The internet is moving forward in a speed of light and things aren’t really planning to stay right where they are. As the art of thievery is getting advanced day by day the need to protect things and entities is increasing as well. But how do you protect something that isn’t really present in a physical form? Like a digital currency? You need to provide sort of a security that is digital too and like a firewall protects it with best abilities. Hence, Blockchain, a combination of multiple puzzles only to keep a person trying to break in guessing.
What can it do
So everything that comes in existence has a significance and an application, this is a natural phenomenon. Next question that can rise in anyone’s mind is what is Blockchain’s application? What Can a Blockchain Do? We must inform you here that it might look like a normal security tactic but it has tons of applications and those are exactly what we’re going to discuss here.
As a system they can serve for keeping a record and also as a platform as well.
Blockchain Application as a Record Keeping
Make an identity
Blockhain Application and its primary target is making an identity that is a combination of more than just one kinds of keys. There is a public key and then a private key. Both of them come together to give rise to a digital signature that is unique in itself and gives an identity as well.
They provide a record
As the transactions don’t take place at just one spot and they go through different distributed ledgers they provide a new way of distribution and all those distributions are kept as a registry. In the case of a registry method we can store all of the data a total of three combinations known as:
- Hashed Data, a form of data that can be presented as a function.
- Unencrypted Data, a kind of data that is accessible by all of the users.
- Encrypted Data, a third kind that can be accessed with a decryption key.
Help in data management
Thanks to their capability of providing tracks with help of those very tracks we can also manage the data. It is less about maintaining a database, more about managing a system of record. It’s just like watching tracks of an animal and keep on taking pictures to save the trail.
Blockchain Application as a Platform
As a platform blockchain has several applications as well. They:
- As an automated governance give rise to decentralization, however there is still more research need to be done.
- They can give rise to different tokens and uniqueness of identifying keys in the market as well.
- They help in the settlement of the trade and make sure that we have a T+0 equation rather a T+3 which makes sure the streamlining of the transactions.
- They also make sure that the efficiency of the anti-money laundering compliance.
- They can also be used in providing permissions to several other transactions and help the banks automate the reporting of transaction and also its authorization.
Blockchain alongside its limitless applications have made sure that you cannot just stick to one part of some tech, it can be explored and several other changes can be done to it. Blockchain has successfully made sure that the relationships among the users and the transactions are reinforced and the data is kept secured to the last limit. It also makes sure that the data is being recorded differently as well. With all of these integrations it is giving rise to newer possibilities.