What can you do with blockchain technology? The following are some lists for what can blockchain do. Financial institutions have funded countless industries in the last 30 years, they think that revolutionary technology can do in this long-running system.
To counteract changes, many banks have acted proactively by forming Research. Development, testing centers, and establishing partnerships with blockchain developers to understand the potential of this technology.
Financial institutions became the first to deepen, but academics, government, and consulting companies have also studied this technology.
All of these efforts have not been mined by what is done by entrepreneurs and developers.
whether looking for other ways to use the blockchain bitcoin or Ethereum or creating a new blockchain.
This has been running for three years and the results are starting to appear. Although it’s not too clear in all fields, below is what can you do with blockchain technology:
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- 1 Blockchain explained
- 2 How does blockchain work
- 3 What can a blockchain do?
- 4 What can blockchain do for the food industry?
- 5 What could blockchain do for healthcare?
- 6 What can blockchain do for business?
- 7 Conclusion
Blockchain is a new technology that refers to a database that can be shared across computer networks. When a new record has been added to the chain, it will be very difficult to change.
The computer network in the blockchain will do a constant check to make sure all copies of the database are the same. Blockchains technology is widely used in digital cryptocurrency currencies such as Bitcoin, but there are still many other uses that may emerge.
Blockchain technology comes earlier than cryptocurrency. First made by computer scientist Stuart Haber and physicist W. Scott Stornetta in the early 1990s.
At that time they used cryptographic techniques in the blockchain as a way to secure digital documents from data interference. Their efforts later inspired the work of many computer scientists and other cryptographic enthusiasts. Then came Bitcoin, the first decentralized electronic money system. Or the first digital currency.
How does blockchain work
How the blockchain works in cryptocurrency, through several processes in which the blockchain consists of a stable blockchain. Each block keeps a list of transactions that were previously confirmed.
The blockchain network is coordinated with various computers spread all over the world. This network functions as a decentralized database. And each participant (node) keeps a copy of the blockchain data and communicates with each other to ensure that they are all in the same block.
How does blockchain work following the rules that are part of the process of recording transactions in the blockchain, some of these processes are
Step one transaction is recorded
When a transaction occurs from two parties, the list is recorded including a digital signature.
Step two Details Transaction records are then checked by the network
All computer nodes check the trading details to ensure their validity.
The third step added the block
Detail Records received by the network and confirmed their validity are then added to the block. Meanwhile, a hash is a unique code that is in each block.
Step Four Blocks are added to the blockchain
The hash code connects the blocks together in a network in a specific order.
What can a blockchain do?
Blockchain technology in the future is still possible to develop in terms of its use. What can be done by Blockchain today is still possible to continue to change in the direction of changes in technology development.
The following are some of the things that blockchain can do.
Form a digital identity
For identity components, this technology is done through the use of cryptographic keys.
Combining a public key and private key will form a strong digital identity reference based on ownership.
the public key is how you are identified in the public (such as an e-mail address), while a private key is how you approve in digital interactions. In the blockchain revolution, criticism becomes a very important part of a force
Acting as a record system
The blockchain is an innovation in information registration and distribution.
Which in this case can be sampled to record static data (registration) or dynamic data (transactions), making it an evolution in the world of recording systems.
In the case of registration, data can be stored in the blockchain in three ways:
- Data is not encrypted – can be read by each blockchain and is very transparent
- Encrypted data – can be read by blockchain with a decryption key. The key provides access to data on the blockchain and can find out who added the data.
- Hash data – can be presented close to the function that makes it show data not tampered with.
Generally, blockchain hashes are done in combination with original data stored outside the chain. For example, digital fingerprints are often hashed on the blockchain while the main part of the information (finger) is stored offline.
Such a joint record system can change the way different organizations work together.
As large as an operational cost at this time by using a personal server, for transactions involving processes, procedures and cross-checking records can be replaced with this technology
The features of the database have their own history. Because of this, they are known as immutable. In other words, it is very difficult to change entries in the database because it requires changes to all data that comes after it, at each node.
