While blockchain was created as a solution for the Bitcoin payment network, the concept has been adopted across a range of sectors and is expected to make a major impact in the way that we handle data storage. This technology even has the possibility to change the underlying structure of the internet. Currently, there are many projects exploring how blockchain technology can create change.
By using encryption and decentralization, true privacy can be achieved in messaging and communication. Currently, communication services rely on central servers that can store your information, ultimately making it prone breaches. Decentralized communication offers a more secure alternative.
Identity theft is a major problem. With so many hacks occuring, chances your information has been compromised at least once. Decentralized applications are being created that give the user complete control over their self-sovereign identity, and are able to prove who they are to interact digitally.
The supply chain describes the process of getting a created good or commodity from its point of creation until it ultimately ends up in the hands of the consumer. This is a long process and many parties are involved in the transfer of these goods and the data on where those goods, came from, have been or currently are. Blockchains offer more transparent and auditable supply chain data that can provide accountability if a problem arises.
Currently, assets are being digitized into tokens, where the owner has complete digital control over the tokenized asset. This process could ultimately end ownership disputes, as the true owner would be able to prove that the asset is theirs. This tokenization of assets allows for a much more cost efficient and a quick property transfer process.
Blockchain technology’s impact is not limited to these fields. There is constant innovation concerning blockchains, and new use-cases are popping up regularly.