THE STUDY OF BLOCKCHAIN TECHNOLOGY, SOME USE CASES AND ITS BENEFITS.

Blockchain is the FUTURE

This is, more or less, the first thing that proceeds out of the mouth of every Blockchain Technology Enthusiast, Amateur and Expert. It's now Cliché, but we ain't even bothered. All we ever hear are;

Blockchain will solve this, Blockchain will achieve these and that...

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However, this "buzz word"; THE FUTURE, proves rather correct as the signs are obvious.

Of course

Nothing is hidden under the sun...

Consequently, industries of the world now possess tiny traces of blockchain presence in their development. Products ranging from automobiles to artificial intelligence (AI) have the marks and traces of this technology.

Moreso,

The ‘World Economic Forum’ anticipates that 10% of global GDP will be stored on the blockchain by 2025. That means the global executives out there are preparing for this seismic shift, and are ready to completely back its implementation. The impact of distributed ledger technology could be as grand as the internet revolution itself.

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Blockchain technology has been subject to financial benefits, given its unism with the Digital Gold; BITCOIN. Apparently, there are more benefits to the use of this technology as it seem to have higher potentials in other sectors such as Politics and Governance, Healthcare, Media, National Security, Cyberspace etc.

To buttress this, it has been defined as;

... an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

Don & Alex Tapscott, authors Blockchain Revolution (2016)

With emphasis on *everything of value, the blockchain innovation is capable of achieving success in the areas listed in this piece.

NOTE: these could be regarded as mere speculations, thus not validating the promises of the company nor making them void as some may live up to their promises while some may fail. Either way, blockchain remains valid.

CYBERSECURITY:

The issues of cyber security has turned out to be more than just one random problem that could be handled by the IT department of firms and could be handled after tea break is over. These days, given the vast amount of digitized businesses, the need for a constant unrest for the entire firm. But of course, uneasy is the head that wears the crown.

There's a nonstop watch and pray against cyber attacks on these businesses, daily . The need to address the issue(s) of these attacks has risen as placed side by side with the show case of extreme vulnerability to cyber breaches, thus placing businesses under high risk.

However, the blockchain would help

fight hacking with immutability of ledger. * Guarantee validity with data integrity

NOTARY:

Of course, there has been a revolution overtime, such that the storage of data and information has been stored in different forms at different times. Most recently is that of ownership records being stored in paper ledger as well as other official documents. This storage system could be subject to mutilation as one could tamper with the documents.
The blockchain is a different ball game entirely. Remember, the blockchain could be referred to as a chain of blocks or blocks connected with chains. This has something called HASH(DYOR), which keeps the chain of blocks connected. If anyone trys to tamper with any of the hashs in the blocks, there'd be a break in the chains, thus raising an alert to its user and the consumer can take an action to stop this breach. Be that as it may, the blockchain can't be tampered with.

The blockchain process of transacting and storing information on a decentralized, distributed ledger yields many benefits.
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INSURANCE

Another use case where blockchain technology applies is in the Insurance Sector. Like Notary, it offers data transparent services. On the blockchain, insurance claims processing are done automatically. Also, Smart Contracts plays a role in this sector as policy conditions could be written in them.

Smart contracts are protocols that publicly and transparently verify compliance with a contract or enforce commitments. Text.

MEDIA, ADVERTISING SALES AND INVENTORY MANAGEMENT:

Blockchain technology plays a huge role in these sector. With the use of blockchain in these sectors, there would be a filtering of information as low quality information would receive little or no attention at all from consumers. Publishers could be compensated based on the attention they get as well as their popularity.
By extension, the invention of Basic Attention Token (BTA) sets to measure user attention as well as serve targeted and more relevant ads in the process. With the BAT, there'd be an exchange of value.READ MORE.

HEALTHCARE:

Hospitals in recent times store information in hard ware files, software files and sometimes hospital cards. All of these are prone to danger. Patients are made to wait or sometimes left unattended to cause they files are out of reach and sometimes lost.
With the blockchain, where every detail is saved on a decentralized platform and all that might be needed would be a key to access the information of patients. This inturn, saves time and is accurate.

GOVERNMENT, VOTING AND LAW ENFORCEMENT

Law enforcement entails some centralization of power. Bur with the use of blockchain, intermediaries are put away. With this, transaction costs are minimal as there'd be maximum protection of individual rights and organizational rights.
Voting would be digitized. The issues of rigging and carting away with ballot boxes and papers would be eradicated. For the fact voiting would be done on this decentralized system, fraudulent vote counts would be completely eradicated.

The blockchain process of transacting and storing information on a decentralized, distributed ledger yields many benefits.

These include;

• With power and authority in the hands of a few elects, there'd be little or no compliance from counterparts; no checks and Balances for the elites and those in power. But with blockchain technology, the ability to set up laws or rules and regulations for each blockchain is maximized, thus enforcing compliance.

• The technology is being run on a trust system. Thus, there is a good deal of trust in "repository of transactional data" Text.

• Of course, as a decentralized system, nothing is run devoid of the consumers' consent. This however, fosters protection of interest of the consumers and careful data control of the consumers.

• Little or no fraudulent activities would be recorded given the fact this technology is a transparent one.

In sum, Blockchain Technology is running on 101% TRUST, TRANSPARENCY and EFFICIENCY.

Thanks for reading. I hope to share more upon research.

Cheers!!!