3 Useful Applications of the Blockchain Tech
Do you remember the number of innovations that happened when the first computer was made? The world has progressed so much ever since Charles Babbage developed a programmable computer. There has been no stopping ever since.
Today, it feels like we are entering into a completely new era that will be governed purely on digitalization, especially with the creation of the Blockchain technology, something that is so unique and powerful. The Blockchain technology may be considered as the next generation computing system that has the potential to influence every walk of life. Check this out – three useful applications of the Blockchain technology that could capture your attention.
- Blockchain in voting systems
Political voting systems are always a very controversial topic, as people believe there is a lot of electoral fraud involved, especially in the form of invalid votes, inaccurate votes, and even multiple registrations. However, the application of the Blockchain technology in the voting system in any country can be an effective solution.
This concept is nothing new rather has already been put into use in certain aspects, for example, the BitCongress that employs an Ethereum platform to enable each voter to vote only once. Another instance where Blockchain technology has been employed is in the Remotengrity project that links every physical vote to a unique cryptographic code to confirm the authenticity of each vote. Further, an application called the AgoraVoting is used by the Spanish Congress.
Thus, digital voting systems will definitely ensure more reliability and convenience to all the national voters when compared to paper-based or the ballot-enabled voting system.
- Blockchain in IPR
Another field that calls out for authenticity is while verifying intellectual property rights or IPR. One technology that can definitely prove IPR is the Blockchain tech. Blockchain ensures the authenticity of the files submitted and proves the original custodianship of important documents.
An important advantage of using Blockchain tech is that it does not reveal any personal data about the person or his/her work rather all information gets encrypted onto the Blockchain blocks.
An example depicting the application of Blockchain in the field of IPR is a service called the Proof of Existence that was developed by an Argentinean developer, Manuel Araoz.
- Blockchain for Smart Property
Smart contracts are quite common. However, a lesser-known entrant that employs the Blockchain technology is the smart property that operates based on the combined principle of the Internet of Things (IoT) and the infrastructure that governs Bitcoin.
Here, the ownership of a physical asset is controlled with the help of Blockchain. Few examples where the smart property can be applied include in the operation of cars, apartments, homes, hotel rooms, and safety deposits.