In this case, blockchain is more of a recording system than a database.
Serves as a platform
The first platform that emerged and was developed using blockchain technology was Cryptocurrency. Today, they are changing the idea of a market cryptocurrency platform into a platform for smart contracts.
Smart contract itself can be divided into several categories:
There was a smart contract like a vending machine in the 1990s made by Nick Szabo.
This is caused when the machine works after receiving an external input (cryptocurrency) or sending a signal that triggers the activity.
There are also smart legal contracts or some people call them as Ricardian contracts.
This application is based on the idea that a contract is a meeting of various thoughts, which results in anything that is approved by the parties concerned.
Therefore, a contract can be in the form of a combination of verbal agreement, written approval, and also some useful aspects such as timestamp, token, inspection, document coordination, or business logic.
There are also several smart Ethereum contracts
This program controls the blockchain assets, executing interactions made on the Ethereum.
What can blockchain do for the food industry?
Blockchain technology has attracted more time and tried to apply in various fields of industry. One of the hot topics is blockchain in the food industry.
From the results of several Blockchain, dissertations can bring about transformative change in the food industry space. With the placement of the blockchain in the food industry circle, there immediately builds a framework of trust and transparency and the food industry.
There are many benefits taken from there. For example, consumers can easily track the source of their products if they need this data source. Grocery stores can identify their inventory, so shippers can easily identify whether trucks are stocked.
With these benefits, the blockchain distributed ledger technology can offer to the food industry.
What could blockchain do for healthcare?
Blockchain technology in the field of health care has the potential to transform health care. In the world of health, it can be utilized to place patients in the health care ecosystem. In addition to increasing the security, privacy, and interoperability of health data.
This technology can provide a new model for the exchange of health information. Utilizing the blockchain to make electronic medical records more efficient, not integrated, and secure.
Although this is still just a general discourse. This rapidly growing new field provides fertile ground for experimentation, investment, and testing in its application in the health care field. Immutable data underlies the concept of applying the blockchain in the health care field.
What can blockchain do for business?
Blockchain in business has become an interesting discourse for all people. And therefore many applications for business development are built on the blockchain.
The application offers a variety of solutions to improve your business. Here I underline there are 5 important points in using technology to increase business income;
Use Smart Contracts
Smart contracts are self-executing contracts that are provisions that have been written in code so that they will run autonomously. An intelligent contract is an automatic program without stopping and without outside interference. This can ensure that all parties to the agreement do what they should to do.
With that ensure you get paid after you give at the end of the transaction. So that helps increase your business income. Simply put, smart contracts are tools that can be used when you do business with jerks, people you don’t trust, or people you don’t know.
Cloud storage will be a useful application to improve your business. One example is the Storj application, a company that offers secure cloud storage while reducing dependency.
With cloud storage, this can increase revenue streams for users. Besides that, it significantly reduces the cost of storing data for companies and private users.
Supply Chain Communications & Evidence
In some companies, most of the items to be purchased are not made by one entity, but by the supply chain that sells their components. The problem that arises in this system is if one of these components fails’ the brand takes the burden of backlash.
Thus using this technology application, it can provide audited digital recordings that show stakeholders the state of the product at each value.
Provenance and SkuChain are examples of companies that are trying to solve this problem.
Because blockchain has been applied to cryptocurrency, to be able to save on transfer costs, that it can be used as an application to provide compensation to employees.
Bitcoin-based payroll services will avoid the expensive fees associated with international money transfers. Payments made through Bitcoin save both money and time for employers and employees.
Delegated Proof of Stake (DPOS) is the fastest, most decentralized, most efficient, and most flexible consensus model available.
DPOS can resolve consensus issues fairly and democratically by utilizing the power of stakeholder approval voting.
All parameters adjust through selected delegations in the network, from the cost schedule to the blocking interval and transaction size.
Blockchain technology is the technology of the future that can replace banking technology currently in use, developers of bitcoin technology are increasingly competing to make this technology better and become the world’s financial choice.
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