Blockchain is a decentralized, open-source, and database driven technology. It helps in keeping all the transactions in the digital form (It is an electronic general ledger format). Moreover, every node of the Blockchain forms a part of the peer-to-peer network. The verification of the data happens at each node. For this reason, it enhances security and scrutiny.
In fact, Blockchain technology is very versatile. For example, fields like energy, supply chain, and mobility can utilize this technology.
Here is my list of top 10 applications that students can explore based on their field of interest/ study.
1 .Electronic voting using Blockchain technology.
The electoral voting system based on blockchain is the need of the hour. In fact, it acts as a replacement for the current electronic voting system. Moreover, the current electronics system is prone to hacks. More so, the blockchain-based system can ensure proper scrutiny. As a result, the vote can be cast through the mobile application.
2. A Delay-Tolerant payment scheme based on Blockchain technology
Blockchain can be used to provide digital banking services in remote areas where the network connectivity is unavailable or intermittent. In a nutshell, Blockchain-based digital payment applications can deliver reliable services on top of unreliable networks in remote regions. More so, the technology makes use of financial transaction verification and smart contracts.
3. ID document to selfie matching
The ID’s on the important documents like passport and driver license is matched with blockchain-based technology. More so, the new process is a lot more reliable than the old process of manual skimming. Hence, this technology helps in identification on a real-time basis.
4.Food safety traceability system based on blockchain
In recent times, food security issues have cropped up. Furthermore, it is very important to design a system that can help us in tracking all the required information. For example, the information can be on the process of production, processing, warehousing, transportation, etc.
Certainly, the traditional traceability systems have issues such as data is invisible. Moreover, it is prone to tampering, and it can reveal sensitive information.
In a nutshell, Blockchain is a promising technology for food safety traceability systems as the database records are immutable. The RFID tags can collect the requisite data.
5 .Blockchain technology-based public integrity verification for Cloud-based Storage
The cloud data can be verified by this disruptive technology. The earlier process of data verification is prone to errors. Moreover, it is generally done by third-party auditors. Basically, the key idea is the need for auditors to record each verification into a blockchain as a transaction. Hence, the verification is possible as each transaction is time-stamped.
6. Blockchain technology use in the energy market for big industrial players.
This digital technology has applications in the energy sector (smart grids) by providing efficient load management for big industrial players. For this reason, this helps in providing efficiency and cost reduction. In the old approach, system operators or demand aggregators cannot control load directly and have to rely on inaccurate estimations. More so, the main feature of this technology application is that the user has direct control over its own load. As the result, the load control model, thus obtained, is much more accurate than existing approaches. Hence, this helps in energy saving, better management, and increasing efficiency.
7. A decentralized web hosting system and data storage.
The way web hosting works today is by hosting all the web content like textual content, code, and media content in a centralized location. Distributed denial of service (DDoS) attacks have become a favorite tool for cyberattackers. It affects the uptime of the website. Blockchain-based platforms discard DDoS attacks by replacing a centralized layout with a decentralized one. It’s based on the IPFS file system. Here, the attackers have no single target to hit. One of the benefits of blockchain is that it lets you use applications and it retains the ownership of data.
By storing data across a distributed network, blockchain applications rule out the need for centralized storage and ensure that only the true owner will be able to access it. These technologies use blockchain to split files into smaller bits, encrypt them, and distribute them across many nodes participating in its network. Software solutions like e-mail, storage, etc can be created based on this application. Thus, we see that the Blockchain-based systems are fault-tolerant.
8. Blockchains technology for EV charging
Electronic vehicle charging stations can also use the same technology. More so, the owner of the charging stations can fix the price and the token. As a result, these token can be used at other charging stations.
9. Decentralized mobility
The Blockchain has applications offering a decentralized carpooling service. The community owns it, without the need of a third-party entity like Ola or Uber. Moreover, a blockchain-based system remunerates carpooling drivers with tokens. In fact, they can use the tokens to rent a bike or ride the public transportation system.
10. Detecting counterfeit products using smart tags
Every popular brand has fake manufacturers, selling counterfeit items at cheaper rates. Moreover, these are hard to distinguish from the original ones. In fact, the original manufacturer can embed a smart tag on the product, tied to a blockchain system. The tags can take various forms, including security labels with unique QR codes, RFID, and digital tags that contain a software component. Smart tags with blockchain technologies make the data tamper-proof. Hence, this makes catching a counterfeit item easy. More so, mobile applications can read the data through smart tags.
In summary, blockchain is a revolutionizing technology. The technology manages the security using the hash functions generated after each block. The above article is all about some ideas on blockchain technology. I hope this will be useful!
Bored from staying home, looking for an online job. Check out our blog on online interviewing tips.
- 12 Tips to Optimize Your WordPress Blog for the Best Performance - December 11, 2020
- How To Improve Readability of WordPress Blogs? - November 25, 2020
- A WordPress definitive guide: How to blog using WordPress? - November 21, 2020