Blockchain Technology | Guide To Beginners

What Is Blockchain Technology?

Three Pillars of Blockchain Technology

Benefits Associated With Blockchain Technology

Applications of Blockchain Technology

  1. Smart Contracts: Blockchain technology enables the coding of contracts digitally that will be executed after the mentioned conditions get fulfilled. For instance, in case of a warranty claim, payment of derivative in financial markets, insurance renewal and many more, once the claim has been verified, the transaction gets completed.
  2. Identity verification: Online verification of identity can take place in a hassle-free manner via Blockchain. It would also reduce the chances of cyberattacks associated with central authorities, and helps in database management. For instance, Decentralized App based on Blockchain is utilized in Zug city of Switzerland to verify the electronic identity of citizens.
  3. Internet Of Things (IoT): The evolving technology of IoT, which facilitates the interaction in the network of interconnected physical devices with software and sensors along with internet connectivity. The distributed ledger technology can revamp the technology of IoT by combat hacking, providing data immunity against tampering and also the decentralization of control.
  4. Cloud Storages: Decentralized cloud storage like Storj, Sia, Ethereum Swarm etc. can enable the archiving and storage of the files confidentially. Blockchain technology-based cloud storage spaces are also less prone to cyberattacks.
  5. Governance of Financial Institutions: central authorities currently follow a labour-intensive multi-step process for every new customer. Also, one or other day, institutions suffer from money laundering, fake accounts, gambling etc. Blockchain technology has the potential to revive the process of Know Your Customer (KYC) and Anti Money Laundering Regulations (AML). Startups like Polycoin, Tradle are working for AML/KYC solutions.

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Tarulika Jain

Tarulika Jain

23 Followers

Latest technologies like Blockchain, Artificial Intelligence, Internet of Things and many more amuse my mind to read and my fingers to write.