Developments are being made in the blockchain world with each passing day as more and more people are getting aware of this technology. Currently, it is the technology underlying the global network of bitcoin. But what capabilities are offered by this technology? And why is it getting more and more important with each passing day? Here is your answer.
The framework that is provided by blockchain technology is largely different from the traditional operational frameworks that we are seeing in the modern days. The modern world is largely centralized, with a central party controlling most of the operations. Whether it’s the banks or the social media, most of the platforms that we are using these days are centralized.
What blockchain does is decentralization. It takes the control out of the hands of a single controlling party and hands it over the users of the network. In addition, every proceeding that is taking place on the network is designed to be available to all the nodes participating in the network. This due to the fact that blockchain employs the distributed ledger technology at its core. In this way, the fabric of operation that is established is transparent and with all the records kept by everyone, hence, there is no need for a central party to do this task and charge fee.
Now, besides being employed in the financial framework where else can it be used? Every framework that is centralized and requires transparency of operation can employ blockchain technology for good. The biggest use-case can be social media.
The current social media platforms are largely centralized and keep the information regarding its users in a centralized space. This information is also the target of the hackers which can break into the centralized data servers. With blockchain, there is no single point of failure as everything is decentralized. The issue being faced right now in blockchain-based frameworks is of scalability. With scalable blockchains, social media across the world can be revamped.
Music and aviation industries are also employing this revolutionary technology at their cores. Many projects are springing up which are working on doing this. Operations of logistics can be completely revamped owing to the transparency provides by blockchain technology. Content creation arena is also one which can be made free from the intervention of a third-party using this tech. Operational frameworks can be completely restructured using blockchain.
One of the biggest advantage provided by blockchain is its global nature. With blockchain, global frameworks can be formed very easily, transcending the borders of countries.
All in all, wherever there is a need to provide a global framework that is free from intervention from any kind of third-party and is transparent in all essence with the identities of its users protected and the control decentralized, blockchain can prove to be extremely revolutionary.