Where Can Blockchain Be Used? Part 2: Personal
By Blockbuster Blockchain on Altcoin Academy
In the last article, we looked at how blockchain technology can be used in different business sectors. Taking a different perspective, for an individual, one of the biggest advantages of blockchain technology is that privacy is very heavily protected. Everything is encrypted so your anonymity can be guaranteed when needed and you can safely either grant or deny access to your information. You might even feel safe to upload very personal data such as your passport information or national identification card because it is so secure. It is also possible to set a smart contract so that a particular line of actions are processed once the conditions are met. In this article, we will explore how such advantages of blockchain can be utilized by individuals.
1.Digital IDs
In such a globalized world, internet access is available from almost anywhere in the world. However, when we look at the current situation in each country, some government systems do not allow sensitive personal data, such as national identification number, to be verified online. For example, it is possible to communicate with people from other countries on the Internet, but personal information can not be obtained from it. Or, at least, it is impossible to verify if the data is legitimate. There are not many ways to distinguish whether it is real or synthesized, even if you send your ID card or documents to a photo. Of course, considering the lack of security online, it can be a great advantage that this personal information is not lying around. But this can sometimes be a big barrier. There are a lot of cases where people are hesitant to verify their identity because they are afraid that their personal information would be leaked once it is online. For example, I could have a great business idea and be looking for investments from abroad. Now, I would be in a dilemma of risking my personal information or not getting the investment I need. These problems can be solved with block-chain technology. Currently, Microsoft is trying to introduce a Digital ID system using block-chain technology. This will only allow access to the desired targets and allow secure identity verification.
2. Transfer Ownership
When an individual buys or sells land, housing, or property he or she is required to transfer ownership. Until this happens, the transaction cannot be complete. However, in order for these transactions to take place, you must sign a paper and either digitize them or keep the physical copy. If blockchain technology is applied the need for physical contracts for transferring ownership no longer exist. Rather than having multiple steps to the trade, you can store all of the necessary terms of the contract and information on your network, allowing transparent viewing and presenting a clear picture of legal ownership. When all the conditions stated in the contract are met, the ownership will be passed and there will be no confusion over the ownership once it is over. This prevents fraudulent crimes and eliminates the need to worry about the delayed transfer of ownership.
3. Food Safety
Another interesting use of blockchain technology is to trace the food that is currently on the table from its origin. The most important thing in modern society is to make sure that the food that we are eating is environmentally friendly or safe. Of course, in the supermarket, there may be a label “organic” and it can be promoted to be very fresh. If you are an ordinary person who does not have special knowledge about food, there is no way to know if the market is lying or not. So, is the food you’re eating really made of the ingredients you want? To confirm this, we can track food shipments from its origin to supermarkets using a data storage system with blockchain technology. Especially if you eat food and get sick, you will be able to quickly identify the source of the source and get the right treatment.
4. Inheritance
The death of a loved one is always sad. Death, sadly, is not only an emotional burden but also includes a lot of paperwork. It is, of course, important to mourn the death of loved ones and stay with them until the end, but I think it is also very important to accurately identify and execute the messages they left before passing away. Inheritance and wills will almost always be part of this process because there is always a connection between death to property. Some people take advantage of peoples emotions and that is why there are many frauds related to this. Even within the family, fighting amongst the left ones is also frequent. If you use blockchain technology, one can easily solve the last problem of his life without worrying about this. Rather than writing easily removable posts, you can create and store digital contracts on a blockchain network. It is also possible to set specific criteria in this process. For example, if you think your son is too young to inherit your property, you can set it up so that property is transferred automatically when he becomes 20 years old. Through these agreements, the message will be clear and legally binding, and there should be no confusion about who gets what assets.
5. Secure Data Backup
Using blockchain may be the perfect way to back up your data. Currently, many devices and online identities are using cloud storage. These methods are designed for data storage but can be very vulnerable to hackers or infrastructure issues. Many celebrities suffered from their photos being leaked through hacking. To avoid these problems, you can use the data in the blockchain as a backup source for the cloud data center or as a backup location. If you do this, it will be more secure and will keep your personal information safe.
Through this article, we looked at where individuals could use block-chain technology. In the next article, I will explain that block chains can also be used by public authorities.
Writer: Yunsoo Kim
Re-(E)Think, COO | RichValley, Inc. Director | Yale NUS ’23
