The blockchain has been an interesting topic for a quite long. Under this system, the digital information will be distributed but is not copied. Blockchain started embellishing the moment bitcoin came into the picture. While Bitcoin is initiated by anonymous person named Satoshi Nakamoto.
His statment meant that Blockchain records the nodes on the ledger for processing the transactions. It is highly impossible to distribute or leak the information to other sources.
Even though technology and internet have explored in the market it is very difficult to trust any company, bank or organization while revealing our personal information like bank account details, address, and transaction history and so on. When bank lenders the money to the customer, the trust is assured by various emissaries and other authorities. In such cases, it is arduous to blindly affirm on any institutions.
In the urge of securing the trust of the purpose of business transactions, Blockchain gives an amicable hope for the users to bind without any intermediary. Here trust appears from a decentralized database without any central authority. It is dispersed around millions of computer. If we look into business transactions taking all over the universe, few customers and retails endure being unfaithful to each other. After all, it is highly impossible to the fetch their identity and gets back your lost assets.
How can you define digital trust?
Trust is a risk judgment between the peer – parties. In order to determine the trust, the process of authenticating the information and fetching the access to the same information is necessary. In the matter of Blockchain technology, private key cryptography provides a powerful ownership tool. The possession of the cryptographic key has proprietary right over the user. Moreover, it avoids a person from sharing his personal information when required and leaves users exposed to the hackers.
Many economists are coming forward to inspect the advantages of Blockchain technology. There are various fields where Blockchain gives real and specific solutions to the problems faced.
Detecting viral infection
On 14th Sept 2006, the FDA authorities in the US received a complaint about E.coli infection in fresh Spinach. Later they promptly issued an alert for the same. After 3 days, the central authority for Disease Control upgraded the alert at the highest level and the sale of spinach in the country was totally eradicated. Later, on 5th Oct FBI took over the charge of the investigation.
In following days, nearly 300 people were fallen sick, 200 were hospitalized and 31 were reported to diagnostic with kidney renal failure. This infection had spread like a wildfire all over the state. Not only citizens various farmers who cultivated spinach were in a great loss. Basically, E.coli infection affected 28 states and the outcome a loss of hundreds of millions of dollars in the nation.
Now, was it so difficult to detect and track the infection within few minutes? Or the US lack modern equipment and technology which would have identified the disease. Here, the E.coli went transmitted from person to person and country also suffered the great loss. What could be other steps to control this infection? Will Blockchain technology be used to the trace the origin of infection?
Securing intellectual property
Inspite of having amazing technologies, copyrights still have a fear of losing control over their intellectual property supply and as a result, they lose their income. The smart contracts can protect copyrights and automate the sale of their creative products. It eradicates the risk of copying the file and redistributing the same.
Mycelia utilize the Blockchain technology to create a P2P music distribution system. It provides a license sample to producers and receives royalties to the songwriters and musicians. It works on the method of smart contracts. Mycelia is established by UK singer-songwriter Imogen Heap. Additionally, this technology helps people find ethical, technical and commercial standards required to operate a Fairtrade music ecosystem.
Real Estate Deals
Many nations have already started dealing with Blockchain-based land registering projects. In the year 2015, Honduras (a republic in Central America) is the first government to start registering land through blockchain. During 2018, Republic of Georgia was about to execute its plan to enhance Blockchain system for issuing property titles. Will these properties be safe in the name of actual owners if Blockchain employs to precede such property registrations?
The ability for setting share stock trades can be processed by blockchain technology. When an executed P2P trade is confirmed then users can trade on the same. There are various stock exchanges that have begun using blockchain for the services which they offer to their consumers.
The exchanges like Australian Securities Exchange, the Deutsche Borse, and Japan Exchange Group have started using Blockchain. Nasdaq a stock market website recently got partnered with Blockchain giant tech Linq and announced its first trade. Does Blockchain technology go the enhancing stock trading? Will it helps the stock trader to gain profits out of it?
The blockchain is still in its infancy stage. Once it gets established in the world of technology, it will surely resolve trust issues from customers and retails.
Image Source:- Blockchain