Since blockchain’s first appearance in our lives more than a decade ago, the technology has continued to grow and evolve. Beyond its usage in finance, blockchain is becoming useful in practically every aspect of daily life because it offers a unique decentralization power and lets individuals own and control their data.
So far, cryptocurrencies have attracted most of the attention. But, in recent years, they are also proving their usefulness in many other fields outside and inside governments, especially those related to personal identification or the protection of personal data through the decentralization of private data.
Since its creation, blockchain technology has been mainly associated with cryptocurrencies, and its reputation has often been “biased” by the lack of transparency of some of these virtual currencies. Nothing could be further from the truth; let’s take a look at how we can use blockchain technology in our daily lives.
How is the blockchain technology developed?
A blockchain is based on a digital ledger that promises to be encrypted and properly authenticated in all processes where the blockchain is applied.
Perhaps the greatest advantage of this avant-garde technology is its offer to establish reliable, authenticated, and secure systems without the intervention of third parties, taking the concept of decentralization to its highest level yet.
The blockchain is updated each time in a decentralized manner, and each new block is transmitted to all nodes in the network, guaranteeing the veracity and authenticity of the information.
How far could the blockchain reach in the future?
As we learn about blockchain, the potential for applications could be exponential. From relationships at work to grocery shopping, here are just a few examples:
Economic systems: in addition to cryptocurrencies, blockchain’s potential lies in its ability to track financial transactions or in finding fraud protection solutions.
Contracts: Popularly known as “smart contracts” are the spearhead of some blockchains, which theoretically guarantee that contracts are executed as agreed, with no possible changes or forgeries.
Health: management of digital health records, ensuring transparency and confidentiality, and facilitating compliance with their operating rules.
Manufacturing: can be used to ensure the traceability of any good, from manufacture to sale or resale, or to prevent fraud and counterfeiting.
Logistics: it facilitates procedures in the transport of products and services, greatly streamlining traditional bureaucratic procedures.
Conclusion
As blockchain technology has gained ground in the financial world, many areas have caught up with the trend. Thanks to advances in blockchain technology, a number of new and interesting solutions have been created for different sectors that we had not imagined before.
Therefore, it is very likely that this technology will continue to expand to other sectors that are already very close to our daily lives, such as health, labor contracts, personal and corporate identity, authentication of creations, among many other possibilities. It is a fascinating and unimaginable potential, which is just beginning to expand.
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