Block Chain Technology, one of the most ingenious inventions, is an online transaction industry after bitcoin. The inventor of this technology is Satoshi Nakamoto. The gradual increase of this technology in the online world has given a trend for early adoption. Now, more people want to know about this new technology.
The best benefit of this technology is that it allows digital information to be distributed but does not allow to be copied. I can say that this new technology created a new structure for digital information transaction. With the increase of theft and corruption on an online transaction, the researchers are also finding some other applications of this Block chain technology to help the world move faster in this century.
The definition of this new invention as described by Don & Alex Tapscott is the block chain is non-corruptible digital ledger entries of financial transactions that can be programmed to record. The author of Blockchain Revolution also said that it will be used for recording everything in future. The best features of this new technology are its transparency for public view and incorruptible to save the people from future scams and frauds.
Now, after the completion of Blockchain technology definition, we should move towards its current and future applications in the tech-world.
Keep up to date with the newest applications of this technology by following http://bitcoinexchangeguide.com . For now let’s start.
Applications Of Block Chain Technology
Before beginning the topic of this new technology application, the first thing which comes to my mind is that this new invention gives power to the people to create value and authenticate it with the use of this technology.
When particular conditions are fulfilled in the BlockChain Technolgy installed system, and then distributed ledgers enable the coding of simple contracts that will execute automatically and fulfill its requirement.
Crowd funding companies such as Kick-starter and Gofundme are creating a higher level system for a peer-to-peer economy to promote crowd funding efficiently. The main reason for these sites popularity is that customers are selecting which stuff do they want in the product or what don’t? Block chain technology helps these companies to create crowd-sourced venture capital funds easily.
Auditing Of Supply Chain
Today, the customer wants to know every detail of their product manufacturing which is he consuming every day in his daily life. To help in this area, distributed ledgers are checking the trustiness of various companies who are following ethical and eco-friendly ways to create the product.
The added benefit in share settlement method in stock trading creates a strong case for the use of block chains. When peer-to-peer transaction executed in any block chain stock trading system, then the confirmation of trade becomes instantaneous instead of three days delivery time.
Land Title Registration
With the use of this new technology, all digital ledgers can be accessed publicly. It helps to keep all record effectively. Through this invention, it is easy to find any kind of government scams and frauds. Right now, Honduras is the first country which takes the initiative to start this program in their Land title registration system. Sweden also announced that they are also experimenting with this new technology in their real estate industry.
AML And Know You Customer
The block chain technology has a huge potential in Know you customer (KYC) and anti-money laundering (AML) practices. Currently, many financial companies are performing a high needed labor multi-step process for every new customer acquisition. With the application of this new technology, financial industries can reduce lots of money in verifying the customer information. A new venture Polycoin already starts providing these services to financial industries and businesses.
Management Of Data
In future, we can observe that users will have the capability to sell and manage their data easily through this new technology. For the selling purpose, the most commonly used online currency Bitcoin will be used for such transactions. Currently, MIT is conducting a project named Engima on this kind of Data Management.
These are some of the applications of Block Chain technology in the current scenarios. If you have any doubt in understanding this concept, then you can ask us by commenting below.