Many people know it as the technology behind Bitcoin, but blockchain’s potential uses extend far beyond digital currencies.
WHAT IS BLOCKCHAIN?
Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly, removing the need for a third party.
Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.
HOW WILL WE BENEFIT FROM BLOCKCHAIN?
1.DIGITAL IDENTITY
It reduces the burden of paper work and counterfiet fake identities. Identity can be uniquely authenticated in an irrefutable, immutable, and secure manner.
Blockchain Identity Use Cases
*Blockchain technology can be applied to identity applications in the following areas:
*Digital Identities
* Passports
*E-Residency
*Birth Certificates
*Wedding Certificates
*IDs
2.SMART CONTRACTS
Smart contracts define the rules and penalties around an agreement in the same way that a traditional contract does, and also also automatically enforce those obligations
With the use of smart contracts you can easily buy and sell things without paying any commission to the third party..
The following are usecases for smart contracts
*Supply Chain and Logistics
*Trade Finance
* Entertainment Industry
3.VOTING SYSTEM
It counterfeit the manipulation of votes during election.By creates a voting system that ensures that a vote is recorded one time (through the use of a token) for the specific candidate they want (placed into the candidate’s “wallet”) and permanently recorded on the Blockchain.
4.INTERNATIONAL PAYMENTS
International payments can be made with very low fees as their is no intermediate.It also makes payments more secure and transparent way of making and tracking payments.
So we can conclude that blockchain is highly disruptive technology that promises to change the world as we know it.The technology will change the way we use the internet.
NOTE-I have collected this information from various sources and tried to make the explanation as simple as possible
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