How block chain technology can be useful for world?-A simple guide

What do you think is the primary advantage of blockchain technology?If we are familiar with bitcoin transaction we know that anyone anywhere in the world can see the transaction.So just think of situations where this transparency is essential.

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Let me give you an example. I was staying in as a paying guest. Room rent was 5500 INR for every month. But electricity bill comes around 3000 rupees permonth. Often we were confused is it really that much or house owner is cheating us?. So this technology can be used in energy sector to track utilization. Powerpeers in Netherlands and Exergy in Brooklyn are working on this concept.


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In India we are familiar about electroral fraud. Just imagine a system where voting is transparent or we can track the votes. In Russia they are already working on a blockchain based voting tool.


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What is one of the advantages of Ethereum over Bitcoin? It can be used to make smart contracts.If you have no idea about what it is its basically an electronic agreement that cannot be manipulated and visible to all in a network.An example I can tell is an insurance company can issue a smart contract to process claims. This smart contract can be seen by others in the network. So only if the clause in the agreement is fulfilled money will be transferred to the insurance holder or his/her relative.The insurance company cannot reject good claims as its transparent and could not be changed. The insured person cannot false claim due to similar reason.


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So apart from this where all can smart contract be used?It can be used for banks to process loans faster and in online shopping . Basically using smart contracts, agreements can be automatically validated, signed and made available in block chain network. This eliminates the need for mediators and therefore saves the money for the process.
There is a company called Myceria. Its Block chain-based platform has created a way for musicians to send smart contracts for giving away music ensuring profit for themselves. Hence they need not have any intermediate person to sell music.The violation of copyright issues will also be not there.

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While applying for a job a person may manipulate his/her CV. So just imagine if it's done through block chain network? The manipulation of qualification will not be possible because its visible to many. It may be visible even to his/her previous employer also. Another use of block chain network is automatic processing of payroll.If block chain is used we need not maintain a separate records. But we can manage businesses using a a single, joint register.

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There are many instances when if someone is ordering an item online they will got cheated. There are some instances where people got bricks when they ordered mobile phone. The cheating might be done in the company ,while transporting or while delivery. If we use block chain technology we can trace it to its origin.


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Genetic diseases are transferred from family. But we will not be able to remember all our ancestral history. As block chain is considered as indestructible there is a high growth potential of blockchain in healthcare also.Just imagine a system in which we can pass our medical history from generation to generation?How valuable it will be for diagnosing diseases?


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It seems that lot of human history is lost through ages. Using block chain we can live 1000 of years in memories of our next generations . Even this post I am writing may be seen by my great great great grandchildren.

The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.
William Mougayar(author)