In this digital phase of life, whether it be work from home, online classes or starting an online side business, slowly but surely everything is becoming digitalized. We have definitely evolved technically.
Our money or currency has also reached our digital wallets and investments have become online. People have started to learn more about the crypto world and its investments which is known for having cryptocurrency, a digital form of currency.
It is a wind that has, no doubt, reached all four corners of the world and pulled people in it, whether it be interested buyers, sellers or just watchers.
What is Blockchain?
The one thing that has gained most appreciation in crypto and block chain is; its transparency.
Nobody else is involved in it. Nobody owns it or runs it.
It is a decentralized, person to person system.
In simple words, Blockchain is a database that differs in the way it stores information from other database.
When we send a message or photo, it reaches the concerned person immediately, without the involvement of a 3rd party.
Similarly for a solution to our banks, which are no doubt, a third party in our money involved, Blockchain was introduced which mainly focused on tackling the involvement of this external authority in banks.
When we can send messages directly, why not money?
Blockchain.com provides a crypto wallet with the easiest crypto exchanges available and is an explorer service for blockchain.
Blockchain is a very versatile system. It doesn’t apply just for the financial sectors but it is beneficial to so many more industries like healthcare, automotive, insurance, retail and manufacturing, media and entertainment.
Advantages of Blockchain
This system works on recording your transactions’ information on a different block in the chain. So your entire history is henceforth stored and is immutable.
Every time you make a transaction, with your own, personalized account, it records it.
So from the first time you ever made a transaction, to your recent transaction, the entire information is securely stored.
If a hacker tries hacking it, they would be able to hack only one block, and hence all the other blocks would have to be hacked as well which becomes impossible as the system soon realizes there’s an intruder.
This functioning of the blockchain system is essentially very useful since there are so many industries associated with it, especially the telecom, media, financial and automotive sectors which have been voted as the industries likely to have the largest impact from blockchain.
How is Blockchain Involved in Digital Identity?
Blockchain has a number of advantages when it comes to digital identity.
Since blockchain is so transparent, there is no worrying about thefts or cheating and hence, you are able to freely share your profiles to the marketers who help match your preferences.
The main functioning elements are the people, or the users in this system. Individuals run the blockchain.
They have both, private blockchains, since companies prefer using them for their personal use, and public ones, where everyone can join the platform to use it.
The physical and the virtual worlds are linked. Such as votes or driver’s license can be found as digital identities.
Storage of Digital Identities is a painful task, especially when you have to re-enter your information, preferences again and again and so these industries mentioned below are all using Blockchain to overcome this.
It can vouch for better patient care by storing the history of the patient and easing the update of patients.
Blockchain’s data security can help keep private information safe and secure away from all kinds of hackers.
Such a website exists in the name of medicalchain.
2. Financial Sector
We all know blockchain was mainly introduced to help users in the financial sector.
It provides fast transactions, better security, a very transparent transaction and quick money transfer without any hassle.
3. Automotive Sector
A blockchain mainly associated with this industry is recently coming into the limelight – UNA blockchain. This blockchain has a new concept of drivers and vehicles in its system.
It provides you with the opportunity to individually write your preferences in a blockchain ledger.
With this, the drivers can switch vehicles without worrying about their previously entered preferences and desires as it is stored in their history.
So when users switch up, they are not only relieved of the pain of going through the process again and again, but instead their different preferences and customer desires are well displayed to the company that works on providing comfort to their consumers.
The test drive also feels like home and the rental will be no issue.
This also increases their loyalty with their customers.
4. Media and Entertainment Sector
Since blockchain stores data, payments for musicians, content creators and sorts of people in the entertainment industry can benefit from never having to lose money ever.
Creators can benefit from allowing their work to be shared from person to person that can be monetized since they can track the files and benefit from it.
Blockchains also have a few other benefits, such as;
- It involves storage of digital identities.
- It provides unified, interoperable infrastructure.
- There are digital sign in and digital encryptions.
So now, you finally have someone looking after your desires and expectations!