Who Will Make Use of the Blockchain?

Right now, the strongest blockchain use cases come from the finance industry. For example, international remittances – according to the World Bank more than $430 billion was transferred in 2015 and the blockchain has the potential to take the middleman out of the equation. When the GUI (graphical user interface) was invented, personal computing entered the domain of the general public in the form of desktop computers. In a similar way, wallet applications are the most common version of the GUI for blockchain and these are required for Bitcoin to be purchased, sold, traded,

and stored.

Enhanced Security

Because the blockchain data is stored across the whole network, the risks that are inherent with centrally held data are eliminated. The blockchain network does not have any vulnerable points that can easily be exploited. We all know of the issues that face internet users, especially in terms of security. The traditional ‘username and password’ system of identity is the easiest one to hack into and that is why blockchain doesn’t use it. Instead, enhanced encryption techniques are used for security.

The basis of this encryption is the public and private key pair. The public key is made up of randomly generated numbers in a string and is the address for the user on the blockchain. Any transaction made with Bitcoin over the network is recorded to that address. The private key is similar to the password, providing access to the stored Bitcoin for the owner. This means that, unless you deliberately divulge your private key your data cannot be corrupted.