The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.
Blockchain, which began to emerge as a real-world tech option in 2016 and 2017, is poised to change IT in much the same way open-source software did a quarter century ago. Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else’s entries in near real-time. That makes it difficult for one user to gain control of, or game, the network.
To put in simple words, a blockchain works the same way the Google spreadsheet works, just that it is not possible to be edited. Basically, anybody can have the access to view the spreadsheet but none can actually edit it.
It is surely agreeable that the blockchain technology is widely being utilized by industries out there and slowly evolving. Among the industries that are ready to accept ad explore the technology are as below.
There are a variety of ways blockchain could be applied to video gaming and the most often use for blockchain tech in games so far has been to store your items on the blockchain, tying them to your e-wallet and making them permanently your own.
For example, when a player wins various rounds, stages, levels and competitions, they are rewarded with coins, gems and other shiny collectibles that signify their ‘level of worth’ in any given game — and blockchain could be used to manage this backbone function.
CryptoKitties is one of the world’s first blockchain games. CryptoKitties is not a cryptocurrency. Instead, it operates on Ethereum’s underlying blockchain network, as a non-fungible token (NFT) unique to each CryptoKitty. Each CryptoKitty is unique and owned by the user, validated through the blockchain, and its value can appreciate or depreciate based on the market.
It is reported that In October 2018, CryptoKitties reached the milestone of 1 million cats being bred with a volume of 3.2 million transactions on its smart contracts. In November 2018, Dapper Labs, which was spun out of Axiom Zen as the developer of CryptoKitties, raised an additional $15 million in a venture round led by Venrock. The company doubled its valuation in this round.
Over the last two years, many automakers have started to explore blockchain technology in the supply chain, security, car service, and blockchain for autonomous vehicles.
If we look at the value chain of the automotive industry, it’s evident that procurement, manufacturing, distribution and service functions will all benefit from the distributed, immutable, and resilient nature of blockchain technology.
Last month, world’s largest automotive suppliers, ZF presented their Car eWallet, a blockchain-based payment system that enables cashless payments for tolls, parking lots and charging stations for electric-powered cars, from inside the vehicle.
It is significant that innovators are just beginning to scratch the surface of blockchain application in the automotive sector, so we’re still at the beginning of a long road of disruptions.
One of the biggest problems that blockchain’s decentralized muscle can solve is voter fraud. It’s not only financial transactions that work with blockchain, but any type of data transmission. This kind of system infrastructure is extremely useful for voting because a vote is a small piece of high-value data.
Voters can effectively submit their vote without revealing their identity or political preferences to the public. Officials can count votes with absolute certainty, knowing that each ID can be attributed to one vote, no fakes can be created, and that tampering is impossible.
Currently, the technology is still in its infancy, but it matures alongside the young voters it will one day help and looks to be a key part of our collective future. Wouldn’t it be nice to be allowed to vote using a secure online platform that provides transparency into elections results?
By 2023, blockchain will be scalable technically, and will support trusted private transactions with the data confidentiality required. Over time, permissioned blockchains will integrate with public blockchains and start to take advantage of those improvements while supporting the membership, governance and operating model requirements of permissioned blockchains.
What's Your Reaction?
Known as Loki (the good one though), is someone who loves the rain & coffee combo and reaches out for movie at her leisure. She is the one you heard on radio for one of her articles.