Basically, a blockchain is an open decentralized database file for storing data or information.
The file is made up of blocks of data, and each block is linked to another block, forming a chain. Each block holds data (such as transaction data) and a record of when that block was edited or created. Unlike a centralized database that’s owned by a corporation or agency, a blockchain isn’t controlled by anybody person or entity. The info is duplicated (distributed) in its entirety across many computers, meaning any user can view the whole chain from anywhere, and anyone with the proper cryptography keys can edit the chain. As it is a decentralized way of storing and accessing data. It makes blockchains extremely protected because, unlike a centralized database, there’s no single point of entry for attackers. This makes it particularly convenient for recording transactions in a secure manner.
Blockchain technology is being used in a lot of sectors nowadays. In the near future, the use of blockchain technology in everyday life would be increase significantly. Let us know about 5 top use cases for blockchain technology and its possible implementations in the near future:
1) Digital Finance and Banking: At present the most popular practical use of blockchain is in digital finance. Financial companies and banks have started to adapt blockchain technology.
2) Government Sector: The Blockchain technology is an emerging technology that's attracting government attention. Many government entities like UK, Estonia, Honduras, Denmark, Australia, Singapore etc. have taken steps to utilize the potential of blockchain technology. The Government of Dubai is targeting become paperless by adopting the blockchain technology for all transactions by the year 2021. EU about to introduce new legislation that will make investment in blockchain sector easier.
3) Cryptocurrency: Cryptocurrency is made by with the foundation of blockchain. The use of Bitcoins and other cryptocurrencies such as Ethereum, Dash, Litecoin, XRP, Tether, EOS are increasing day by day.All cryptocurrency transactions are carried out using DLT (distributed ledger technology) which is the other name of blockchain technology. The cryptocurrency transaction process is completed very transparently.
4) Health Care: The healthcare sector is another example of blockchain technology practical application. Preserving all the information about the health of the patients, their privacy, security, etc. is an important issue.
5) Supply Chain: Supply chain sector is another beneficiary of blockchain technology.Soon the supply chain sector will be solely based on blockchain.