where can the blockchain technology be used?

Blockchain existed for almost 3 decades, it was published in 1992 as a research paper. For a very long time, it remained in cold storage as the world was adopting new databases like companies like oracle and sun microsystems. Blockchain technology made a big splash in 2008 when bitcoin was introduced in circulation using blockchain technology. In all these years since millions of bitcoin are mined by individual and large bitcoin farms. The price of bitcoin has seen some of the worst volatility seen by a stock or currency. Despite all that people have flocked to bitcoin and recently the price of bitcoin has surged past $50000. Most of the financial and technological institutions and industry experts have mixed views about the future of bitcoin but almost all of them unanimously approve of the use of blockchain technology. Simply put, blockchain technology is a distributed ledger where henry transactions are registered. This transaction does not always have to be financial like in the case of bitcoin they can also comprise of input or output of different components or editing of particular documents or codes etc. These are some of the industries which will be revolutionized by the blockchain in this current decade.

Banking and finance: the most secure way of storing data is in the blockchain where a hacker or malware cannot manipulate those data for the advantage. In case it has then it will have to manipulate the majority of the database simultaneously which is almost impossible without causing alarm from the authorities. The use of a blockchain helps in lowering the transaction time in many institutions. Suppose someone from India wants to buy Tesla stock in the US because of the return that it is giving to its shareholders and the perceived future that the company holds. It will take 3 days for cash transfer to the actual buying of shares. It is long enough of giant fluctuation in prices of stock making it not so lucrative a deal. So a huge amount of money is lost in opportunity cost, which can be reduced using blockchain. Banking and finance are possible for the trust of the system. With the help of blockchain, we can enhance it to a new level.

Currency: traditional currency has a myriad of problems associated with it. It is constantly fluctuating in the market. There is a problem with the supply and demand of a particular currency in the market. All the currencies are tightly controlled by their respective governments which makes them prone to fiscal measures of the government. For individuals to trade between themselves they have to go through all the systems approved by the government which can be cumbersome. Thus there is a universal need for a common currency linking trade and people.

Contracts: traditional contracts involve people agreeing over something and writing it down and marking it with their authority or identification. A smart contract is a code that can be built into the blockchain to verify, facilitate and negotiate between two parties. Since claims from both parties are registered, it eliminates anyone’s sided changes. When contracts conditions are met, the terms of the agreement are automatically carried out. It also helps the contract to take punitive actions against defaulters in case they don’t make their end of the agreement.

Voting: almost all democracies use paper ballots for their voting. In India, with a population of 1.4 billion, it is almost impossible to count all the votes and announce results within the results day. Countries like Estonia have moved to e-Vote but it is still a traditional method of servers for election counties. If democratic countries can move to blockchain technology then they can simply send their citizens links or code to register and vote. Since all the information is in the public ledger three is no possibility of defrauding or election rigging by the authorities.

EyeT Global helps companies develop and automate their technology using blockchain. This ensures companies reliable and efficient technology when it comes to securing their privacy and safety of their data