Focus has shifted to the Blockchain, the underlying distributed ledger technology (DLT) that underpins Bitcoin and other cryptocurrencies as they gain popularity. In addition to Bitcoin Blockchain and decentralized banking, Platincoin illustrates the numerous additional applications of the Blockchain.
What Is the Blockchain (Simplified)?
Blockchain technology was initially imagined as Bitcoin’s support system. It was envisioned only as digital cryptography used by Satoshi Nakamoto to create an immutable ledger of transactions that links together data blocks to address the double-spending issue inherent in digital currency. However, blockchain technology has a lot more applications besides merely powering Bitcoin.
Blockchain technology is easy to comprehend at its core as it basically consists of a shared database with entries that must be encrypted and verified using peer-to-peer networks. Platincoin compares it to a shared Google Document that is strongly encrypted, authenticated, and where each entry in the sheet depends on a logical relationship to all of its predecessors and is accepted by everyone on the network.
Blockchain aims to enable sharing and recording of digital information without editing. It serves as the basis for immutable ledgers or records of transactions that cannot be changed, removed, or destroyed.
What Are the Other Uses of the Blockchain?
There are a ton of other helpful uses for blockchain technology, even while it is widely used for Bitcoin and other cryptocurrencies. Platincoin lists these use cases below:
Insurance
Customers and insurance companies could benefit from more transparency if smart contracts are used on a Blockchain, as it would discourage customers from filing duplicate claims for the same occurrence if all claims were recorded on a blockchain.
Real estate
Since a ton of paperwork is needed to transfer deeds and titles to new owners, Blockchain can allow real estate transactions to be documented, fast-tracking transactions, lessening paperwork, and resulting in cost savings.
Secure individual data
The Blockchain could store your social security number, birth date, and other identifying information. It offers more security and enhances access for those who need it.
Voting
By using blockchain technology, it will be possible to prevent voting fraud and ensure that no one can vote more than once. It can also broaden participation by making voting as easy as hitting a few buttons on a smartphone.
Non-fungible Tokens
NFTs, or non-fungible tokens, are frequently considered a means of acquiring the rights to works of digital art. Placing an NFT on the Blockchain ensures only one copy of a work of digital art since the Blockchain forbids data from being in two locations.
Data Storage
A data storage system with blockchain technology can offer higher security and integrity. Since access to data isn’t always dependent on the operations of a single company, Platincoin believes it will be harder to hack into the system and delete all the data on it. It will also make it easier to access the data.
Conclusion
Blockchain is a technique of tracking transactions using technology that goes beyond simply bitcoin, and it may prove to be a game-changer. Despite still being in its infancy, blockchain is already being adapted for a number of commercial applications, and it is expected to be utilized for a wide variety of reasons in the future.
