Crypto News: Real-world applications of Blockchain
We have written a simple blog earlier called blockchain - simply explained. Do have a quick read, it is concise.
Now that you more or less understand the concept behind blockchain, let's now discuss or express the real applications. No, we are not going to bore you with technical stuff other sites might use, we keep it simple here at IT Block. If you do not understand us, it means we have done a lousy job. So here are a few examples of what you should expect the future to look like with blockchain.
Or autonomous vehicles as people most commonly refer to it. There is a crucial safety issue with driverless vehicles; hacking. For them to work they will have to depend on wireless connectivity and technologies which opens them up to potential security vulnerabilities. So what is currently being done to counteract this? You guessed right, blockchain. Since information has to be verified throughout almost every driver-less car before it can be effectively modified or manipulated, this makes the system extremely safe against such attacks.
On top of that, there is also the issue of data integrity that is a prime advantage with blockchain. Imagine every computer on every autonomous vehicle possesses the information necessary, like every single map and route on earth. It may not even need to access wireless connectivity to safely navigate only relying on the GPS satellites to verify its position. And each time data is added, it has to be verified via blockchain, therefore, preserving the integrity of the information. Simple things like icy roads or unpredictable weather could be updated by the autonomous vehicles themselves and uploaded to the blockchain; This would prepare other vehicles nearby for the dangerous road conditions.
Internet-of-things is another excellent example of technology that is ready for blockchain. How do you ask? Think about it; sharing information is more or less learning. And if a toaster senses that white bread in humid weather does not take very long to crisp up and toast properly before burning. This information gathered by IoT devices can share in real-time. With machine learning algorithms attached to these devices, manufacturers could effectively save future maintenance costs since their appliances adjust themselves in real-time. This communication preserved and privatized. Meaning whatever they learn is between toasters and kept between toasters.
Think Fight Club, what happens in the fight club stays in fight club. Imagine toasters talking to one another in their secret coded, programmed languages, trying to ensure toasting the best way possible for your convenience and much to the advantage of manufacturers who may end up saving a tremendous amount in maintenance, support and warranty costs associated with the toaster. It would never stop with the toaster. That is just the start. A microwave oven, a regular oven, refrigerator, air-conditioning, home-security cameras, and what have you. The possibilities are endless here, and we do see some companies may try and invest in such initiatives in the future. Look out for it.
Cryptos and banks do not see eye to eye that is for sure. And what we can confirm for sure is, blockchain is not perfect, and many crypto-currencies struggles with maintaining the integrity of their wallets. Which means that the transactions of cryptocurrencies are not exactly hackable since they use blockchain technology to make that happen; on the other hand, the wallet technology is where the endpoint information is kept secure. The wallet as you know is where you store the unique access keys that allow you access to your hard-earned money converted in cryptocurrencies.
So what does this have to do with banks? Well, banks have the capital. Remittance has always been an issue for banks, which is why we always incur some costs when an amount of money remitted from one country to another. There is a good reason for that, foreign exchanges and administration costs between banks limit the banks' resources and ability to transfer you the amount without any cost. There are many blockchain-based companies providing remittance services by converting money to cryptocurrency and back to foreign currency in a foreign country bank account. Doing it this way for large amounts of money reduces the overheads substantially.
Banks could potentially intervene and invest in their blockchain technology to circumvent these companies and crypto-currencies altogether. We all know that banks never lose. And they are not about to lose here either. Good thing for regular people such as us, all we would experience are the advantages, meaning less cost when drawing out money from ATMs overseas and whatnot. Banks can easily make changes to the annual administrative charges to your account, and you would never know the difference. As we said, the bank always wins.
That is right, the police. One of the things that have worries many security agencies and things such as security camera companies is the integrity of the information they have recorded. Moving away from tapes to hard drives is excellent but not as easy as one might think. These servers where vital, personal information kept can be doctored or manipulated to the advantage of someone else since integrity is the issue that is an excellent application for blockchain. Just like how cryptos preserve their transaction integrity using blockchain, video recordings and any information such as biometric and evidence can be registered and kept safe.
You wouldn't want anyone the ability to access security cameras, and police information without proper authorization do you? Neither do we. In any case, we are good law-abiding citizens here at IT Block. Nothing to see here coppers.
So there you go. Some applications we believe will come to fruition in the future from the way we see how things are going. Glad that you learned something new.