Potential use cases of the blockchain
- Proof of Existence :
- Demonstrating data ownership without revealing actual data
- Document timestamping
- Checking for document integrity
- Record Keeping :
Data inserted and hashed into secure blockchains like Bitcoin creates permanent and unforgeable information. Projects such as Tierion utilize the Bitcoin blockchain to make “blockchain receipts”.
- Identity :
Onename uses an ID system using Blockchain technology, used to create Blockchain ID’s, login to websites without any password.
- Forecasting – Augur :
Augur is built on the Ethereum blockchain. The idea is to create a “predictions market”
- Cloud Storage :
Blockchain distributed storage cloud enables capacity to be decentralized, and in this manner less inclined to assaults that can cause data loss and damage. Ex.STORJ, an internet filesystem.
- Ascribe (Secure your work) :
Provides lock in attribution, Certification of Authenticity, securely share documents, licensing of works.
- Supply Chain Management :
With blockchain, as items change hands over a supply chain from produce to sale, the exchanges can be reported in a perpetual decentralized record — decreasing time delays, included expenses, and human mistakes.
- Blockchain and IOT :
Universal digital ledger, ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry) a decentralized system of IoT gadgets, IBM Watson IOT, IOTA, Freight transportation, Log operational maintenance data,
- Banking :
Payments, KYC, reduction of frauds, trading platforms.
- Government :
Online voting, registering land, real estate, devising public policy. Also, countries like Dubai, Estonia, USA, Georgia uses Blockchain for Digital Passport, Identity management, e-voting, smart contracts, public archives and land registry.
So, from this tutorial, you got the detailed understanding of Blockchain, its workflow, its need, Bitcoins, Hyperledger, setting up blockchain and its various use cases.
While here we covered quite a bit of Blockchain’s core functionality, still there is a lot to know about it. If you’re looking forward to learning more about it, then you must go for a structured Blockchain training provided by Intellipaat, where you will work on various case-based scenarios along with the exhaustive topic wise assignments, hands-on sessions and various industrial based projects which prepares you from scratch to top notch understanding of Blockchain and its implementation.
We would suggest you practice this example which is explained above. If you’re willing to enter in a Blockchain domain or up-skill your technical expertise in this sector, then you must go with Blockchain Certification Training which will help you understand the most important tools that you must learn and practice to become a successful and a productive team member at your workplace.
Happy Learning! 😊