You are a business enthusiast and want to keep your business upgraded with the latest technology; so you must have heard about blockchain technology. There are numerous business owners who use blockchain today to keep their database centralized and transactions transparent in their business network. So, if you want to grow and enhance your entrepreneurship experience you must get familiar with the blockchain applications trending in the modern era. However, it is important to educate yourself with its basics beforehand.
A blockchain is basically a decentralized database which is composed of a growing list of records in the form of blocks, linked together using cryptography in the secured format. Each block consists of a cryptographic hash of the previous block, a timestamp, and transaction data so that all the peers stay informed about the data modification.
5 Blockchain Expressions You Should Familiarize Yourself:
- Decentralization – No centralized identity or owner control the blockchain network. All the nodes together make decisions in regards to the purpose for which the particular blockchain is developed.
- Immutability – All the data registered on the blockchain can neither be altered nor deleted because all the pieces of information are connected to one another.
- Consensus – All the members use a consensus mechanism to agree about all the decisions related to the activities supposed to happen in the blockchain.
- Permissions – There are public as well as private blockchain network. In a private network, the permissions are set on who can participate as a member.
- Smart Contracts – Live Blockchain applications work using smart contracts which are automated, smart agreements and algorithms.
List of Blockchain Applications
Whether it is a music industry or film industry, blockchain has a lucrative application in this artistic field. How do labels/artists/production houses prove authenticity? Does everyone really pay for copyright while using someone else’s song? It is very offensive for the Artists when they find themselves in a heartbreaking situation whenever their hard work is copied by someone else for their own benefit. However, with the help of blockchain application – Artory, original artistic content could be protected. Here every artwork is registered with a unique id and its masterpiece source could be verified by showing registration card.
Blockchain is an extraordinary tool to register and complete financial transactions. All the transactions over the globe are now connected regardless of physical proximity and that too in a safe and transparent network. Ripplenet is one of the financial blockchain applications that makes international transactions faster, cheaper and safer.
Insurance is another business area with promising blockchain applications. Complex insurance contracts are formulated into smart contracts, equally binding all parties to keep everything synchronized and tracked. Etherisc – flight insurance automated is an example of an insurance blockchain application.
The online advertising industry is booming like never before. With ad networks like Google, Facebook, Amazon, and Apple, online advertising is convincing more and more users to click and view the ads. However, by making microtransactions possible, viewers can be rewarded for their attention to the ads they choose to click on. Brave and BAT is a powerful advertising blockchain network.
5. Supply Chain
Did you ever wonder where your regular entities supplied from such as food, clothes, grocery or any other grocery item, food comes from? This is all synched with the supply chain. Supply chain management is a largely complex field, with often tens of middlemen from production to purchase. The blockchain through which all they are connected assures quality, transparency, trust, and efficiency of the whole blockchain. Ambrosus, the child of blockchain and IoT, is a combination of tracking hardware and tracking gates, where a product is registered automatically and using that registration number the user can easily figure out all the details of that particular product.
Above are just five; there are many more fascinating blockchain application sectors. Despite the industry niche, if you also want to harvest blockchain benefits for your business, never hesitate to contact 0xblock – industry-leading experts to develop blockchain applications.