Blockchain is a decentralised software platform for managing digital assets and allowing users to transact directly with one another without any third-party intermediary. In its simplest form, Blockchain can be described as a distributed ledger or a decentralized database that records digital transactions.
Distributed Cloud Storage
Blockchain data storage will become a massive disruptor shortly. Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.
Blockchain technologies make tracking and managing digital identities both secure and efficient, resulting in seamless sign-on and reduced fraud. Be it banking, healthcare, national security, citizenship documentation or online retailing, identity authentication and authorization is a process intricately woven into commerce and culture worldwide.
What if you could cut your mortgage rate, make it easier to update your will? The world of smart contracts is fast approaching, but what are they? These are legally binding programmable digitized contracts entered on the Blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.
The greatest barrier to getting electoral processes online, according to its detractors, is security. Using the Blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the first organization to use Blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.
One interesting feature of the Blockchain is its timestamp feature. The whole network essentially validates the state of wrapped piece of data (called a hash) at a certain particular time. As a trustless decentralized network, it essentially confirms the existence of [something] at a stated time that is further provable in a court of law. Until now, only centralized notary services could serve this purpose.