Block chain is one the latest trends of technology, which uses the concept of cryptography. Where every information is exchanged via Blocks and every block consist cryptographic hash of the previous block. Cryptographic hash is a one way function that can’t be inverted, which maps data in a arbitrary size. It’s a highly used technology for transactional services. Blockchain Applications
It was first implemented for the exchange of digital currency, but now a days companies are utilizing it for various applications. Since its huge demand in the market companies has already started recruiting the skilled blockchain developer. We are not having any confusion to state that it’s a future technology where people can get more opportunity. Let’s find the list of block chain applications utilized by many industries.
Blockchain Applications in Cryptocurrency Exchanges
Cryptocurrencies like Bitcoin, Ethereum, BNB and many more uses the Blockchain technology to record and manage transactional services. It is said that it’s a new methodology where transactions will be done across the globe.
Not only the private organizations, but many governmental authorities from different countries are building or shaping their economical growth through the implementation of cryptocurrency exchange. Some of the companies like Tesla allows their customers to pursue the transactional exchanges via cryptocurrency.
Smart Contract Application using Blockchain Technology
The Blockchain based Smart Contract Application is a transactional protocol, which executes the legal events as per the terms of agreement or contract. This Smart Contract does not require any third party to act as a mediator between two parties, but a well designed blockchain network executes the complete contract by its own.
This Blockchain based smart contract may help to release the financial risk among the entities, but due to its limited widespread use it is not legalized yet. The researchers are still working on it to improve its impact and importance in the market.
Application of Blockchain in Gaming Industry
Now a days most of the Video game developers are using blockchain technology to develop video games. The game like CryptoKitties is a game on ethereum where user can buy and sell virtual cats and this is a great example of Blockchain application where the use of Digital Assets can be fully utilized.
In these days gaming sectors are looking for a different phase to acquire customers and this technology may be a great alternative for them to establish or re-establish in the market. If you are a Blockchain expert then it would be a stunning opportunity to enter into gaming industry.
Blockchain Technology uses in Financial Services
- provides pin-point analysis for changing competitive dynamics and looking perspective on different factors driving or restraining market growth.
- offers a technological growth map over time to understand the industry growth rate and also provides a five to seven-year forecast assessed on the basis of how the market is predicted to grow.
- helps in understanding the key product segments and their future and making informed business decisions by having complete insights of market and by making in-depth analysis of market segments.
Energy Trading using Blockchain Application Development
Domain Name Selection via Blockchain Technology
At present many domain & hosting providers utilizing the concept of blockchain technology while providing domain name services. These domain name possesses an unique private key, which indicate to take into consideration for uncensorable sites. This would also bypass an enlistment center’s capacity to stifle areas utilized for misrepresentation, misuse, or unlawful activity.
For taking care of domain names Namecoin cryptocurrency is used, it upholds the “.bit” TLD, where TLD stands for top-level domain. Moreover there are some other explicit TLDs incorporate “.kred”, “.eth” and “.luxe”. “.eth” is related to Ethereum blockchain through Ethereum Name Service (ENS) .
Blockchain Application in Healthcare Sector
Logistics & Supply Chain using Blockchain
Supply Chain Management is an interesting application of Blockchain technology, where consumers are able to see exactly where products are sourced from and the processes that are used. This could bring about a new level of transparency, accountability and trust, which could then potentially lead to more market share for companies.
The blockchain applications in supply logistics & supply chain management is essentially meant to prove the authenticity of goods once they are shipped, but somehow the companies are not looking to be used as a complete tool in terms of a customer’s digital wallet.
Application of Blockchain in Anti-counterfeiting Services
People are increasingly concerned about protecting their personal data against breaches and scams. At the same time, tracking and managing the flow of transactions in different parts of the global trade and logistics system are becoming very difficult and expensive.
Blockchain technology offers an efficient solution to anti-counterfeiting management and reduction in costs by providing secure and verifiable data sharing between businesses. Many companies are starting to offer businesses and government organizations anti-counterfeiting services using blockchain technology, and more will join them soon.
Blockchain as a technology is gaining increased attention. We’re still a few years away from seeing a consumer use case on a mass scale, but developers are making efforts to keep the pressure on. The blockchain has already been used by many industries to solve some of the industry’s most pressing problems, including illegal trading and corruption. In future we will get more advancement with an outstanding growth using blockchain application development.