Before now, whenever I hear about blockchain technology, the first thing that comes to my mind is bitcoin, and just like I quite a good number of people also have this same misinterpretation about blockchain technology
Later found out that I was wrong about my opinion as they are more to that when it comes to blockchain technology.
Move down to read more about blockchain technology and its application.
Introduction to Blockchain technology
Information is one element that makes most activities carried out in an organized system more efficient, trustworthy and reliable, but what happens when there is an illegal tamper in such information? In this case, when such information is not safe, it could lead to backwardness and inevitable losses, and this brings me to ask this question -how best can you safeguard this information to make it fraud-free and legit? Now, this is where Blockchain technology comes.
What is Blockchain technology?
For a concise understanding, Blockchain technology is an online distributing system that stores information for public purposes. Blockchain technology is dependent on an interconnected block of data (I.e. peer-to-peer network) which is open and accessible to everyone without the involvement of a third party or centralized.
With the application of blockchain technology, any person can have easy access to any form of information that they need without going through the authority in charge, which also means that there will be no room for fraudulent/ false information since no one can change any information in the system without the others being unaware of it.
Blockchain technology is like a digital ledger where records of information and interactions are stored and put down with all the details that accompany such information for easy and accessible reference.
In what aspect is this blockchain technology needed the most?
Research has revealed that blockchain technology is a valuable solution to centralization. The technology is needed to decentralize the centralized system of storing information that makes it possible for everyone to partake in maintaining and updating the ledger containing the information, which makes it practically impossible for anyone to falsify.
What are the advantages of using blockchain technology?
It won’t be so good to talk about blockchain technology without mentioning its advantages in this present time, and some of these advantages include;
1. It saves time and money
2. Reduces risk
3. It assures authentic information
4. Reduces the stress of going through a third party
5. Reduces insecurity and encourages transparent
What are the applications of blockchain technology?
Before now, I honestly thought that blockchain technology is only applicable in the finance sector in cryptocurrency (Bitcoin), but as the world evolves, the application of blockchain technology has gone beyond cryptocurrency and here are some of the application;
1. Cryptocurrency: With the aid of blockchain technology in the finance sector (cryptocurrency), information and details relating to the transaction and exchange between two or more parties can easily be stored, tracked and recorded to avoid any trace of fraud or mismanagement.
2. Hospital: In a situation/condition where blood transfusion is needed to save a life, it could be hard to get donors for a particular type of blood group that are usually rare, which means that a third party like a blood bank will have to be visited to get the blood needed but with blockchain technology, a public ledger which contains a list of places where different types of blood group can be available, and this ledger can always be updated and accessed by anyone, so instead of consulting a third party you can directly go to the public ledger, and get the right blood group that you seek.
3.Real estate: They are a lot of risks involved in real estate, and often time if one isn’t careful you can be scammed of your hard-earned money when you don’t have the authentic information and details of the property in question, but this type of problem can be prevented from occurring with the aid of blockchain technology.
With blockchain technology, a public ledger containing all the details of the property like the property agent, landlord, previous owners, current owners etc. will be created. This public ledger can be accessed by the buyer and you can be assured that the property is authentic.
In conclusion, blockchain technology as a fast-rising technology trend has proven to be a potential solution to the fraud and corruption that we face in our society.