Blockchain is certainly the way to go in the future as its usage will definitely surge in the upcoming years. What makes it stand out is the fact that it is decentralized, distributed as well as public, which means the transactions that take place are witnessed by multiple people. Blockchain is a potential accelerator of security and privacy of the various domains it is integrated into. The scope of blockchain implementation is a crucial and fast-growing field in computer science. Here are some of the prominently discussed uses of blockchain in today’s modern computing world.
IoT plays a vital role in modern computing platforms to reduce the human effort. The use of Blockchain in IoT helps to increase the security of the device. In larger IOT incorporating corporations, the embedding of Blockchain in their IoT products is of the optimal necessary. The implementation of blockchain in IoT enhances the immutability of the record-keeping data of the device as it is a decentralized phenomenon. Traditional IoT systems are based on a centralized architecture, with the implementation of smart contracts in blockchain will enable safe functioning of the device.
2. Payments and Transactions
Smart Contracts and ledgers are highly used in this domain as it requires unparalleled security features. Blockchain facilitates the transactions on various monetary banks and panels. Many large scale banks have shown their interest in blockchain-based solutions for maintaining security. Specifically in FinTech institutionalized industries need the features of blockchain to provide transparency on fee payments, faster processing ability, etc. by connecting to a blockchain network.
The insurance sector is a vivid sector for deploying blockchain applications. The immutable ledger methodology of blockchain is evidently used in insurance. The new methods have replaced the orthodox processes and have built new secure and trusted business models that have some specific requirements to maintain security. It has helped to enhance many areas of insurance companies like logistical costs, risk management, digital medical record tracking, insurance employee recruitment procedures, etc. With blockchain, it is also possible to prevent and detect insurance fraud which reduces the risk of infringement from attackers.
4. Security management
Blockchain plays a consequential role in maintaining and enhancing the security of any organization. Blockchain networks like ethereum provide methodologies for archiving records to store securely. As the volume and variety of data increases, the challenge of maintaining data integrity increases enormously. In blockchain technology, a ledger is used to record transactions in multiple computers. So if anyone tries to tamper with the information in any part of the blockchain, the subsequent blocks will be changed and the
Cryptocurrencies use blockchain to record transactions. Some famous examples of cryptocurrencies that use blockchain are Bitcoin, Ethereum, etc. Blockchain’s primary goal in the process is to supervise the uniqueness of the monetary transactions taking place. Blockchain is the platform that brought in the concept of cryptocurrencies in the market. The concept of distributed ledger is used in cryptocurrencies like Bitcoin that focuses on the security of the currency. A consensus agreement is available with all the parties to maintain the decentralization angle of the blockchain technology. Also there is no centralized governing body.
6. E Voting
Blockchain provides an extra level of security, scalability, and transparency in the voting systems. Blockchain-based implementation of storing the voting results increases the voter’s reliability and catapults the security to the zenith. The ability of blockchain to store a sequence of records similar to a linked list data structure gives the ability to use it into enhancing the security of the E-Voting system. Smart contracts are a highly regarded concept in blockchain that is used as a digital contract between the client and the process, which is the driving force of blockchain used in E-Voting systems.
Cloud computing is driving an enormous amount of internet applications, services and data records for this century. The blockchain-based cloud computing/storage systems can be called as the future of the cloud computing industry. A decentralized Blockchain-based cloud system provides traceability and increases transparency off the organization. It is also helping many businesses to conduct safe transactions, connect different organizations by using the blockchain network, etc. Due to the blockchain ledger’s incorruptible nature it is also used to enhance the security, scalability and resource optimization at the same time.
The major uses of blockchain in healthcare are for scientific purposes in healthcare and healthcare record management. It improves the transparency of the records and backbones the structure of the system. Blockchain in hospital management requires the safeguarding of the personal information of the patients. So this can be achieved easily with the help of blockchain. It will particularly alter data management applications in fields like electronic health records, critical IoT monitoring devices, insurance claims, etc.
So Blockchain is consistently improving and integrating various domains of computing industry to produce a secure, transparent and at the same time dynamic future for the world. There is a requirement of the technology that provides the utmost security and reliability and at the same time be applicable in as many realms as possible, blockchain suffices on all of the above-mentioned criteria.