6 New-Age Benefits of Blockchain
Blockchain was initially devised to attend to all the cryptocurrency processes. These processes include digitization of the transactions, maintenance of the records and it ensures that these conditions are met. It works with, what is known as the ‘ Distributed Ledger Technology’ or DLT. The main advantage of incorporating DLT is that it is decentralized. This means that every investor via every node gets access to download the blockchain respectively and does not have to depend on a middle-system. This helps in peer to peer network.
Let’s see the 6 other ways in which Blockchain Technology has made the world a better place:
1) A Photographer’s Friend: Photochain
A lot of the times, photographers find it difficult to generate revenues out of their photography due to the lack of licensing and copyrights. Photochain, the first of its kind, is a platform for photographers to sell their digital photography and gain maximum profits from it. It is built with the Ethereum Blockchain technology and DApp. DApp is fabricated especially for stock photography platforms. Photochain is very different from other stock photography platforms as it keeps only 5% of the revenue generated and gives the photographers the majority of the profits. Other platforms keep the 90% of the revenue and give the photographers a mere 10%. Also, the authenticity of photographs can be checked on Photochain by the seller and the buyer both. The storage of the photographs is encrypted which increases the security by folds.
2) Nano Vision: Saving Lives Globally
The wellbeing and lifestyle challenges we have today are very tense. Thinking globally, everyone from the worldwide medical network must be able to approach all the relevant information. All this information is usually kept confidential with the central authority of the medical institutes to prevent the misuse of the information. However, with the blockchain technology, this information is only revealed to the medical experts and important authorities. Nano Vision aims to bridge the gap between the government, organizations, and agencies and offer such critical information. The more information they get, the sooner they can come up with treatments for incurable diseases and better treatment options for curable diseases. Utilizing digital money called Nano CureTM coin, Nano Vision is providing solutions for a stagnated framework. This framework is a distributed network center that boosts the sharing of information on a worldwide scale. Nano Vision largely helps the flow of organic information.
3) Self-driving cars: The future is here
A lot of people consider the idea of self-sufficient vehicles to be interesting but unachievable. But, many governments won’t permit driverless vehicles now major reason being digital security. This is a concrete concern. Even current vehicles that are out have been hampered remotely by cyber-criminals. In the past, automakers have never ensured the full security against digital assaults in their driverless autos, however with Blockchain, they can. This decentralized technique for circulation would make each driverless auto untouchable.
Another development with the help of Blockchain is enabling drivers to open their vehicles with the blockchain technology. After the analysts included the test vehicle, a Porsche Panamera, to the blockchain, the driver could speak with it by means of an application without an external server. This incredibly increased the vehicle’s reaction time. When the driver used the application to train the vehicle to open, the vehicle agreed in only 1.6 seconds, which is six times quicker than earlier. Auto blockchain frameworks could likewise empower auto proprietors to allow brief access to their vehicles.
4) Digital Voting
With the help of blockchain platform innovation, the individuals who are lawfully permitted to vote are cross-verified. In addition, anybody with a mobile phone can use the system required for voting. Voter fraud is a basic burden on the voting system all over the globe.
Blockchain innovation can give an unhackable electronic vote-tallying framework. This framework can generate a voter enrollment and can represent the voters’ distinguishing proof. This guarantees that the votes can’t be altered on a later date. Blockchain goes as an open record for digital forms of money, it can likewise make a permanent and open record for votes.
5) Reducing Africa’s Monetary Issues
Africa is the most distraught continent in the world in terms of development and quality of life. With a population of almost 1.3 billion, it is a continent deprived of water, grains, and funds. Nonetheless, in the recent years, Africa has seen some substantial improvements in a few regions. One such development in Africa is the establishment of BitPesa. BitPesa is a business platform for the people in Africa based out of original Blockchain. It has features that help in foreign-exchange, which is otherwise an expensive process in Africa. It cuts down the transfer charges by a whopping 90%. African currencies are not accepted in their original form anywhere in the world. Therefore, they need to convert their currency to USD and then perform any transfer with other continents’ countries. BitPesa eliminates this effort and lets the transfer take place without any conversion. It provides three types of solutions, BFX, Pesi and Transfer Zero. BFX helps in business to business and peer to peer transactions, Pesi helps in transactions with frontier markets and Transfer Zero helps in agreements, smart contracts and settlements. It is posing to sort a majority of the financial services in the African continent and can be a game changer for the transactional purposes there.
6) Secure Internet For The New-Age
Due to the immense benefits of the Blockchain platform, it is now slowly being used to run the security systems of the internet. The blockchain is an encrypted framework and is therefore impossible to hack. Business transactions all over the globe can take place over this secure system, confidential documents can be stored here, companies with vast networks can communicate via blockchain. Blockchain has existed for over a decade now, and the most amazing fact is that it hasn’t been hacked even once! The main advantage in terms of security with blockchain is that it gives access to the legal authorities and the government of the country. This ensures that no illegal activities take place on the platform.