The blockchain is a secure technology to store transactions and data, and can be used for more than just finances. Science, voting, real estate, retail, storing government data, public data are some examples. The list goes on and on.
In order for each transaction to be verified on the blockchain multiple computers need to solve mathematical problems in order to create a code of proof. It refers to the mathematical problems computers need to solve every time a transaction is going on the blockchain. They check if it’s “true” or “false” and if the computers agree it’s true then it’s stored on the blockchain. This is how scams or fraudulent transactions are avoided. This makes the blockchain extremely secure and trustworthy. The biggest asset of blockchain technology is the information stored, so this can be done with any valuable information.
Medical databases for example could be stored on the blockchain therefore taking away a centralized ownership of medical records. It is complicated enough to get your doctor to refill your medication, then go to the pharmacy to hear your insurance hasn’t approved the refill, talking on the phone with the insurance just to hear you need to call your doctor and the drama continues. If medical records and prescription information, shipping information, payments, all of these processes can be made easier. Without the centralized control of institutions information can be transferred more easily while still being secured and private.
Voting on Elections
For voting and voter privacy the blockchain is perfect. With voter suppression and suspicions of voter fraud the blockchain would solve those problems. Every eligible person could be registered to vote and voter fraud would be eliminated through the proof of work validation.
Blockchain technology can fix problems such as the notorious middle man in real estate and fraud. The records stored on the network about sellers, buyers, renter, or the property itself would upkeep a level of trust amongst participants. The proof of work mining process would ensure there is no fraud taking place and ensure a secure financial protocol.
During the Covid-19 pandemic there has been a boom in e-commerce, but shopping online can lead to scams and the possibility of being hacked. If the blockchain is used for retail transactions, the buyer’s information would be secure and their credit cards could not be hacked. It would make it easier to purchase things from other countries that use different currencies, as cryptocurrencies are decentralized. All stores and companies are already online and working on updating their softwares, so why not use the blockchain?
This goes for any organization that needs to store secure data, all this can be done safely and securely on the blockchain. It almost seems like magic, but it’s just new technology that is advancing and updating far quicker than we think. If people are investing in cryptocurrencies why not invest in the purpose of decentralized systems and giving people more access to their own data?
I personally don’t want big corporations to sell my data and not pay me a cent. I want to be in control of where my data is being used, and for what purpose, not to make billionaires even richer, don’t you?
Written by Rosalie Mosner. Source: Swati Sharma.
DeFy Trends is a women-founded, all-in-one, intuitive, real-time analytics application and chrome extension that uses on-chain analysis and high tech data science algorithms to provide data insights based on DeFi fundamentals and sentiment. By scraping the web and social media for cryptocurrency sentiment analysis, incorporating real-time market data, qualitative data, and forecasting AI to bring retail and institutional investors state of the art insights on the rapidly growing crypto-decentralized finance markets.