asked in Blog+Seo+Internet by (39 points) 1 1 13
Block chain technology is a term usually referred with bitcoin or cryptocurrenies nowadays. What are the other main purpose of this technology?

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answered by Patron (2,969 points) 2 12 29
1 - Decentralization

Centrally-Centrally, trades require an intermediary, such as a broker to match buyers and sellers. With the blockchain, the need for third party referee is obsolete. Sales orders are combined and executed using a custody system while the network acts as a validator.

2 - Distributed cloud storage

 Current cloud storage services are centralized so you and other users should place trust in a single storage provider. "They" control all of their assets online.

On the other hand, with Blockchain this can become decentralized. For example, Storj is cloud storage of beta testing using a Blockchain network powerhouse to improve security and decrease dependency. In addition, you can rent your excess storage capacity.

3 - Digital Identity

digital_security Just imagine, never having to worry about your digital security, security has been a huge problem in the world.

Blockchain technologies make tracking and managing digital identities securely and efficiently, resulting in reduced fraud.

Be it banking, health care, national security, online citizenship or retail documentation, identity authentication and authorization is an intricate process woven into commerce and culture around the world.

Events like hacked / cracked databases and raped accounts are shedding light on the growing problems of a technologically advanced society without outdated identity-based security innovations.

Blockchain technology offers a solution to many digital identity issues where identity can be uniquely authenticated, unchanging, and secure. Current methods use systems based on problematic shared secrets passwords exchanged and stored in insecure systems. Blockchain authentication systems are based on public key cryptography. In Blockchain identity authentication, the only verification performed is whether or not the transaction was signed by the correct private key. It is inferred that whoever has access to the private key is the owner and the exact identity of the holder is considered irrelevant.

4 - Communications supply chain and proof of provenance

Most of the things we buy are not made by a single entity, but by a chain of suppliers who sell their components (eg graphite pencils) to a company that assembles and markets the finished product. If any of these components fail, however, the brand carries the weight of the reaction that holds most of the responsibility for its supply chain.

But what if a company could proactively provide digitally permanent, auditable records that show stakeholders the state of the product at each stage of added value? This can be done with registration in the blockchain.

 

5 - Smart contracts

These are legally binding programmed digitized contracts inscribed in Blockchain. They are smart because they are automated and can auto run. What developers do is implement legal contracts such as variables and declarations that call for release of resources using the bitcoin network as a "third party performer," rather than relying on a single central authority.

For example, if two people want to exchange $ 100 at a specific time in the future, when a set of prerequisites are met, details of conditions, payment and parties would be programmed into a smart contract. Once the defined conditions are met, the funds would be released and sent to the appropriate part under the terms.
replied by (39 points) 1 1 13

Thank you for a detailed answer. great work!! :angel:

replied by Patron (2,969 points) 2 12 29

Thank you for taking the time to read it and thank me :) Hope it was helpful!

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