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Blockchain: The Applications Of Today And The Future

Blockchain is an incredible technology that is revolutionizing the industry. We already have some tastes, but the future will be great. The birth of the Blockchain can be traced back to 2009, when Bitcoin, the best-known cryptocurrency in the world, was born. Bitcoin was the first distributed ledger system that inspired companies and developers to create new ones, reaching the most disparate topics. 

The Blockchain is like a decentralized ledger made up of blocks; the information travels from block to chain. At each step, there is an autonomous check that validates the validity of the operation. Therefore, technology allows for the first time to have a decentralized, digital, and reliable verification system, which places it on the podium of modern revolutions.

The Birth Of The Blockchain

The birth of the Blockchain takes place according to some well-defined moral and scientific principles:

  1. Decentralization: the travel of information on several decentralized blocks allows for more security;
  2. Traceability: every movement on the Blockchain is traceable and traceable to real persons – natural or legal -; this allows you to avoid unpleasant pleasantries that could embrace illegality.
  3. No intermediary: no third party to mediate the negotiation between two parties, allowing, for example, a safe, direct, and low-cost transaction.
  4. Total transparency: Every movement on the Blockchain can be consulted by anyone. The fundamental element is to know the key of the operation that allows you to view the journey and the topic of the Blockchain.
  5. Immutability: the operations carried out on this technology are immutable. Therefore they allow the insertion of clauses – in the case of smart contracts on the Blockchain – and do not provide for fraudulent changes.
  6. Programmability: each operation is programmable, and it is possible to start operations based on the input received. For example, in the case of smart contracts, it is possible to receive an additional sum of money upon reaching a preset goal; think, for instance, of player bonuses.

Given the founding principles of the Blockchain, we can start thinking about future (and some already current) applications.  For example, there is already talk of e-wedding or the possibility of getting married without the need to contact a priest or the mayor. The official marriage would take place without an intermediary.  But in addition to this excellent application, let’s see some application examples already present and the medium’s potential.

Verification Of The Authenticity Of The Jewels

When we talk about jewelry or precious stones, we must understand how many counterfeit products are in circulation and sold as if they were real. Diamonds, above all, are among the most counterfeited valuables. Still, with the Blockchain, trace each diamond extracted and make the process that brings the diamond from the mine to the jewelry available for everyone to see. It is possible to analyze the extraction, processing, and marketing process, observing its real value without incurring potential fraud. 

Buying Real Estate All Over The World Online

A platform called Rex allows everyone to buy properties worldwide from the comfort of a PC or smartphone. This is because the contract that verifies the purchase takes place via the Ethereum platform, an immutable blockchain that guarantees ownership after the transaction. In this way, we could say goodbye to intermediaries and save time and money on purchasing the property. However, such an application is only in its infancy, but it is incredible to think how, in the short term, we could buy a property with a simple click.

Digital Voting

A thorny issue is digital voting. We are used to showing up in the voting booth to vote, but what if we could do it from home in the future, legally and straightforwardly? Blockchains are being discussed, allowing citizens to vote digitally without physically presenting themselves to the polling stations. Before seeing the digital vote, however, there is a need for a platform that records the vote univocally, prevents it from being falsified, and guarantees the uniqueness of the single voice. 

Blockchain, Potential, And Future

As we have observed, the moral and founding principles of the Blockchain are, at least on paper, deontological and ethical. We can already have a taste of applications of this technology, such as seeing the origin of the foods we put on the table every day. But if we are already discussing weddings and real estate purchases without intermediaries today, what could we do on a blockchain network in the future? We already have some ideas. An example could be the complete digitization of documents to make it impossible to falsify or manipulate people’s identities.

Or we could monitor production processes in companies like ours and validate portions of code so that our applications are unique and safe from possible theft. Many companies already use the decentralized system, bringing enormous benefits in economic terms and reputation. We have already seen how companies apply technology. We care about the world of Blockchain, and we already work with our partners to develop applications for this technology.

Also Read: MORE EDGE COMPUTING IN THE FUTURE OF THE AUTOMOTIVE SECTOR

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