How Blockchain Revolution Is Changing the Perspective of Using the Internetby Blockchain Australia Blockchain Australia, based in Melbourne is a lead
Rapidly evolving IT sector is inventing some of the revolutionary concepts that bring technology to a new level. After the massive success of the open source Smartphone operating system Android, some more experiments are being conducted in the same direction. Right now, blockchain is one of the most sensational concepts on the internet because of its amazing qualities and mysteriousness. Many people are still searching that what is blockchain technology? In minimium words, you may consider it as a complicated digital ledger which is designed to maintain transparency with utmost security on the internet.
This open source ledger is widely used by blockchain consulting companies to manage cryptocurrency but now many other significant benefits are also appearing. Blockchain can be considered as a decentralised network where every computer individually serves as a host and client. Here you will come to know about its use in various online activities.
Some Great Advantages of Blockchain for Online Businesses
1) Smart Contract Execution
Blockchain is capable of creating self-executing contracts that are legally valid and completely secure. While dealing online with an unknown party for the purpose of business, the risk of fraud always remains high thus proper blockchain training is required. No one can predict that which party will cheat. Here two parties reach a contract agreement, fulfil the expectations and smart contract automatically transfer amount from one person’s account to others in the form of cryptocurrency. It is saving a lot of time and paperwork procedures like finding a notary and paying him/her for preparing a legal document. These digital contracts are meant for several uses including insurance premium, legal processes and all financial derivatives.
2) Fair Elections
Voting fraud at every level has become a common issue all over the world. Even the latest EVM machines are also questioned for their credibility. To maintain the democracy, fair voting is essential and blockchain helps in this matter effectively. This digital ledger developed by blockchain consulting companies helps in preventing voter fraud with the help of its encrypted blocks. It is an open source technology that works in full transparency and its records cannot be reversed. If anyone tries, the attempts of tempering will become publically visible. Some states have already approved blockchain for elections at a local level and it is going to be accepted by worldwide democracies soon.
3) Social Media Privacy and Credibility
Nowadays, everyone is addicted to social media and companies like Facebook, Twitter or WhatsApp are misusing the customer’s data. The recent Cambridge analytics scam is a live example of data theft at a massive level. This happens due to the centralised monopoly of a single company over whole data. Completely opposite to the traditional concept, the social media running through blockchain is decentralised. Here everyone can earn in the form of cryptocurrency by updating posts, comments and many other contents on their profile. Also, the problem of auto-bots and fake news can be easily tackled with the help of blockchain because all information entered here is verified by miners. Some blockchain training developers have already launched such kind of social platforms and they are radically becoming popular worldwide. Some popular names of blockchain based social media platforms area:-
• PROPS Project
4) Decentralized Clouding
Cloud storage has already got massive recognition and not its new concept of decentralisation is going to bring about a new revolution. Unlike a centralised location, the data in this cloud storage facility is stored on multiple servers or computer systems connected in a network. Here files are encrypted in secure blocks with the help of blockchain and can only be accessed with the help of a private key. This is another way to earn cryptocurrency by providing spare hard disk space for cloud network users.
Blockchain consulting companies basically works on decentralisation principle where nothing works on the trust factor. Here credibility depends on the transparency, network and robustness in blocks. Once information is added to a block, it automatically encrypts in a 264-bit security. This digital ledger was designed for cryptocurrency distribution but expanded the limits to a whole new level in just a small period of time. The Blockchain is a complicated concept to understand but its benefits are influencing a lot of people to adopt.
Above mentioned are only a few advantages of blockchain, it will take some time to explore the full potential but the results will completely change the concept of traditional internet. Soon it is going to end the monopoly of IT giants and provide equal internet rights for all users. To become a part of this innovative technology, contact Blockchain Australia agency and get all blockchain related benefits. Here you will get assistance regarding cryptocurrency wallets development, ICO development, smart contracts and POC application.
Created on Jul 31st 2018 22:38. Viewed 484 times.