Application Of Blockchain

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Usually, when we hear the blockchain the first application that comes to our mind is crypto, so in this post, I decided to write about the other applications of blockchain that are changing this era drastically!
What is blockchain?
Here information is stored in various computers so that there is no middle man like a " bank". In this sense, it is not owned by a single person or one company. It is decentralized and distributed so to corrupt it you would need very fast systems which are technically sound but cannot be achieved with our current technology. Anyone can use the system and access it, but the info is protected through cryptography.
In crypto, When an event or transaction occurs it is verified and stored in. ledger by the people who have access to that node (crypto miners). They receive a small payment usually in the same currency as the crypto they are verifying. You can learn more about this from my bitcoin miners blog!

Application of blockchain other than crypto:

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✓ IOT: IOT stands for internet of things! These are gadgets such as lights, fans, bells, cars with embedded software as well as sensors within them. This can lead to various types of security threats since all of this is connected to a centralized system and hackers can easily take advantage of this. This can be solved by utilizing blockchain and making all the information/data decentralized! Also with the help of blockchain, various new features can be added to IOT.

✓Crowdfunding/ charity: Donating to a worthy cause is always empowering but how do we know for sure that all the donations we make are received by the people it's meant for. Blockchain can make this happen and make sure your money goes where it needs to go! With the help of smart contracts blockchain-based charity has been seeing an increase in popularity and trust in investment since they have a secure and transparent ledger. Many YouTubers and even the UN is utilizing blockchain for their recent crowdfunding/charity event.

✓Online taxi apps such as Uber or even hotel booking apps such as trivago:
These seem like decentralized applications but they are not the owners of these applications who have absolute control over these platforms and therefore even charge fees for their services. With the help of blockchain, we can make peer-to-peer sharing-based apps where we don't have to pay toll fees or extra $ while booking a hotel online.

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✓ Banking:
In this field more than ever blockchain is being implemented. Since blockchain helps in making very fast and secure transactions. Many banks are adopting this technology and now have improved their services greatly!

Hope you learn something new from today's blog! Lemme know your thoughts on this topic in the comments :^)