The current EDI sys conducts a vital role in the transfer of electronic business information. Blockchain technology is the next big thing, referred as the Game changer the most important invention after internet itself blockchain applications will enable greater supply chain efficiency than before.
Blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. The transactions are stored in an organized manner called as blocks, while the next transactions are stored in a new block. In the arrangement every transaction has its own timestamp which is secured by a cryptologic process, whereas these several blocks arranged in a logical sequence of transaction piles up to make a chain where. To round it up blockchain is a record-maintaining mechanism.
4 blockchain technology applications that are transforming the society:-
Traditional system caused inconvenience in execution of day to day tasks, here the is list of blockchain applications.
- Blockchain applications in Financial Services
- Blockchain technology applications IoT
- Blockchain applications Documentation
- Blockchain technology applications Identity
Blockchain technology applications in Financial Services:-
Existing system proving to be error-prone and risk of involving third parties causing increased cost, stress and time. Future of blockchain technology introduction will result in cheaper, more transparent and more effective transactions with self-executing, self-maintaining contracts automatically done when terms are met.
Blockchain applications IoT:-
IoT devices are connected to internet and become vulnerable to cyber-attacks, blockchain ledger provides security to this Internet of Things. These devices creates massive amount of data giving rise to problem how to organize and analyze it. Blockchain technology will ensure that information is released and accepted from trusted parties. They grant parties a management platform for analyzing data.
Blockchain technology applications Documentation:-
Smart contracts are digital embedded codes that gives them self-execution. The blockchain technology application not only waives the need for third parties, but also ensures that everyone knows the contract details and once conditions are met contractual terms implement automatically. Blockchain application examples for multiple situations, such as financial derivatives, insurance premiums, and crowdfunding agreements, among others.
Blockchain technology applications Identity:-
Blockchain applications offer a solution to many digital identity issues, where identity can be uniquely authenticated. Blockchain applications -based authentication systems are based on impregnable identity verification using digital signatures based on public key cryptography. In blockchain identity authentication, the only check performed is whether or not the transaction was signed by the correct private key.