The buzz around Bitcoin and other cryptocurrencies hasn’t ceased, even though their values have fluctuated somewhat in recent months. This is because these currencies represent truly exciting technology that can change not just the way we buy and sell things, but also how we use other financial services and operate in a variety of industries.
In this post we’re going to explore the different uses for blockchain technology, starting, of course, with its most famous application.
Bitcoin remains the most important and widely adopted cryptocurrency, which is why it is bought, sold and hoarded by investors around the world. It is even possible to trade CFD contracts on bitcoin using an advanced trading platform.
Other cryptocurrencies are catching up, with Ripple perhaps standing out the most from the crowd because it acts as both a cryptocurrency and a network for digital payments. It can also be used as a bridge between different currencies, which is perhaps why it has been welcomed by many large banks across Europe.
With blockchain technology, the potential is there for us to vote completely securely online. Not only this but because a decentralised ledger will be held of all votes, it will be almost impossible for electoral fraud to occur. Using blockchain technology, voting can also be completely anonymous, which is a factor that might even improve turnouts when it comes to elections and referendums.
When we sign a document, we usually use our unique handwritten signature. The problem is that these are relatively easy to forge and require us to write with a pen. Blockchain can solve this, by creating a digital ledger which can be appended to documents in order to show whether they have been signed. This will be very difficult to forge and could lead to new levels of security.
One of the benefits of blockchain is that it can create complete privacy, which is why it makes sense to bring this technology to bear on the world of personal messaging. When blockchain technology is used in this way, messages are transmitted via multiple computers but then can only be accessed with a user’s unique key.
When it comes to applications such as automated marketing, blockchain can also make a difference. With the secure data storage capabilities of this technology, it will be possible to create advertising target campaigns that don’t compromise anyone’s personal details.
One of the most exciting uses of blockchain technology is to facilitate digital storage. This way, people wanting to keep documents, videos or anything else online will no longer have to rely on the large companies which currently handle the majority of the available cloud storage solutions. Users can have their data stored in decentralised form, on computers around the world. And this data will be secure, because of the high levels of encryption offered.
Another potentially powerful use of blockchain technology is the ability to provide proof of ownership of items such as cars and bicycles. If adoption of this becomes widespread, it could prevent theft by making it extremely difficult to buy and sell stolen goods.
The Future is Bright
With blockchain technology there are myriads of possibilities and the ones in the list above are just some of the applications which could be making a difference to your life before you know it.