What Can a Blockchain Do?

What Is Blockchain?

by DailyCryptoInfo 269 Views

What Can a Blockchain Do?

What Is Blockchain?

by DailyCryptoInfo 269 Views

Establish digital identity

As discussed in our guide “What are the blockchain use cases?”, the identity component of blockchain technology is fulfilled through the use of cryptographic keys. Combining a public and private key creates a strong digital identity reference based on possession.
5c076bb9b21cf_file.jpeg

A public key is how you are identified in the crowd (like an email address), a private key is how you express consent to digital interactions. Cryptography is an important force behind the blockchain revolution.

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

Lend people money

Blockchain was initially developed as part of the cryptocurrency Bitcoin, but the technology in the cryptocurrency context looks different from how it’s being developed for the food space. Bitcoin’s blockchain is an immutable digital ledger that works through a consensus of computer systems.
Computers on the Bitcoin blockchain are essentially racing to correctly solve a calculation, and when one “wins” the race, it wins a unit of cryptocurrency and a block of data is added to the chain. The huge numbers of computer systems on the Bitcoin blockchain are why there’s a huge energy cost associated with Bitcoin, a feature that would be detrimental in the agriculture space, where farmers needs to grow more and use less.
what-can-blockchain-do

Peer-to-peer lending is one of the fastest-growing areas in personal finance, with users attracted by the opportunity to make a return on their savings in a low-interest environment while enabling other users to borrow at a sensible rate — and all without giving the bank their cut.

Charge an electric car

Traditional car-charging stations normally require drivers to pay in fixed increments, regardless of how much electricity is consumed by the car’s battery. Imagine a system where every electric vehicle has a chip that allows it to pay directly for exactly the power it consumes, and where all the driver has to do is top up the payment allowance from time to time.

Transfer money

Bitcoin has been described as “blockchain’s first use case”, and with good reason. When Satoshi’s famous White Paper was published in October 2008, few people realised its impact at the time. Eight years on, the Bitcoin blockchain has still not been hacked — and you really need to try using it for yourself to realise how simple and how amazing the protocol is

what-can-blockchain-do

Share electricity with the neighbours

It should be the easiest thing in the world to do. Take one street that has a sunny side and a shady side. The lucky people on the sunny side of the street have solar panels on their roof. Imagine if the owners of the houses with excess power could sell it on the local market. Unfortunately, this would normally come at a cost, with the homeowners having to agree a price among each other and monitor the amount of electricity being used

Make micropayments

what-can-blockchain-do

The ability to use blockchains to transfer minuscule amounts of money is a potential game-changer. Whether you’re talking about in-app payments of a fraction of a cent, microgrid transactions or household appliances moving towards a pay-per-use rather than an ownership model, being able to make tiny payments using cryptocurrency without incurring bank fees that exceed the original payment is a huge opportunity.

Many More use case of the Blockchain can be found on What are Blockchain Use Cases article here.


Comments