Where will blockchain innovation applications go?

Time:2020-3-19

Blockchain has been widely discussed in recent years, and has been cited in many fields for research. Based on this, geeks are trying to tap its potential. However, blockchain technology is still in its infancy. With the recent national policy opening to blockchain technology, the public’s understanding of blockchain has changed from virtual currency such as bitcoin to the key technology to drive the economy.

01

What is blockchain?

Where will blockchain innovation applications go?

All want to embed blockchain into life, so what is blockchain? In essence, blockchain is a distributed database for storing data information. Specifically, a file is composed of data blocks. Each block is linked to the previous block to form a chain. Each block contains data, such as transaction records and records when the block is edited or created. Information (data) is stamped with a time stamp, which is the origin of the block chain.

Because it’s a decentralized way to store and access data, this makes it exceptionally secure. Because unlike the centralized database, the attacker does not have a single entry point, so the data security is more guaranteed.

In addition to the above two features, blockchain has some features different from other technologies:

Non tamperability: once entering the blockchain, any information cannot be changed, and even the administrator cannot modify this information. It makes the blockchain easy to audit.

Accessible: all nodes in the network have easy access to information.

No third party: blockchain can help point-to-point transactions, so whether you are trading or exchanging funds, you do not need the approval of a third party. Blockchain itself is a platform.

02

Application of blockchain Technology

1. Digital identity

Where will blockchain innovation applications go?

Data are basically published on the Internet now. However, there are many loopholes in the Internet for information security. Many enterprises and personal information have been published by the public, which is undoubtedly a loss for those who are published. The implementation of blockchain technology is bound to solve the data information leakage faced by the world.

With this technology, it’s easy to track and manage digital identities without worrying about information leaks. In addition to protecting data, this reduces costs. Because all content is distributed on a network platform, people in the system can easily access information.

Blockchain identity use case: 1. Passport 2. Birth certificate 3. Marriage certificate 4. Electronic residence 5. ID

2. Health care

Where will blockchain innovation applications go?

Health care is a big business. Although the current system can effectively process these data, it also takes a lot of time to manage and extract the required information.

With blockchain, we can create a universal record repository with timestamps, which makes it easy to extract data across different databases. As patients, we don’t need to break our legs for reimbursement of medical insurance. We need to have repeated physical examination in another hospital to really make “more data, less people”. We can also save more medical expenses.

3. Banking and transactions

Where will blockchain innovation applications go?

The smart contracts of blockchain can be said that now many people have understood that they are becoming more and more popular. Smart contracts are legally binding programmable digital contracts.

The popularity of smart contracts is certainly a good application for banks and such financial markets. It can completely solve the illegal activities such as anti money laundering and fund-raising. After the data is uploaded, both parties can take the contract as the main one. After the contract is confirmed, neither party can breach the contract without permission, and provide credible evidence for future legal decisions.

The blockchain platform allows users to create smart contracts that become active when certain conditions are met, which means that automatic payment can be released when both parties agree to meet their conditions.

The increasingly popular decentralized Finance (DFI) will also be able to provide more financial service options, no longer subject to geographical location and time, and truly enjoy the dividends of Inclusive Finance and decentralized finance.

4. Digital voting

Where will blockchain innovation applications go?

In the practice of successful democratic management, the biggest obstacle is the transparent voting procedure. Using blockchain technology, a voter can be sure that his or her vote has been successfully cast, while no one else knows who he or she has voted for. This is no longer a matter of paper. As early as 2014, the Free Alliance in Denmark has become the first organization to use blockchain for voting.

03

Summary

With the development of digital economy, blockchain technology plays an important role in this field. In the future, blockchain technology will more penetrate into all walks of life around the world, lay the foundation for solving the current world economic problems, and increase assistance for the development of global scientific and technological innovation.

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