Blockchain – What It Is & How It Works – Pt. 3

This is Pt. 3, the final part in a 3-part series on Blockchain – What It Is & How It Works

 

Pt. 1 is here

Pt. 2 is here

Different Applications Of Blockchain

There are many other places blockchain can be used. Many industries are exploring opportunities to make their operations more secure by the use of this technology. 

The IT industry is probably the industry most benefited by blockchain technology.

Secure Cloud Storage:

• Hardly any business can function today without cloud storage. They are the cheapest way to store enormous amounts of data.
• A single entity maintains them. If the company stops function, all your data goes with them.
• Blockchain can help create a distributed cloud mobile apps using the storage space of all the people in the group. There is no danger of a centralized entity.

Making Diamond Trading Transparent:

• As much as it glitters bright, diamond trading has a very dark side. There occur many practices that are far from ethical.
• Making the trade happen on the blockchain will open up all transactions.
• Nobody can trade fake diamonds or transact in illegal money.

To Promote Non-Conventional Energy:

• Solar energy is produced in many places but not utilized fully.
• Blockchains can help sell excess solar energy without having to go through a centralized agency.

Using Processing Power:

• Golem the supercomputer derives power from blockchain mining. Anyone can use the power as needed.
• Researchers and others who need massive computing power can draw from Golem.

Conclusion

Blockchain technology has enormous potential in various areas other than financial transactions. The absence of central storage or controlling authority is what makes it most attractive. People don’t have to fear manipulation or loss of data.

For most top mobile app developers blockchain opens up millions of new opportunities. Apps are going to be very popular in the future. 

They provide much safety for the personal data you feed in the apps. These decentralized applications are the future of many applications.

Blockchain technology can be the best solution for cybersecurity. It can be of great help in specific industries like healthcare, insurance, etc. where they store vast amounts of personal data. 

The technology is still in its early stages. There must be a lot of research before using technology to vary widely.