Blockchain is a registry distribution technology in which the entire chain of transactions and the list of participants are stored on personal computers by a large number of independent users. Even if one of the PCs fails, the data does not disappear.
Where is blockchain used?
Blockchain technology is rapidly improving not only in the cryptocurrency industry, but also in many other fields that seek to reduce costs, increase productivity, and abandon outdated data structures.
Identity management services allow users to transfer information to the blockchain, forming a digital identity. An extensive set of tools becomes available for people to store:
- passport data;
- marriage certificate data;
- driver’s license;
- nicknames, passwords.
With the help of blockchain, it is possible to determine what data to share and to which of the users it will be available. Also, by identifying your identity once, it is possible to authorize in other services without having to enter the same data again.
Copyright infringement is a significant problem in creative fields: painting, music, cinema, books. With blockchain, authors can validate and protect copyrights. In addition, the technology allows to secure storage and promptly update data about any objects.
Smart contracts are an algorithm that allows the execution of auto-executable contracts on a blockchain. Smart contracts are used in trade transactions and ensure that money is transferred only after each party to the transaction has fulfilled all its obligations.
Internet of Things
A category of devices capable of exchanging any type of information with each other to form a network of interaction. The use of blockchain provides a guarantee of data security.
Voting on the web
Blockchain allows governments to organize a voting system on the web. Residents of a state need to authorize in the service, give their vote to an elected candidate. Blockchain records the procedure performed creates a registry of votes, which are counted at the end of voting. Every voter can verify their vote and make sure the votes of other citizens are counted correctly.
Startups like Obsidian use blockchain to securely send information in chat rooms, social networks. The technology ensures the confidentiality of user metadata: email, phone number, another identifier.
DDoS attack prevention
According to Kaspersky reports, the duration and complexity of DDoS attacks increased significantly. The number of attacks on platforms running ICOs has increased.
Blockchain startup Gladius is developing a project to create a decentralized peer-to-peer network that operates without a main server. Users will be able to monetize the unused bandwidth of their own Internet networks, combining them into a decentralized CDN.
Casinos, computer games
Blockchain technology is used in gaming software:
- Etheria. A virtual world where users tend to grab cells of the playing field, exchange them for blocks, build different objects on them. All information about the world and its state is stored in a blockchain.
- FirstBlood. The platform allows cyber athletes to challenge each other to duels in different gaming disciplines. Users place bets, judge games, organize tournaments and receive awards. The platform uses its 1ST token, applies smart contracts to process match outcomes.
- Etheramid. A cryptocurrency pyramid that awards users points for each invited participant. A total of 7 user statuses are provided. The higher the level, the higher the income.
Some casinos and gambling clubs accept bets in popular cryptocurrencies or use their tokens for betting.
Governance of government, commercial organization
Blockchain technology is not only used to increase the transparency and integrity of political structures. There is an international nation BITNATION, which exists only in the Internet space. It has its own residents, ambassadors, partners, and offices in different countries.
Another good example is Advocate, a platform for facilitating the interaction of state residents with government representatives. The project helps citizens and managers of local government agencies.
Blockchain is used to improve governance within firms. Platforms Otonomos, BoardRoom, Colony aim to automate the processes by which organizations are formed, financed, and managed.
Energy Blockchain Labs – uses blockchain to create value in the energy sector. The company was founded in 2016 by three experts in the energy and financial sectors. Energy Blockchain Labs works on innovative solutions, simplifies the process of trading energy resources.
Guessing the order of cryptocurrencies is impossible. Because of this, blockchain technology is considered the best option for transactions related to trade, data exchange.