While blockchain was created as a solution for the Bitcoin payment network, the concept has been adopted across a range of sectors and is expected to make a major impact in the way that we handle data storage. This technology even has the potential to change the underlying structure of the internet. Currently, there are many projects exploring how blockchain technology can create change.
By using encryption and decentralization-based technologies, absolute privacy can be achieved in messaging and communication. Currently, communication services rely on central servers that can store your private information, ultimately making it prone to hacks. Decentralized communication offers a more secure alternative, as it does not rely on a central server to transfer messages.
Identity theft is a major problem that has already affected a significant portion of the population. With so many hacks occurring, chances are your information has been compromised at least once. Decentralized applications are being created that are designed to give the user complete control over their self-sovereign identity, where users are able to prove who they are in order to interact digitally in a trusted manner.
The supply chain describes the process of getting a created good or commodity from its point of creation until it ultimately ends up in the hands of the consumer. This is a long process and many parties are involved in this process. Blockchains offer more transparent and auditable supply chain data that can provide accountability if any problem arises.
Currently, real-world assets are being digitized into tokens, where the owner has complete digital control over the tokenized asset. This process could ultimately end ownership disputes, as the true owner would be able to use blockchain technology to prove that the asset is truly theirs. Tokenizing assets allows for a much more cost efficient and a quick property transfer process.
Blockchain technology’s impact is not limited to these fields. There is constant innovation concerning blockchains, and new use-cases are popping up regularly.