do. This means you can make instant transactions with low fees. Although these are convenient, they are often times risky and prone to scams mostly if you let loose your personal code or password and when you operate in unsecured site.

Bitcoin ATMs

Bitcoin ATMs are the best of both worlds; they offer the convenience of a peer-to-peer transaction with the safety and security of an online exchange. They can be found around your local city and you can choose the one that’s most convenient for you. Additionally, they don’t require you to make an online account to use them like the exchanges do.

Cybersecurity

These days, it’s common knowledge that cybersecurity and privacy is more important than ever before. Blockchain offers security that other storage and encryption services do not.

Cloud Storage

Because the information stored in Blockchain is spread and shared across a
network of computers, the system is very difficult to hack and can lend added security to your data.

Tracking and identifying official documents
In large corporations and other official or governmental bodies, documents and forms are sent through the internet and are edited by different people very often. As this happens, it’s difficult to track these changes and identify who’s had access to it. Blockchain uses automation to assign digital signatures to digital and physical documents that can be checked and verified. This adds security to the operation and prevents fraud.
Ian Cogswell

Financial Services

Based on a recent survey Zage did with 100 leaders in blockchain technology, Financial Services is really where the blockchain revolution is already underway, helping to make transactions and transfers easier and
more secure while eliminating third-parties and reducing associated fees.
(like credit card fees on payments.)

While blockchain technology will improve the UX in Financial Services for those in more affluent nations, to the 2.5 billion unbanked and underbanked, it creates new opportunities for those who otherwise don’t have access to a stable fiat currency, banking, loans, and automatic bill payments.

Health care and Gaming

There are a number of other areas that hold a lot of promise but health care and gaming stand out as key areas most mentioned by respondents. Health care because of its potentially life-saving impact for patients by
making their information more available to caregivers while gaming is seen as an area of opportunity because gamers fit the behavioural profile of first adopters for blockchain technology and blockchain can help create a real scarcity of special items in an online game (whether an MMORPG or
digital trading card game) and promises a more immersive experience for the user.

Supply chain

In the supply chain, it will make it easier to keep track of a certain product from the beginning of where the materials originated from to the end process of being delivered to retail. Keeping them verified under a secure, immutable encrypted ledger makes it easier to track quality and trace problems in the manufacturing.

Real estate industry

In the real estate industry, it will make the transactions of handling the title of a certain property be it residential or commercial much faster in a verified smart contract which will create an easier way to trace the signature without any need to go into escrow. It goes straight from seller to buyer without the need for a middleman.

The challenge in the blockchain technology is how we can bring about global scalability to empower individuals in having their identity protected is also an application but idealistic. – Kristine Mallari

Blockchain has captured a lot attention both in private and public users. The growth rate is undoubtedly growing at a rapid pace with multiple startups and organizations working tirelessly to make blockchain adoption for all. The technology is ground-breaking one and is changing every sector of the global economy.

Many investors are interested in exploring the scopes of blockchain and they are also investing in startups or organizations that are using blockchain to solve problems.
The blockchain is an open source and provides equal opportunities for anyone to improve and implement it in their system.

READ MORE:

South Korean Crypto Exchange forced to update terms and conditions to accept liabilities for hackers.

Bitcoin passed an interesting milestone, surpasses one million daily active addresses.

Above $9,300: Bitcoin’s price prints 13- month high on sunday, june 16th.

Bitcoin Startup Bitrefill ready for expansion, raises $2 million funding.

Europol ready to tackle Crypto Crime by developing serious game to teach law enforcement officers.

Credit: Wikipedia.

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