Major Applications of Blockchain Technology — Part Two
Published in
3 min readJun 19, 2019
- Real Estate
Using local real estate agents to buy and sell properties makes the land recording fragmented. Also, a centralized listing service (as an alternative) is hard to achieve. In contrast, while we can keep current fragmented listing data, blockchain significantly improves the search process. It also gives more accuracy in the due diligence process. - Media and entertainment industry
Through a blockchain-based platform, content creators (writers, photographers, artists, video makers, etc.) can reach their audience and sell their contents without needing third parties which in this case are big media companies. Content distribution becomes faster, simpler, more secure and less expensive both for content creators and customers, and the current monopoly of media distribution can be broken. - Management of Inter-organizational Documents and Information Blockchain technology has revolutionized the way information is gathered and recorded. In fact, more than being a database, a blockchain is a system of record keeping management. We have seen the compromising of systems that led to changes of data many times before using the blockchain technology, this information will be immutable that even the strongest hacking systems in the world won’t be able to make changes in the database without being noticed. Easy management of documents and the decrease in various kinds of fraud are instances of these technological advantages.
- Management and Personal Identification
There are many people who fake or change their identity and commit unlawful activities. If by using different methods, people’s identities are determined and stored in a blockchain, we will never witness such a misuse. The cryptography used in technology, have created new ownership rights that are forming interesting digital relations. In fact, blockchain has created a new opportunity for creating a strong system of ‘digital identification’.
This is due to the fact that blockchain has not been created on the basis of user accounts and licenses that are made available via user accounts; this is a ‘pull transaction’ and ownership of private keys which means the ownership of the digital assets. These conditions provide a safe and new way of management for people’s personal identity in the digital world: no one shares their personal information more than it is needed. - Election
In a centralized world, security is never guaranteed. It means that hackers can penetrate into election systems and change the results. By using the combination of the PoW mechanism and the cryptographic technology in the blockchains, we are able to overcome such problems. - Using Blockchain in Stock Markets
Another way to look at cryptocurrencies is to consider them as securities or bonds. This means by creating a unique digital identity for cryptography keys, a special form of ownership rights is formed (for example these codes can own or be owned). The ownership of these codes can be introduced as a shared, physical commodity or any other modes of an asset. Using blockchain protocols, these rules can be turned into codes. - Humanitarian aids
Recent researches show a common distrust among the public toward charity organizations. Blockchains’ transparency will bring back the public’s trust and will lead to donations for projects and programs that will benefit everyone. - Independent Organization
Bitcoin itself is an example of an independent government or in other words a ‘DAO’ (Decentralized Autonomous Organization). Blockchain technology has made it possible for management models to be digitized. Whenever there is a disagreement between a network’s users and shareholders, by voting among the members, an appropriate route for a collective decision can be taken. Ethereum has introduced new features in this area. Considering past records, it seems like the implementation process of such organizations should still be reviewed and corrected even more closely. - Internet of Things
Current networks cannot guarantee complete security. With blockchains, however, it can be almost certain that physical objects that are controlled by blockchain, will function correctly even in the face of subversive manipulations. All mentioned blockchain use-cases allow people to secure their digital interactions in a way that was not possible before. People’s financial and personal data is gathered, secured and stored in a different way from the past. By automatizing and smartening through smart contracts, digital interactions can be fundamentally changed.
