Blockchain– The technology of trust. Blockchain applications have the potential to change the way we transact, interact with the government, and verify the authenticity of goods, ranging from land to vegetables. It combines the power of the internet with the security of advanced cryptography to provide a faster, safer way to verify key information and establish trust. Originally devised for the digital currency, the tech community is now finding other potential uses for the technology. Blockchain, at heart, is a record of transactions. These transactions can be any movement of money, goods, secure data, or assignment of a government ID number.
Key
Characteristics of Blockchain Applications
Consensus – All participants in blockchain must agree on a
single data value to prove the transaction to be valid.
Provenance – Participants of blockchain know the origin of the
asset and how its ownership has changed over time.
Immutability – No participant, even not the administrator of
blockchain can tamper with a transaction once it’s been written to the ledger.
Finality – Shared ledger provides a single place to
ascertain the ownership of an asset or the completion of a transaction. Also,
it is the affirmation that once the transaction is recorded, it cannot be
changed or reversed.
List
of blockchain application
Land
Registry
- Insurance
- Voting
- Ride Sharing
- Food
- Patient Data Management
- Drug Traceability
- Commercial Financing
- Trade Financing
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